Word: ceos
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Dates: during 1990-1999
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SANTA CLARA, Calif.: Andrew Grove has resigned as CEO of microchip giant Intel, and will be replaced by his No. 2, Craig Barrett, it was announced this morning. Grove, who is battling prostate cancer, will stay on as chairman. "I would like to focus more of my time on broad strategic issues concerning the industry and Intel," he said in a statement. Wall Street was unfazed by the news as Intel stock rose $1 in midday trading, and the company said it would increase its stock buyback plan by 100 million shares to 129.8 million...
...Grove, who was TIME's Man of the Year in 1997, worked at Intel from the corporation's founding in 1968, and became CEO in 1987. When Barrett, who had overseen much of Intel's product development over the past decade, was made president in 1997, it was widely speculated that he was being groomed as Grove's successor...
...providers were over 30 days late in being paid. Day-care centers whose bills were past due worried about having to turn away children or let staff go. Parents who tried to contact Maximus encountered what a state administrator called "telephone-system collapse." With its contract in jeopardy, Maximus CEO David Mastran went into crisis mode, nearly tripling the project's staff and showing up in Connecticut himself. The blame lies partly with the state for not anticipating how quickly welfare recipients would find work and need child care, says company spokesman Kevin Geddings. "But we should have taken...
...Wall Street wants action. That is why it acted decisively last August, when it determined that the best way to restore shareholder value was to change management, revitalize the company and position it for future growth. The board determined that George Grune was singularly well qualified to return as CEO, get the company refocused and lead a turnaround while the search for his successor progressed. People who understand publishing and direct-mail marketing know it is a business with a long lead time, not one for those who insist on instant gratification. We are confident the company...
...known as Chainsaw Al pulled a fast one last week, buying three companies when everyone assumed he would be selling his own. In the process, the CEO of Sunbeam Corp., the small-appliance maker, carved a kindlier image for himself: Al Dunlap, builder. No, the Chainsaw did not have an attack of conscience. Dunlap, who seemed primed for an exit, decided to try something different. And in keeping with his flair for drama, he spent $1.8 billion in a single day for three companies--all with striking possibilities to complement one another: Coleman Co., which makes leisure equipment; Signature Brands...