Word: heineman
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Among U.S. railroads, the Chicago & North Western has an unusual characteristic: its commuter trains run on time. Last week it gained an even more remarkable distinction. Ben Heineman's Northwest Industries Inc., the conglomerate that owns the road, agreed to sell out to a new company composed entirely of the line's employees...
...years. All of the line's 14,000 employees, from president to gandy dancers, will be invited to buy shares in the new company in amounts ranging from $500 to $100,000, depending on salary. The North Western line's president, Larry S. Provo, 43, a longtime Heineman associate, has also become president of the employee company. Provo has great expectations for a jump in productivity when employees become stockholders. "There are a helluva lot of people working unsupervised on our 11,500 miles of track," he says. "If they feel the railroad is not just an impersonal...
Nobody at the losing conglomerate lost quite so much as Chairman Howard A. Newman, 48, who last week flew to Barbados for a rest after abruptly resigning his $175,000-a-year job. Newman had joined energetic President Ben Heineman at Northwest 20 months ago, when Heineman acquired Philadelphia & Reading Corp., a Pennsylvania holding company. Over the past decade, Newman and his father had built P. & R. from a languid coal concern to what Newman calls "one helluva property" in underwear, cowboy boots and steel as well as coal. After the acquisition, Newman kept his office in New York, where...
After unsuccessful passes at Swift & Co. and Home Insurance, the ambitious Newman persuaded Heineman to assault Goodrich. The adventure turned out to be costly as well as unavailing. Since it reached a high of 61 last year, Northwest stock has fallen to 13, a drop of 79%. The plunge has cost Newman a personal paper loss of $6.6 million. Why leave, with so much at stake in Northwest? Newman said that he wanted to take advantage of some "tantalizing situations" outside Northwest, but insiders say that he was simply "not having much fun" at the company after things turned sour...
...purge is a result of last spring's attempted takeover of Goodrich by Ben Heineman's Chicago-based Northwest Industries. Goodrich waged a successful defense [TIME, May 23] that has become a classic in corporate tactics. But Northwest emerged as the largest single stockholder, with 16% of Goodrich's shares. That was a sufficient threat to spur Goodrich's chairman, Ward Keener, to make good on his promise in the heat of the takeover battle to "improve profit margins...