Word: petersons
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Wall Street brokers and financiers have long been accustomed to power struggles in the executive suite. But they have seldom seen the head of a major firm voluntarily and abruptly surrender his top spot because an ambitious colleague wanted it. That was precisely what Peter Peterson, chairman of Lehman Bros. Kuhn Loeb, did last week...
...Peterson, 57, Secretary of Commerce under President Nixon, stunned Wall Street by announcing that he will leave Lehman Bros, next January in order to turn over full control to Lewis Glucksman, 57, who became co-chief executive only two months ago. Said Peterson: "Lew told me that after considerable thought, he had concluded that this arrangement fell short of permitting him the fulfillment of his larger goals and of realizing the full potential of his capabilities. He told me that he felt he could achieve that fulfillment only by assuming the sole direction of the firm...
...Peterson's remarks set off rumors, and firm denials, that he had been elbowed aside. But one close associate called the statement typical of Peterson, and attributed it to the temperament he had inherited from his Greek immigrant parents, whose surname was originally Petropoulos. Said the friend: "Everything Peterson said came from the heart. The key to the man is his Greek origin. No Anglo-Saxon could ever have made such an emotional and candid statement...
According to Peterson, Glucksman told him about three weeks ago that he was unhappy with his role as co-boss. Peterson had named him to that unusual position two months earlier. "He spoke very movingly of how much his life was wrapped up in this firm," the chairman recalled. The two men worked out an arrangement under which Glucksman will become sole chief executive of the 133-year-old firm in October and assume the additional title of chairman when Peterson leaves in January...
...often arrives at his desk before 6 in the morning and rarely leaves before 6:30 at night. "We all knew that his entire life was dedicated to one day running the firm," recalls a former colleague. Glucksman said last week that he was "grateful beyond words" to Peterson for "the wisdom and understanding he has consistently displayed during the years of our close cooperation." He added, "We've been good friends, and we will always be good friends. In fact, I do not have many friends besides Peter...