Word: lennox
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Dates: during 1980-1989
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...flag was hoisted in public, the flagpole snapped in two. Ciskei may not be paradise, but it is undoubtedly persistent. When the black "homeland" threw itself a raucous second-birthday party, the flagpole stood firm. As motorcycle teams, tribal dancers and drum majorettes performed in the local stadium, President Lennox Leslie Wongoma Sebe, 57, Homburg-hatted and morning-suited, cruised through the streets of Bisho, his capital city, in a black Cadillac. Then, guarded by a gang of security men in ill-fitting suits and sunglasses, Sebe led a flag-waving crowd through a spirited rendition of Lord Bless Africa...
...interest rates, tough competition from firms with lower costs, and poor management. In 1977 Harvester brought in former Xerox Executive Archie McCardell, and then made him chairman in 1979, to pull it out of its slump; instead, things got worse. McCardell was ousted in the spring of 1982. Donald Lennox, another Xerox alumnus, became boss...
...Lennox, 65, smoothed relations with the United Auto Workers, whom McCardell had infuriated during a six-month strike, and got them to accept a 29-month contract that saved the company $200 million. Lennox also consolidated many plant operations, concentrating manufacturing muscle on Harvester's most profitable products, especially trucks. Staff cuts lowered the worldwide work force to 32,455 at the end of 1983, from 65,640 two years earlier. Even office space at the company's Chicago headquarters was slashed from twelve floors to 7½, while the corporate staff withered to 600, from...
...shrinking act seems to be working. Losses for 1983 were $485 million, vs. $1.74 billion the year before. Truck sales are strong, and the farm equipment business is sprouting healthily. The best part came in January, when Lennox told shareholders that Harvester's creditors had agreed to refinance its multibillion-dollar debt. Without that understanding, the company would undoubtedly have been forced into bankruptcy...
...Lennox started shooting. "Diana was rubbing suntan oil on the Prince's back. Sensational! I kept saying to Kenny, 'I've never done anything as intrusive in my life.' But it was a journalistic high. I've never had such a buzz...