Word: itt
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Dates: during 1990-1999
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...Hurricane Andrew will grow as households and businesses gather more information about their losses. Many insurers have already had to increase their damage estimates. State Farm, the largest insurer in the area, with 23% of the South Florida market, raised its loss estimates to $1.5 billion from $750 million. ITT said last week that it would take a net charge of $582 million against third-quarter earnings to cover losses in its Hartford insurance unit. Hartford's claims from hurricanes Andrew and Iniki total $95 million...
...California Public Employees' Retirement System, known as Calpers, the nation's largest public pension fund, sent letters to 12 corporations, including American Express, ITT and Dial (formerly Greyhound). One by one, senior executives from each company paid a visit to Calpers' Sacramento headquarters to negotiate with its chief, Dale Hanson. American Express boss James Robinson, for instance, immediately bowed to Calpers' demands that the company set up an independent compensation committee. Only Dial has so far refused to meet with Calpers...
...ITT CEO Rand Araskog, whose $7 million in 1990 compensation touched off a maelstrom, agreed to a dramatic overhaul of his pay package. The company replaced outright stock grants with options based on the performance of the company's stock, and Araskog agreed to reduce the size of his annual bonus. Says Hanson: "Shareholders are waking up to the fact that they're owners and not just investors...
...mainly from blue-chip makers like IBM and Apple. But as Businessland's fortunes rose, so did those of mail-order boutiques and aggressive superstores offering deep discounts. Meanwhile, Businessland stumbled by launching price wars while ignoring rising inventory and changes in customer needs. The company's key lender, ITT Commercial Credit, has announced that it will jump ship by the end of June. Now Businessland must persuade remaining lenders to extend its loan payments. Observes computer industry analyst Douglas Kass: "The coffin is lying out there waiting for the last nail...
Could the discontents topple the ITT board, which, like most boards, is used to being re-elected by an overwhelming margin? That seems unlikely this year. But the Calpers-led protest could be picking up support. Neuberger & Berman, a Manhattan firm that manages more ITT stock than any other institution -- 2 million shares -- is not happy. Wrote Neuberger portfolio manager Marvin Schwartz in a letter to Araskog: "One cannot escape noting that ITT stock has been an extremely dismal performer in the marketplace over the past 11-year period." That sorry record, Schwartz declared, "suggests that knowledgeable institutional investors...