Word: telecoms
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...TELECOM EXECS The Bell Atlantic-NYNEX merger may be no good for callers, but it's great for the corner offices...
...most glaring oddity in this drama is that Allen hand picked Walter, who boasted a strong sales background but no telecom experience. Yet he was attractive because he accepted Allen's demand to stay on until January 1998. "The best people are already running large companies and do not want to wait before taking over," says an executive familiar with the search...
...several insiders. But along the way, Walter lost sight of the only constituency that mattered: Allen. Last April after Walter, not Allen, got the call from SBC's chairman proposing merger talks, Allen escalated his criticism, telling AT&T directors that Walter didn't grasp the complexities of the telecom business. By the time Walter faced the board to defend himself, its decision had been made...
Credit CEO Chris Galvin, the founder's grandson, who re-engineered the company. Motorola still has some vulnerability. The firm counts on tech-heavy businesses that may tank if spending by telecom firms softens. But Galvin has convinced Wall Street that he can keep revenues growing. Motorola stock hit a new high of $86 last week, and investors snapped up $800 million worth of bonds for Iridium, an ambitious Motorola-backed satellite project. Now that's mobile electronics. Grandpa would surely approve...
...track." Some of that wondering showed in AT&T's closing stock price: down 1 5/16 to $35. What AT&T needs, says Kadlec, is a discernible plan. "They have to declare whether they're getting into the local services competition or not. MCI has gotten together with British Telecom, but AT&T just doesn't seem to have a business strategy." Allen has said he's open to offers of a partnership with GTE, the largest U.S. local phone company, or a Baby Bell. For now, the company is on a recruiting binge, trawling through corporate America...