Word: geneen
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Dates: during 1970-1979
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...Telegraph Corp., America's biggest conglomerate, surprised investors by agreeing to sell a clutch of household names that it had acquired in recent years. Among them were home builders Levitt & Sons, Avis Inc. and Hamilton Life Insurance. To ITT insiders, however, the decision was no surprise. Chairman Harold Geneen chose to sell because the alternative was a costly antitrust battle with the Justice Department that would have tied up his company in courts for years, and might still have ended in divestiture...
Ireland was a longtime associate of the late financier Robert R. Young. He was president of Young's Alleghany Corp., the holding company that controlled the New York Central Railroad and still controls Investors Diversified Services. In 1967 he moved to ITT as special assistant to Chairman Harold Geneen, but ITT insiders say that he did not cotton to Geneen's authoritarian ways and had been looking around for some time...
Near the end of every month, 100 top executives from the global empire of Harold S. Geneen, chairman and president of International Telephone & Telegraph Corp., gather in his Manhattan headquarters for one of the best-known staff meetings in the business world. In the near future, however, there could be a significant drop-off in attendance. At the behest of the Justice Department, ITT has agreed to divest itself of six important companies...
Subject to court approval, the parts to be severed are the Canteen Corp., Grinell Corp.'s fire protection division, Avis (Rent a Car) Inc., ITT-Levitt home builders, and the Hamilton and ITT life insurance companies. Geneen will have two years to dispose of the first two firms, three years for the rest. The divestiture, which ends three Justice Department lawsuits against ITT, is one of the largest trust-bustings in American corporate history. The subcompanies ITT will lose account for about $1 billion in annual sales, or about one-seventh of the conglomerate's total...