Word: geneen
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...employees, according to one biographer, formed the Occidental Mouseketeers--with official membership drawings of a cowering mouse on a red carpet. But they weren't as beaten as the ITT execs of the 1960s and '70s, who were regularly grilled and even sickened in large meetings with CEO Harold Geneen...
DIED. HAROLD GENEEN, 87, empire builder; of a heart attack; in New York City. During his 18 years as CEO of International Telephone & Telegraph (1959 to 1977), Geneen used some 300 takeovers to build ITT into one of history's most sprawling conglomerates, only to see a successor, Rand Araskog, strip down the company to its hotel-and-gaming core, which is likely to be sold...
...they take effect, the Philip Morris and RJR Nabisco deals may prove to be textbook cases of smart corporate strategies. They could also turn out to be flops -- or so U.S. business history would suggest. In the 1960s some of America's most celebrated executives, including Harold Geneen at ITT and Charles Thornton at Litton Industries, acquired scores of companies and built huge conglomerates. Like many empires, they eventually declined. A similar fate may await some of today's dealmakers...
...Chairman Rand Araskog has spun off some 95 businesses worth about $4 billion. Meanwhile, he has channeled resources into such prized divisions as the Hartford insurance company and the Sheraton chain of 488 hotels and resorts. Says Herbert Goodfriend, a telecommunications analyst at Prudential-Bache: "Araskog is dismantling Harold Geneen's empire...
...from the Virgin Islands named Sosthenes Behn founded International Telephone & Telegraph, hoping to link callers around the world much as AT&T had connected phone users in the U.S. For decades thereafter, Behn's successors at ITT remained true to his vision. Even when ITT's acquisitive chairman Harold Geneen began buying dozens of companies in such fields as aerospace, bakery goods and cosmetics in the 1960s and 1970s, he kept ITT firmly planted in global telecommunications...