Word: successors
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Dates: during 1990-1999
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...culture for which Suharto, Indonesia's dictator of 32 years, bears much responsibility. Six months ago Suharto was ousted, leaving behind a weak successor as President--B.J. Habibie--a paralyzed economy, a military discredited for killing student demonstrators and a nation struggling to find some vision of its future. As the lynchings increase, many suspect that some in the military and political establishment are promoting a politics of chaos to turn the clock back, away from the students' demands for greater democracy and a reduction in the power of the army. There is a precedent, and it is horrific: General...
Giannini retired again in 1930 and moved to Europe, convinced that his successor would carry on in his spirit. But during the Great Depression, TransAmerica management switched focus. Feeling betrayed, Giannini returned to retake control. He had always encouraged employees and depositors to become shareholders of the bank. To win a 1932 proxy fight, he knocked on doors again, getting all those working-class shareholders to give him their votes. He then consolidated TransAmerica's California bank holdings under the Bank of America name, which would survive when regulators forced TransAmerica to break up in the '50s, just...
Morita had been groomed since the third grade to become the successor of a 14-generation family business: a prominent sake-brewing company in Nagoya. In true entrepreneurial spirit, however, he traded this life of comfort and privilege for the uncertainties of a start-up, called Tokyo Telecommunications Engineering, Inc., in the rubble of postwar Japan...
...Morita was asked by Gaishi Hiraiwa, then chairman of Keidanren, to be his successor. Keidanren is the most prestigious business association in Japan, and all CEOs in Japan would like to hold an important position in the organization. Until this time, Morita had never really been accepted by the Japanese establishment as Sony was a relatively small company and didn't come from the traditional strong houses of steelmaking, public utilities and heavy industry. In the Japanese economic circle, becoming chairman of Keidanren is likened to the succession of the Emperor. As it turned out, the day of Morita...
...still live in an era of buyouts. But diversification has largely given way to concentration. Gulf & Western was reduced to its media component, Paramount, and then taken out by another media company, Viacom. Geneen's successor at ITT was pressured by investors to break the company into pieces. By the time Geneen died last November, all that was left of ITT Corp. was a hotel company, which would disappear into a merger two months later...