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Just who is saying all those unkind things about ITT? The $14.2 billion conglomerate wants desperately to know what schemers are staging a campaign to sell the company, or break it up. No one would have listened to such talk during the telecommunications firm's glory days in the 1960s and 1970s. But now, beset by stagnating profits, ITT's management is trying to stamp out those ideas before they become self-fulfilling...
What particularly rattles Chairman Rand Araskog, 53, is that the plotters could be getting help from some of his own colleagues. Last week Edward Gerrity Jr., ITT's public relations chief since 1961, admitted that the company had suspended him after accusing him of feeding bad news to the financial press. Sources at the Securities and Exchange Commission, meanwhile, confirmed that the agency is investigating whether someone outside the company is breeding rumors about ITT in order to make an illicit stock profit...
Under Empire Builder Harold Geneen, ITT devoured 275 companies and went from annual sales of $765 million in 1959 to $17 billion in 1979. But since Geneen's departure, the company's performance has slowed from go-go to nogo. Araskog has tried to revive ITT by shedding more than 60 subsidiaries, worth about $1.5 billion, but the company remains dangerously short of cash...
Women's track vs. Boston College, ITT...
...track vs. Boston College, ITT...