Word: ibm
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Dates: during 1990-1999
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Spurring the revolt is a ruling made earlier this year by the Securities and Exchange Commission, historically sympathetic to management on such issues, that made it easier for shareholders to challenge companies on CEO compensation through the proxy system. Shareholders at 43 companies, including Chrysler, IBM and Eastman Kodak, have submitted proposals seeking to curb executive pay. Next year the number could double. Says Ralph Whitworth, president of the United Shareholders Association: "What we're witnessing is a full-scale rebellion against corporate greed run amuck...
Some companies slashed pay unilaterally. Ford CEO Harold Poling, for example, took a 6.6% pay cut last year, while Avon boss James Preston froze his salary at $610,000 and lowered his bonus 23%. IBM chairman John Akers took a 40% cut, reducing his compensation by $1.1 million, to $1.6 million. Others are revamping their pay structure. AT&T junked its stock-option plan in favor of an incentive package based on staggered performance targets...
...such an event. The Spanish government spent billions on the fair and attendant public works, including a new high-speed bullet train that makes the trip from Madrid to Seville in less than three hours. Like any world's fair, Expo '92 has its fetching gizmos. The 231 IBM touch-screen computer monitors scattered around the 538-acre site are truly useful: a visitor, presented with an aerial photo of Expo, touches anything in the picture and gets a closeup view of the area touched -- and then, with another touch, a still closer view of a particular pavilion or theater...
Texas billionaire H. Ross Perot has a habit of defying the odds. Born in humble circumstances in Texarkana, Texas, he graduated from the U.S. Naval Academy, spent four years at sea, then went to work briefly for IBM. In 1962 he struck out on his own, launching Dallas-based Electronic Data Systems with $1,000 in savings. He sold it to General Motors 22 years later for $2.5 billion. Along the way, Perot has displayed a willingness to use his wealth for heroic purposes -- and a thirst for publicity. In 1969 he tried to deliver two planeloads of medicine, clothing...
...relentless cost cutting by everyone from mom-and-pop businesses to such corporate giants as IBM and General Motors could undermine the recovery. While workers who lost jobs in previous slumps often came right back when things looked up, much of the current downsizing has been permanent. "All kinds of companies have got new religion about cost control," says William Melton, chief economist for Minneapolis-based IDS Financial Services. "And this will really have an impact on job creation." Thus many middle managers and blue- collar workers alike could have little chance of returning to work unless they change careers...