Word: haacke
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Dates: during 1970-1979
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When Chairman Daniel Haughton and President A. Carl Kotchian were forced to resign last year at the height of the payments scandal, Lockheed seemed likely to stall like a disabled jet. That it did not is due largely to Robert Haack, former president of the New York Stock...
Exchange, who came in as interim chairman. Though Haack describes Lockheed as "a colossus to try to get your arms around," he helped to pare long-term bank debt from $595 million to $425 million. During his tenure, a special review committee of outside directors drafted a severe code of ethical conduct that bars any illegal or off-the-books payments...
...year-long search, Haack and other directors considered about 100 outsiders for the job of permanent chairman. But they eventually concluded that to bring in someone new would set Lockheed back while the outsider familiarized himself with the company. So the choice fell on Anderson, who knows Lockheed thoroughly. After serving as a naval officer during World War II and the Korean conflict, he joined the company in 1956 and worked his way up through several financial posts to vice chairman and chief financial officer. In that job, he was aware of some jiggery-pokery in Lockheed's foreign...
...rate in Lockheed's 44-year history. Overall 1975 sales were $3 billion, and the corporation's 24 major banking creditors have agreed to a longer-term financing of part of the company's debt, now $560 million. Says Lockheed's new chief executive, Robert Haack, a former New York Stock Exchange president who took over in February: "We have a handle on things now and we are taking as much probity with us as we know how. I am the man in the white hat and I'm trying to fly right...
...Lockheed, where a new management is now in charge, Board Chairman Robert Haack said only that he was "saddened" by the revelations in The Hague. That response seemed remarkably understated, for as the Dutch braced themselves for a televised parliamentary debate this week on the Bernhard report, they faced a bout of national soul searching as convulsive as that produced in the U.S. by the Watergate revelations...