Word: corp
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Dates: during 1970-1979
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There are times, in the ratified world of corporation politics, when resignation can be painful but also profitable. Last November Robert Sarnoff, chairman of the RCA Corp. and son of its redoubtable longtime chief Brigadier General David Sarnoff, quit his $326,000-a-year post after the corporation's directors refused his request for a salary boost (TIME, Nov. 17, 1975). The event had all the earmarks of a boardroom putsch. Since 1971, when RCA absorbed a $490 million pretax loss in selling off the computer business that had been Bobby Sarnoff s brainchild, there had been widespread rumors...
...spate of newcomers joined the long list of companies that admitted to having made "questionable" or "improper"-but not illegal-payments abroad. Among them: Baxter Laboratories and Richardson-Merrell, pharmaceutical firms; Carrier Corp., a leading producer of air conditioners and heating equipment; and Levi Strauss, the famed makers of blue jeans. In each case, the company announced that its own auditors had found the improprieties, which were promptly ended...
Only a year ago, Chrysler Corp. was the sick man of Detroit's auto industry. The plunge in car sales hit the company so much harder than GM or Ford that there was serious talk of bankruptcy. Chrysler's huge inventories of unsold cars were reduced dramatically by a desperate, carnival-style rebate scheme that was reluctantly picked up by competitors. A furious cost-cutting program resulted in layoffs of 20,000 salaried employees, who joined an army of assembly-line workers already on furlough. Still, the losses mounted, and last summer Lynn Townsend resigned after nine years...
There were solid underpinnings for the bullishness. Earlier in the week Chrysler completed the sale of Airtemp to Fedders Corp. Long a drag on profits, Airtemp had run up losses of about $35 million since 1971. The sale was the second coup pulled off by Riccardo and his deputy, President Eugene Cafiero. Last fall they threatened to close Chrysler's beleaguered British subsidiary and add to Britain's grim unemployment picture. Prime Minister Harold Wilson angrily complained that his government had "a pistol at its head." But he eventually came up with $325 million to rescue the subsidiary...
That success earned Portman even more ambitious jobs. In San Francisco, he joined with Chase Manhattan Bank Chairman David Rockefeller, Dallas Developer Trammell Crow and the Prudential Investment Corp. to build Embarcadero Center, often called "Rockefeller Center West"-an 8.5-acre, $200 million office, apartment and hotel project. In Detroit, Henry Ford II called on Portman to save the city's dying downtown by designing the 32-acre, $200 million Renaissance Center...