Word: litton
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Dates: during 1960-1969
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Chairman and chief executive of the new company will be Hunt's present chairman-tough, acquisition-minded William E. McKenna, 48, whom Simon lured from Litton Industries last year. Under McKenna, as president, will be David J. Mahoney Jr., 45, a onetime Colgate-Palmolive marketing whiz who was hand-picked by Simon 18 months ago to turn ailing Canada Dry around, and did. Third member of the triumvirate will be Hunt President Harold M. Williams, 40, who joined Hunt 13 years ago as a tax lawyer. He will take over Simon's job as chairman of the finance...
Such major-league conglomerates as ITT, Litton and Textron are veterans on the playing fields of corporate acquisition. But last week's biggest merger news came from a relative rookie...
...began two years ago when Dowling and his directors, anxious for higher performance in the sales and profit column, hired George T. Scharffenberger to replace Dowling, now 72 and company chairman, as president. Scharffenberger already knew the role: he was hired away from a seven-year career at Litton, where he had worked up to senior vice president, handled the company's big defense business. Intrigued by the possibilities of an "asset-rich, earnings-poor company," Scharffenberger moved East and, with a few other West Coast recruits, laid plans for diversification...
...with Moore & McCormack, which is expected to report a loss for '67 partly because of heavy containerization expenses. City's proposed $80 million deal for the potentially profitable company would put Scharffenberger in fo'c'sle-to-fo'c'sle competition with another Litton alumnus: Walter Kidde & Co. President Fred Sullivan, who last month won ailing United States Lines' consent to a merger...
Ambition v. Talent. Despite that assurance, the news stoked fresh doubts about conglomerates; some of them, warned American Bankers Association President Howard Laeri, "may turn out to have more ambition than talent." Such fears were quickly reflected on the stock market. Last week Litton's common stock, which sold for over $120 a share last October, closed at $73.37. Other conglomerate stocks, including Teledyne and Ling-Temco-Vought, also dropped sharply...