Word: fisherisms
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When George Fisher took over Motorola nearly six years ago, the Schaumburg, Illinois-based electronics company had been chased out of the TV business, lost its lead in stereos and surrendered its No. 1 position in computer chips. It was even close to raising the white flag in cellular telephones. Fisher could have taken the well-worn corporate-turnaround path by slashing costs, closing divisions and laying off employees -- all to boost the bottom line, and ultimately Motorola's stock price. Instead he engineered one of the most remarkable transformations in U.S. corporate history, turning Motorola into a worldwide leader...
...Fisher joins a growing band of rescue artists of the not-grown-at-home variety. Prominent among them is Louis V. Gerstner, who was recruited in March from the top job at RJR Nabisco to become chairman and CEO of IBM, the once great computer giant that has lost $8.37 billion so far this year. In June a troubled Westinghouse Electric asked Michael H. Jordan, a partner at the New York City investment firm Clayton Dubilier & Rice, to succeed outgoing chairman Paul Lego. Former Union Pacific chairman Michael Walsh replaced James Ketelsen at Tenneco, a Houston-based auto-parts, shipbuilding...
...challenge every aspect of the corporate culture -- and that almost always means cutting jobs. Gerstner is continuing to reduce the work force at IBM, which has already lost 180,000 jobs over the past eight years. Under Bossidy, Allied Signal has taken employment down by 13,000. At Kodak, Fisher will inherit his predecessor's last restructuring plan, which will lower the head count...
...turnaround job can't be done simply by cutting costs. "George Fisher is not just coming in to chop heads," says Michael Geran, an analyst at Pershing & Co. "He's a builder, not a destroyer. He's coming in to reinvent and re-energize the company." That's a challenge his successor at Motorola can gratefully skip...
...this is madness. America's future is bright (if we can only teach Johnny to read, and get him to stop carrying that gun), but that doesn't mean the stock market will keep going up. Stocks may have reached "a permanently high plateau," to borrow Professor Irving Fisher's famous phrase from 1929, but that wasn't true when he uttered it, and it's probably not true now -- although this is certainly...