Word: tisch
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...Slaughter on 57th Street," as some started calling it, raised an impassioned outcry. New CBS Chief Executive Officer Laurence Tisch roiled staff emotions further when he tried to shift responsibility for the layoffs to News President Howard Stringer. "I never said to Howard, 'We have to cut the budget at the news division,' " he told the New York Times. Stringer was aghast. After a two-hour meeting between the two, Tisch, who had suggested cutting the news budget by up to $60 million, issued a memo admitting that Stringer proposed the cuts only as an alternative to bringing...
Anxieties are running highest at CBS, where the sharpest knife is being wielded. Over the past 18 months, some 150 of the CBS News division's 1,400 employees have lost their jobs. In January, Chief Executive Officer Laurence Tisch asked News President Howard Stringer to cut up to $50 million from this year's nearly $300 million budget. Stringer presented a plan to Tisch last week that called for about $30 million in savings. Within two days, he began firing more than 200 staffers, including about 20 of the division's 75 or so full-time correspondents...
...stirred up last week when the New York Times reported that CBS, which has already pruned some 1,200 of its 15,500 employees, would ask its news division to slice $50 million from its $300 million budget. That draconian figure was denied by Chief Executive Officer Laurence Tisch, but the company admitted that it was still looking for ways to improve efficiency. Hundreds of other large corporations are planning or already carrying out slimming-down programs, including Exxon, Union Carbide and Time...
...mild-sounding new term actually meant the radical shedding of unwanted and unprofitable divisions and the wholesale trimming of excess employees. A highly visible case was CBS, whose board of directors dumped Chairman Thomas Wyman in September and installed as acting chief executive the company's largest stockholder, Laurence Tisch, a conglomerator known for wielding a sharp scalpel. At CBS, Tisch proceeded to sell off publishing divisions, lay off hundreds of employees and chop such perquisites as limousines and company-subsidized birthday parties...
...September mood of euphoria at CBS suffered accordingly. Says one mid- level executive: "Half the people here curse Tisch." A television producer at the Manhattan headquarters known as Black Rock described employee morale as "pulverized with fear." Staffers soon coined a bitter name for the layoffs: to be fired was to be "tisched." In the past few weeks, as the wave of firings seems to have again subsided -- at least for a time -- the mood at CBS has become quietly resigned. Says one employee: "The feeling here is follow the rules, do your job, don't make waves...