Word: krupp
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...acts like an American job-hopper and talks like the multinational executive that he hopes to become. Now 49, Krackow has rotated among high positions in banking, construction and machine-tool production. Now he has taken over as chairman of the executive board of the fabled and recently troubled Krupp steelmaking and heavy machinery concern. Krackow replaces Güinter Vogelsang, who rescued the Ruhr giant from the brink of bankruptcy, then bowed out in disagreement with the powerful former chief executive, Berthold Beitz...
Beitz himself was knocked from the pinnacle in 1967 after the company plunged into a financial crisis, but he retains considerable clout as chairman of the supervisory board and head of the Krupp Foundation, which holds all the firm's shares and supports scientific and cultural projects. Even so, Krackow, who gets along well with Beitz, can be expected to assert himself as boss and insist that the company will undertake only financially sound ventures...
...panzer officer with a doctorate in law, Krackow has worked for the Commerzbank, one of Germany's Big Three, and for British Investment Banker Siegmund Warburg. After shifting into industry, he became a successful doctor of ailing companies. Vogelsang recruited him four years ago to take charge of Krupp's weakest branch, its money-losing shipbuilding subsidiary, A.G. Weser. Under Krackow's management, the number of man-hours needed to produce a supertanker was cut by one-third, and Weser swung round from a loss of $8.5 million in 1968 to a profit of $4.7 million...
Tormented History. A glass-clinking round of cultural and economic socializing followed the signing, as members of the delegation that accompanied Brandt sought out their Polish counterparts. Student leaders met, Novelist Gunter Grass mingled with a group of Polish writers, and Berthold Beitz, representing the giant Krupp enterprises, conferred with leaders of the Polish Planning Commission. Nevertheless, neither Brandt nor Gomulka had any illusion that all the hatreds that have grown up between Germans and Poles over the course of 1,000 tormented years could be dispelled quickly...
...Hole. At Krupp, Vogelsang has shown what can be accomplished when an outsider slips into a family firm and snips the ties that bind it to traditions. Taking charge in 1968, he quickly changed the paternalistic policy of never laying off a "Kruppianer" and never closing down a branch. He reduced the number of divisions from 23 to 14, pared the work force from 90,400 to 79,500, and sold off holdings in low-yield properties, including a hotel and department store in Essen, the Krupps' soot-filled home city. The Krupp truck plant, which lost...