Word: geneen
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Chopped Down. The proposed merger by stock swap, which must be approved by the stockholders and will probably receive more than the normal amount of scrutiny in Washington, is the work of Harold S. Geneen, I. T. & T.'s hard-driving president since 1959. When he took over I. T. & T., Geneen boasted to a group of Wall Street analysts that the then ailing giant would become "one of the most important companies of the next decade...
...Avis has a great potential for expansion abroad," said I.T. & T. Chairman and President Harold S. Geneen, "where I.T. &T. has operations and marketing experience." There was some logic in that, but it had obviously at first escaped Avis Chairman Robert C. Townsend, who coined the "We Try Harder" slogan that has helped make No. 2 Avis a much stronger competitor for first-place Hertz. Said he: "At first, I wondered how a small company could be acquired by a large one without losing some of its spark. But now I'm enthusiastic. We'll try even harder...
...Geneen, but in 1959, chafing under Adams' unwillingness to give him the presidency, Geneen jumped to I.T.&T. Upping his price, Adams next brought in. from Ford, lean, genial Richard Krafve (rhymes with taffy), 54, and soon set up a "tandem management" arrangement under which Krafve, as president, and Adams, as chairman, shared control of the company with neither having the final say. Explained Krafve: "If we were that far apart, one of us would just have to go." Last week, finding himself that far apart, Krafve resigned, leaving Adams to reassume the presidency. The reason: a series...
Ever since hard-driving Harold S. Geneen resigned last May as executive vice president, the stock of Raytheon Co. of Waltham, Mass. (1959 sales: $494 million) has been slipping. In three years Geneen had reorganized Raytheon, stepped up profits. But he craved the title and authority to go with the hard work. In his way stood Raytheon President Charles Francis Adams, the shrewd and respected Yankee banker who took over Raytheon in 1948, but whose talents are more on the financial than the production side. Announced Geneen abruptly one day: "I'm resigning." He is now president of International...
Finger on the Problem. Raytheon's stock, which had reached a peak of 73⅞ the month Geneen quit, last week was down to 43⅛. Raytheon's 1959 earnings did not keep pace with the company's gains in 1957 and 1958, and its first-quarter 1960 earnings, announced last week as 56? a share, were also below forecasts. Despite a Government-guaranteed loan of $75 million, Raytheon has needed more and more money. Last week the company announced a $100 million bank-financed loan with which it hopes to retire its $75 million loan...