Word: itek
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Actually, options in big or established companies are often less valuable for executives than those in small firms, simply because stocks in small, vigorous companies, with a small number of shares outstanding, often rise faster. For this reason, options, notably in electronics companies (e.g., Microwave Associates, Itek Corp.), are a cheap and sometimes most effective way to lure talented scientists from big corporations that pay higher salaries. Options have also helped turn scientists, who often care little about costs, into good managers. Since Massachusetts' transistor-making Transitron Corp. (TIME, Dec. 21) granted stock options to its scientific staffers last...
...that is now worth $4,200,000. In 1950, Rockefeller put $202,000 into low-flying Marquardt Aircraft Co., a pioneer in ramjet propulsion; his interest zoomed to $5,200,000 after Marquardt started making ram-jets for the Bomarc missile. But the fastest rise of all was in Itek. Two years ago Rockefeller, a camera bug, invested $279,000 in Itek Corp., which had plans for computer-like photo machines to handle information. He got some Itek shares as low as $2. They soared as high as $315, and Rockefeller's paper profit is now above $10 million...
...ITEK CORP. started when its president, a wartime aerial-reconnaissance expert named Richard Leghorn (M.I.T. '39), borrowed $142,000 from Laurance Rockefeller to buy two science-heavy organizations after the defense-spending cutback hit research in 1957. With these two-Physical Research Laboratories of Boston University and cash-shy Vectron. Inc. (electronics )-Itek began with a well-shaped organization (more than 100 scientists) that would have taken years to build. Though most of its work is classified, and identified only as "graphic retrieval,'' its stock soared from about $1.60 to $60 in a year, counting splits. Among...