Word: sarnoffs
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Dates: during 1970-1979
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...adopted the multiple-management plan, mainly to prepare for the retirement of its chief, Harold Geneen; at present both Geneen and structure remain. RCA also established an office of the chairman last September, but abolished it and returned to a conventional organization when Chairman Robert W. Sarnoff resigned in November. Other firms that in recent years have experimented with executive offices of three or more officials are Honeywell, Morgan Guaranty Trust Co., Armco Steel and Associated Dry Goods...
When Robert Sarnoff succeeded his father as head of RCA Corp. in 1968, the family's continued dominance over the diversified electronics giant seemed all but assured. Last week, though, "Bobby" Sarnoff abruptly quit as chief executive because directors would not give him a raise. That left RCA without a Sarnoff at its head for the first time in its 45 years of existence. In a move that stunned New York's business community, RCA announced that Sarnoff, at the age of 57, also would step down as chairman, and even as a director...
TIME has learned that a few weeks ago Sarnoff, whose contract expires at year's end, indicated he wanted more money and intimated that he might resign if his demands were not met. In 1974 he was paid $326,000 in salary and earned deferred incentive awards totaling $157,000. After making his wishes known, he left New York on a business-and-pleasure trip, touring the Far East and stopping in Australia, where his wife was singing. He returned to New York a few days before last week's regular board meeting. While he was away...
...erratic earnings record under Sarnoff, and some investors were obviously pleased by his departure. The day after his resignation was announced, the company's stock rose 75? a share, to $19.25, in heavy New York Stock Exchange trading. In 1971, the company wrote off a $490 million pretax loss when it abandoned the unprofitable computer business that Sarnoff had caused it to enter. At the time there was speculation that he might be forced out by dissident directors, including Industrialist Martin Seretean-who has since left the board, though he remains RCA's largest stockholder. Sarnoff has also...
...Sarnoff, who still owns 79,338 shares of RCA common stock, has long lived in the shadow of the image of his innovative father, Brigadier General David Sarnoff, who pioneered radio broadcasting in the 1920s and color television in the 1950s. Robert Sarnoffs now-ended RCA career began in 1948 with the parent corporation's National Broadcasting Co. subsidiary. He became head of NBC in 1955 and was elevated to the presidency of RCA in 1966. Shortly after, he started RCA on an ambitious diversification effort. His main acquisitions: Hertz Corp., Random House Inc., Cushman & Wakefield Inc. (real estate...