Word: haack
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Dates: during 1970-1979
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...short period, Lockheed will be headed by Robert W. Haack, former president of the New York Stock Exchange, who was named chairman pro tem. He will share power in a new "office of the chief executive" with two other officials: Roy Anderson, vice chairman for finance and administration, and Lawrence O. Kitchen, president. While briefly in charge, Haack said, his top priority will be to refinance Lockheed's debt, now about $600 million. That may be difficult; Democratic Senator William Proxmire of Wisconsin is planning to introduce legislation demanding a speedup in Lockheed's repayment of the Government-guaranteed portion...
...Wall Streeters whom he regulates. "You get a sense that he listens," says William R. Salomon, managing partner of Salomon Brothers, one of the nation's largest investment banking firms, "and just as important, that he understands what you are talking about." Says an admiring Robert Haack, president of the New York Stock Exchange: "The man seems impatient with delay. Once he identifies a problem, he seems to want to solve it and move on to the next...
...Robert Haack, 54, president of the New York Stock Exchange since 1967, has had to deal with a financial crisis that forced 129 Wall Street firms into liquidation or merger, with pressure from Washington for closer exchange control of brokerage houses and with a Board of Governors still dominated by clubby traders who resist change. Said Haack last year: "My job is to move these people into the 21st century." In the effort, he stirred considerable acrimony among board members last November by going over their heads and bravely calling for an end to fixed commission rates on large trades...
...probably no coincidence that at the same meeting at which Haack announced his departure, the governors elected a new member to their 33-man board: Ralph S. Saul. Now vice chairman of First Boston Corp., a major investment banking house, Saul was president of the American Stock Exchange through mid-1971. He successfully reshaped the once scandal-racked Amex, and many Wall Streeters gave him higher marks than Haack for general performance. If the Big Board governors follow the recommendations of William McChesney Martin's recent study, they will select a full-time chairman and chief executive. That...
...first and most frequent criticisms that Haack had to face as president of the Big Board was that, although he was a good public speaker and golfer, he lacked punch in his job. Associates wondered when the real Robert Haack would stand up. Now he has. Instead of making his speech as he usually does, without text or even notes, he says: "I wrote this speech myself, nine drafts of it. This wasn't a product of the public relations department. It was pure Haack. I knew it would offend some members, but I felt strongly." Haack admits that...