Word: primerica
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Dates: during 1980-1989
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MOST FRILLS ON A GOLDEN PARACHUTE Gerald Tsai, head of the Primerica financial-services firm, grabbed $40 million in severance when he sold the company, whose holdings include the brokerage firm Smith Barney, to Commercial Credit Group. Part of Tsai's deal: 120 hours free use of the corporate jet and a consulting contract that will pay him additional income for time he spends working in the office on his yacht...
...Express in 1985, has since made daring but unsuccessful bids to take over BankAmerica and the consumer-loan subsidiary of Manufacturers Hanover Trust. Last week Weill's persistence paid off. Commercial Credit Group, the Baltimore-based consumer-finance company (assets: $4.4 billion) he now heads, agreed to take over Primerica, a Connecticut-based financial-services firm that has three times the assets of Weill's corporation and owns the Smith Barney brokerage firm...
...billion buyout, to be financed mostly by giving Commercial Credit stock to Primerica shareholders, marks a triumphant return to Wall Street for Weill, 55, who built the investment firm that has become Shearson Lehman Hutton. What gave Weill his opportunity was a strategic miscalculation by Primerica Chairman Gerald Tsai, 59, who paid a lofty $750 million for Smith Barney just a few months before last year's crash. The debt he incurred in buying the firm became burdensome when Smith Barney's brokerage business sagged after Black Monday. Weill, as head of the combined firm, intends to sell Primerica...
Giant corporations today are seldom headed by someone whose name is on the building, since hardly anybody has a moniker like Exxon, Primerica or Unisys. But at Ford, Detroit's fastest moving automaker, the fourth generation of a family dynasty is moving up. Last week the company elevated two young executives to its board of directors: Edsel B. Ford II, 39, and William Clay Ford Jr., 30, both great-grandsons of the founder. Edsel II is general sales manager of the Lincoln-Mercury division, and William Jr. heads Ford's operations in Switzerland...
...acquisition caps Tsai's efforts to transform Primerica into a financial powerhouse. Since he joined Primerica, the company has shed more than 25 businesses and acquired 15 others. In snaring Smith Barney (1986 revenues: about $1.1 billion), Tsai paid double the assessed value of the firm's assets, which Wall Street analysts called a bargain...