Word: kappele
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Long Noses. By virtue of his position as head of this colossus, the chief executive of A.T.&T. is automatically the biggest businessman in the nation. For eight years that post has been held by a square-cut, thin-lipped man named Frederick Russell Kappel, who happens to be very much like the corporation he heads-a creature of power and paradox. Chairman Kappel (rhymes with apple) mixes freely among the mighty in science, politics and business. The 65 corporate chiefs who make up the prestigious U.S. Business Council, a group that advises the Government, have elected him their chairman...
...importance and respect his position brings, Fred Kappel, at 62, remains essentially a small-town boy who retains the earthy and often unsophisticated ways of the heartland. He runs the most modern of corporations from an old-fashioned office in a lower Manhattan building whose Doric columns and tiled floors are defiantly unmodern. In this Parthenon of the William Howard Taft era, Kappel still converses in the slangy, twangy argot of his native Albert Lea, Minn., can still cuss on occasion like the pole-hole digger he once was. One significant term that often salts his conversation is "long-nosed...
Ideas are the chief products at celebrated Bell Labs, where 4,575 scientists are engaged in what Kappel calls "the exploration of dreams." The dreams range from figuring out ways to stop squirrels from chewing up telephone wires to devising a typewriter that could work by oral dictation...
...Hill, N.J., Bell's crew-cut mathematicians, physicists and chemists-many of them not yet 30-are working on pocket phones, wristwatch phones, and laser beams that someday will replace wires and microwaves as carriers of the spoken word. A Basic Difference. Looking toward his own tomorrow, Fred Kappel knows that A.T.&T.'s inflexible retireby-65 rule will compel him to step down within three years. He also knows that though personnel and products will change, A.T.&T.'s philosophy has been too successful for anyone to tamper with it. "The first thing," says Kappel...
...cash: that most democratized group of capitalists, its own stockholders. The company floated history's largest stock issue, 12,241,294 shares, and gave first crack at the issue to its shareholders on a 1-for-20 basis. Openly trying to make the stock even more attractive, Fred Kappel announced an increase in the yearly dividend from $3.60 to $4 and a 2-for-1 split that next month will raise the total to 512,000,000 shares. Stockholders gobbled up almost the entire issue, and thousands sent the company blank checks in an unprecedented show of confidence, asking...