Word: ceos
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Dates: during 1990-1999
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That change of fortune reflects the revolution that Chenault and CEO Harvey Golub have quietly wrought at American Express (1996 revenues: $16.2 billion). Golub, 58, took command in 1993 after directors dumped James Robinson III for turning the company into an unwieldy financial supermarket. Golub promptly lopped off the brokerage, investment-banking and life-insurance units that Robinson had assembled, leaving American Express focused on credit cards, travel and financial services, including mutual funds. Golub, a sometimes abrasive native of Brooklyn, N.Y., initially slashed $2 billion out of a $13.4 billion cost structure, and has kept expenses in line with...
...everyone has been wowed by the company's turnaround. Carl Pascarella, CEO of Visa U.S.A., scoffs at American Express as little more than a small-fry compared with his company. That's because Visa puts its brand on nearly 600 million cards that are accepted by more than 14 million merchants around the world, vs. 42.3 million cards and more than 5 million merchants for American Express. "They haven't changed much," Pascarella says of his rival. "Over the past eight or nine years, consumers have been pulling out their Visa card significantly more often than their American Express card...
...decline in traditional driver's education, once a near universal part of the curriculum in America's secondary schools--and a course beloved by generations of high schoolers, since the only way you could fail was by running over the instructor's cat. According to Allen Robinson, CEO of the American Driver and Traffic Safety Education Association, 15 years ago, nearly 90% of all new drivers had taken an official driver's education course. With budget cuts chopping the course out of many public schools, that figure is down to 50%, perhaps...
...persuade Seinfeld to stick with it for one more year. Though the comedian had already told his co-stars of his intentions, Seinfeld and his managers, Howard West and George Shapiro, gathered in New York City the Sunday before Christmas for a final hearing with Robert Wright, president and CEO of NBC, and Jack Welch, chairman and CEO of General Electric, NBC's parent company. The discussion lasted two hours at Wright's Central Park West apartment. "What made me want to come back," Seinfeld says, "was how much they believed in me. That was the sum and substance...
...keep up, ski makers must constantly improve their wares. Salomon recently launched its SnowBlade, creating a hybrid that captures the thrills of skiing, in-line skating and snowboarding. As Carl Helmetag, CEO of Head USA observes, "Snowboarding opened a whole new image of fun, of carving through powder and trees, and these new skis answer that need in skiing. You can hear people on these skis whoop and holler. It's an incredible thing...