Word: geneen
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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...
Executives usually refuse to comment publicly when their companies are in court, but Harold Geneen, the combative chairman and president of ITT, spoke up only two days after the court decision. In a speech in Manhattan, he called Mitchell's statistics "carefully selected but unfortunately misleading." He pointed out that the asset concentration among the top 140 companies in 1963 was the same as it had been in 1932. Geneen also contended that the real antitrust issue is the specific amount of concentration of power within an industry and that the conglomerate approach of buying into many industries does...
...June he warned that the Government "may very well" chal lenge any merger between two of the largest 200 U.S. companies. Last week Mitchell proved to be as good as his word. His trustbusters announced that they will file suit to block the planned merger of Harold Geneen's International Telephone & Telegraph, the biggest and one of the best-managed conglomerates, with Hartford Fire Insurance Co. The merger would rank among the largest in U.S. history, creating a combine with total assets of $6 billion. ITT Chair man Geneen told shareholders last week that "whatever the guise, by imaginary...
...only slightly, and we don't bother them." Key Biscayners are used to notables. Among residents are Sportscaster Red Barber, Aircraft Pioneer Grover Loening, N.Y. Yankee Official Larry MacPhail, Samuel C. Johnson, president of Johnson's Wax, Jack Paar and International Telephone and Telegraph President Harold S. Geneen. No longer on the scene is Candy Mossier, acquitted in 1966 of the murder of her wealthy husband Jacques. For the most part, residents seem quietly pleased that Nixon has joined their group, but there are a few minority opinions. Told of the Nixon purchases, one resident sniffed: "Hmmph. There...
Voracious Appetites. One reason for the surge in switches is that corporations are growing bigger and faster than ever before. International Telephone & Telegraph has been expanding so rapidly that it has not had time to develop enough of its own executives. Under Chairman Harold Geneen, himself hired away from Raytheon, ITT has taken on some 500 men from other firms in the past eight years. Besides creating voracious appetites for instant manpower, corporate bigness tends to dilute employee loyalty, with the result that executives are more willing to listen to new job offers. What makes them even more susceptible...