Word: ceos
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Dates: during 1990-1999
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...part of a strategy designed to push Hilton's offer above $60 a share. "This is not the end of it. Now the real fun begins," says TIME's John Greenwald. "ITT made its expected move, and Hilton will very likely raise its offer." If Hilton's combative CEO Stephen Bollenbach had his way, the takeover would create the world's largest owner of hotels and casinos with 230,000 rooms and 30 gambling palaces. Once the very symbol of the corporate conglomerate, ITT has in recent years been struggling to streamline its diverse business operations, which range from publishing...
Stephen Bollenbach, the high-flying CEO of Hilton Hotels Corp., is strictly a bird of his word. Bollenbach told TIME last summer that he was looking to make significant additions to Hilton's hotel holdings. Last week he found what he was looking for--more than 130,000 rooms. Those lodgings happen to do business under the banner of Sheraton, which happens to be owned by ITT Corp. and run by Rand Araskog, a man not keen on having his corporate masterwork painted over. That's why Hilton's $55-a-share, $6.5 billion offer for ITT, whose holdings also...
...Bollenbach prevails, that is. Araskog greeted the offer with public silence and began privately assembling a defense team. He has run ITT since 1979 and seems primed for a big battle. "Sheraton would rather take over Hilton than be taken over by it," says Morris Lasky, ceo of Lodging Unlimited, a hotel-management and consulting firm. Lasky likened Hilton and ITT to "two titans that will go nose to nose." Just the prospect of such a fight sent ITT stock up a whopping $14.75 a share, to $58.50, the day Hilton launched its offer. (ITT shares closed Friday...
...Pittman, president and CEO of AOL Networks, was quick to declare victory. "We did the right thing for the customer," he said. "We are not about computers and wires; we're about a relationship with our members...
...food restaurant group, which includes about 29,000 Pizza Hut, Taco Bell and KFC outlets, with sales of more than $20 billion. The restaurant group was eating capital the way a teenager can go through an extra-large taco, capital that could have been fueling growth at Pepsi. Says CEO Roger A. Enrico: "Our goal in taking these steps is to dramatically sharpen PepsiCo's focus." He needs to, given Pepsi's loss of global share. Pepsi will keep Frito-Lay, the undisputed king of snacks. This leaves Enrico free to return to the cola wars. Things are about...