Word: chairman
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Dates: during 1990-1999
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...once monster conglomerate that has been rapidly deconglomerating, has saved for future acquisitions some $1.6 billion earned by selling off two global automotive businesses this year. "A fair amount of that," says chairman Travis Engen, "will go to Asia. Much of the world's electronics is being produced there, and our footprint there in electrical connectors is rather modest. So that is an area where we would specifically like to make great investments in acquisitions." Asia supplies about 5% of ITT's global revenues, but Engen foresees that rising to a third in about 15 years--or in less time...
...faster than Americans to snap up such opportunities. But the Americans are about to get some help in spotting the good buys. Goldman Sachs has set up a new mergers- and-acquisitions team in Singapore to be headed by Richard Gnodde, one of its top specialists. Jon Corzine, co-chairman of Goldman Sachs, adds that the firm is planning to start a "recovery fund" targeted chiefly at Asia. Goldman's Asia president, Philip Murphy, indicates a major target will be consumer goods, which many others also consider an attractive field for U.S. investment. One reason is that some Asian companies...
Even so, Robert Hormats, vice chairman of Goldman Sachs International, believes that "for most of Asia, the financial situation has stabilized, but the region has not yet turned the corner." Markets are recovering, and some currencies are rising in value after a wild spiral of devaluations. Moreover, most Asian countries are beginning banking reforms, while governments are spending more to stimulate their economies. A worldwide lowering of interest rates, led by the U.S. Federal Reserve Board, has helped support an improved outlook...
...slumber comes two years after Ted Turner hectored his fellow billionaires to stop hoarding their market-inflated wealth. Last fall Turner (who is vice chairman of Time Warner, TIME's parent company) pledged $1 billion of his now $6 billion fortune to the United Nations in the form of an annual pledge of $100 million in Time Warner stock. He may have started something. The world's richest man, Bill Gates, long derided for being too penurious, has put $2 billion into his two charitable foundations. Earlier this month he donated $100 million in cash toward vaccinating children...
Today's givers match their money with their energy. Forstmann, who is chairman of Gulfstream Aerospace and a senior partner at a New York LBO firm he co-founded, spent a year canvassing the country, examining local school districts--the program will serve 40,000 students in 38 cities--and cajoling everyone from Michael Ovitz to Barbara Bush to join the fund's board of advisers. He got the idea for the venture after years of studying a similar financial-aid program in New York City. Nine out of 10 school kids who used money from the fund to attend...