Word: nabisco
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Dates: during 1990-1999
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...truly developed a plan that will enable it to compete in the long run against feisty and fast-moving rivals at home and abroad. While chairman Louis Gerstner, 52, has revamped the company's finances in remarkably short order since he arrived a year ago from RJR Nabisco, observers both inside and outside IBM remain concerned about his lack of computer savvy. (At his first press conference after being named IBM chairman, Gerstner conceded that he did not know the brand of laptop he used.) Charles Ferguson, a consultant based in Cambridge, Massachusetts, and co- author of the book Computer...
Despite signs of an improving economy, the gloomy parade of corporate layoffs continues. RJR Nabisco will cut 6,000 employees, more than 9% of its work force, because of a devastating cigarette price war. Profitable Xerox will sever 10,000 employees, nearly 10% of its work force, to increase productivity...
...those who feed the ovens at the company's Pizza Hut, Taco Bell and KFC fast-food restaurants. Result: many people who survive layoffs and find new jobs nonetheless suffer a deep slash in income. One study found that of 2,000-odd workers let go by RJR Nabisco, 72% found jobs -- but at wages that averaged only 47% of their previous...
...Fisher joins a growing band of rescue artists of the not-grown-at-home variety. Prominent among them is Louis V. Gerstner, who was recruited in March from the top job at RJR Nabisco to become chairman and CEO of IBM, the once great computer giant that has lost $8.37 billion so far this year. In June a troubled Westinghouse Electric asked Michael H. Jordan, a partner at the New York City investment firm Clayton Dubilier & Rice, to succeed outgoing chairman Paul Lego. Former Union Pacific chairman Michael Walsh replaced James Ketelsen at Tenneco, a Houston-based auto-parts, shipbuilding...
...Huizenga says, he is content to watch. But even those on the sidelines could not help drawing comparisons with the decade of frantic buy-' em-and-bust-'em-up struggles (like the $25 billion 1988 fight for RJR Nabisco) that burdened corporations with excessive debt, ignited newspaper headlines and enriched everyone from corporate raiders to takeover lawyers. "The only criteria were who won or lost and how the companies were split up," says Felix Rohatyn, a senior partner at investment banker Lazard Freres, Paramount's adviser. In that rapacious era, "we wouldn't look at a deal under $1 billion...