Word: perots
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Dates: during 1980-1989
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When H. Ross Perot was forced off the board of General Motors last December, many people wondered where he would park his $700 million settlement. Some of the money showed up in Silicon Valley last week: Perot announced he was buying a stake in Next, the computer venture of Steve Jobs, the co-founder and former chairman of Apple Computer. For $20 million, Perot, 56, joins the Next board and gets 16% of a company that is at least a year away from shipping its first product. Jobs, 31, will keep 63% for himself. "We feel we can call...
...largest industrial company, and Electronic Data Systems, the biggest computer-services firm. But the marriage of the two giants has not been completely harmonious. From the beginning, there have been predictable problems in integrating EDS's data services into GM's far-flung operations. Worse, EDS Chairman Ross Perot, who is now GM's largest stockholder (11.3 million shares) and a member of the board of directors, has become a burr in Smith's side. Perot has publicly sniped at the automaker's management for its isolation, resistance to change and indulgence in old-boy perks like chauffeured limousines...
Smith did, however, fire back a few potshots at his boardroom critic. Perot "wants nothing better than the best for GM," Smith said, adding that "he is a different type of guy than we are in GM. He is impatient. I think part of it is just his natural inclination. Part of it, of course, is (that he is) not very familiar in total with our business." As for charges that GM gives its executives excessive perks, Smith retorted that Perot's office at EDS in Dallas "makes mine look like shantytown. He has a Gilbert Stuart painting hanging...
...data- processing employees. Systems engineers from EDS now provide the software that runs manufacturing robots in GM plants. EDS computers do everything from processing GM's payroll checks to printing the price stickers for its new cars. If Chairman Smith even briefly entertained notions of dumping Perot, he may simply have been engaging in wishful thinking...
...Mager Dietz & Birney: "GM has done more to help itself in the last three months than it has in the last few years combined." But GM's Smith will have to cut costs even more dramatically if he hopes to quiet the company's sharp- tongued gadfly, H. Ross Perot, chairman of Dallas-based Electronic Data Systems. Perot, who joined the GM board when the automaker bought EDS in 1984, has particularly attacked GM's slowness in curbing old-boy management perks like chauffeur-driven cars and executive dining rooms...