Word: mccolough
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...Vague. While both companies' boards and stockholders have yet to approve the plan, however, it clearly made sense to Xerox President C. Peter McColough and C.I.T. Chairman L. Walter Lundell, the men who shook hands on the deal. As primarily a leaser rather than a seller of machines, Xerox needs constant access to borrowed capital, which C.I.T. now handles in sums that total up to $2 billion at any given time. Xerox has been in the market for merger partners or acquisitions for several years, ever since former President Joseph Wilson decided that "our future depends on what...
Both executives were a bit vague when it came to discussing what their multimillion-dollar handshake would produce. McColough noted that the merger "would provide a much broader base than we now enjoy." Said Lundell: "The merger would greatly enhance the future of C.I.T.'s growth program." Whatever its purpose, the sheer size of the deal is sure to interest the Federal Government, particularly since the Federal Trade Commission announced last July that it would look into the huge economic concentration brought about by conglomerate mergers...
...close with word that he was stepping out of day-today management, would devote himself to "long-range planning." And "with a sense that this is a great milestone for Xerox," he announced that his title of chief executive officer would pass to C. (for Charles) Peter McColough, 45, the company's president since...
Making the Most. One of Wilson's better products has been President McColough. A native of Halifax, Nova Scotia, McColough served in the Royal Navy in World War II, got a Harvard Business School degree in 1949, quickly decided that "business is more interesting in the U.S. than in Canada." He almost changed his mind in 1954 when, after five years with small Lehigh Coal & Navigation Co., he went for a job interview at Xerox (then Haloid). "It wasn't very impressive," McColough recalls. "I went up to see one of the vice presidents...
...Salesman McColough, who built up what is now a 7,800-man nationwide marketing force, made the most of those opportunities, and was rewarded with the presidency two years ago. For the future, McColough plans to work on cutting costs and expanding Xerox' duplicating business at home and copier sales abroad, where the market is growing much faster than the U.S. rate of 15% a year...