Word: geneen
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Dates: during 1950-1959
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...Harold S. Geneen, 49, resigned as executive vice president of Raytheon Co. to become president and chief executive officer of International Telephone & Telegraph Corp., succeeding Edmond...
Leavey, who will serve as chairman until his retirement in July. Geneen's resignation came as a surprise to Raytheon President Charles Francis Adams and a shock to Wall Street. Geneen simply walked into Adams' office and announced: "I'm resigning." Company insiders say Geneen wanted Adams' spot as chief executive, realized that Adams was not about to yield. Geneen's resignation sent Raytheon's stock down 6½ points, touching off a wave of selling of other electronic issues. Reason: in his three years with Raytheon, Geneen, who came from a top post...
...they loved research more for its own sake than for profit. Adams began searching for ways to put their talents to work making money, later cut out such money-losing items as TV sets, decided that Raytheon's future lay in increasing Government work. He brought in Harold Geneen, former vice president of Jones & Laughlin Steel Corp., as executive vice president in 1956, told him: "Make some money...
...Geneen rattled the structure of Raytheon so completely that the dust has just started to settle. He found "a $200 million operation with management enough to run only a $20 million company," a history of cases in which Raytheon developed and marketed a product only to lose out when hit by competition. To solve such problems, Geneen brought 32 executives into new management spots, reorganized the company into seven divisions, set a controller over each to exercise searching financial control...
Massie graduated from Yale in 1919 and became Vice President of the New York Trust Company in 1934. He is on the Advisory Council of the Federal Reserve Bank. Geneen, an alumnus of New York University, is a member of the American Institute of Accountants...