Word: perots
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Last week the automaker captured its first big one. It announced plans to spend as much as $2.5 billion to buy Dallas-based Electronic Data Systems, one of the biggest U.S. suppliers of computer services. Founded in 1962 by Chairman H. Ross Perot, EDS (1983 sales: $629.7 million) provides data processing for such customers as the U.S. Army and the state of Tennessee's Medicaid program. GM already has the first task for EDS: streamlining the automaker's morass of accounting, payroll and scheduling records. Said GM Chairman Roger Smith: "We have to get to the point where...
...Perot, a former IBM salesman, formed EDS with an investment of $1,000. The company grew rapidly, largely by processing health-insurance claims...
Last year the company's profits jumped 25%, to $58.7 million Perot, 54, a man of military demeanor, established at EDS a corporate culture based on formality, patriotism and performance. In 1979 he dispatched a former Viet Nam commando and a group of executives on a defiant rescue of two EDS officials being held captive in Tehran. The successful exploit was chronicled by Author Ken Follett in the bestselling On Wings of Eagles...
...past few years, though, Perot has grown less involved in running his company and more concerned with public affairs. He recently headed a Texas commission seeking to improve high school education...
Earlier this year he brought the wrath of Texas down on himself by advocating that less emphasis be placed on high school football, which is a little like telling Texans to raffle off the Alamo. By selling their 45% share of EDS, Perot and his family could reap as much as $1.3 billion...