Word: litton
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Dates: during 1950-1959
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...Exchange. So great was the confusion when trading in Fairchild Camera was suspended temporarily that Exchange President Edward T. McCormick went onto the floor to discuss the break at Fairchild's trading post. Other electronics stocks followed; Texas Instruments fell 3⅞, IBM 2½. Zenith 4⅛, Litton...
Myles Mace, who returned to Harvard this fall as professor of Business Administration, has done just that for the past three years, as a director, vice-president, and chairman of the Management Committee of Litton Industries in Beverly Hills, California...
That Mace is dedicated to the ideals of American Business is all but undeniable, if only from his description of Litton president "Tex" Thornton: "One of the greatest leaders of modern industry...imaginative, insists on sound planning, aggressive, dynamic, inspirational, very high sense of integrity...
...Mace has exchanged Sunday coast-to-coast flights and weekday airborne personnel conferences for commuting between the Business School and his home in Dover. And after helping to raise Litton's sales from $8.7 million in 1955 to $83 million, he has returned to Cambridge to teach and work as caretaker for a foreign business education program...
...carrying out a master plan for a balanced company, Litton now has a healthy sales split of 45% military, 55% commercial. Yet Thornton, is the first to admit that "we have a long way to go"-and that the road ahead will be slippery. Though Litton's profits reached $3,700,000 in the last fiscal year, they have yet to live up to the price of his highly touted, fast-rising stock, now selling at 56^-or 26 times earnings. The competition in the industry is growing so rough that competitors still question whether Litton is strong enough...