Word: tlc
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Dates: during 1990-1999
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...students with parents in Cambridge can always go home for a hug when things get tough. And they can bring their roommates home for the holidays or for some much needed TLC...
...didn't. Instead Lewis has surprised skeptics, including investors, by guiding TLC Beatrice with just as much spunk and savvy as her high-profile spouse did. Despite zero management experience and little firsthand knowledge of the global food business, this immigration lawyer and mother of two led the money-losing conglomerate through a perilous economy and a painful downsizing. She recharged Beatrice's slumping operations, restored its credibility--and credit rating--on Wall Street and returned the company to the black. After reporting its first significant profit in three years in 1994, TLC Beatrice continues to improve the bottom line...
...defining moment came with the shutdown of TLC Capital, the autonomous, sharklike unit whose roots went back to her husband's go-go years. Run by his Harvard roommate and best friend, W. Kevin Wright, it had as its purpose the pursuit of takeover targets. But the renegade unit had become a constant source of second-guessing of the new CEO. Wright, to Lewis' irritation, would continually ask whether "Reg would do it this way." After months of jousting, Lewis finally fired the entire department...
Lewis will not discuss the specifics of a possible sale of all or part of TLC Beatrice, but the company has taken its first step toward making TLC Beatrice a publicly traded firm. When, and if, she does sell equity on the stock market, Lewis will finally be positioned to complete the deal cycle her husband initiated and to cash out big time. Says she: "I guess you can say I didn't exactly follow in my husband's footsteps." No, but she has done a good job of filling his shoes...
THOMAS MCCARROLL'S interest in TLC Beatrice, the minority-owned global food company, dates from his first meeting with founder Reginald Lewis in 1988, when Lewis was selling assets to finance his $1 billion leveraged buyout of the company. Only later did McCarroll meet Lewis' wife (and now widow) Loida, whose successful turnaround of the company is the subject of this week's story. "She's just as smart, savvy and shrewd as the next guy, but without all the macho and bluster," says McCarroll, who has covered his share of corporate movers and shakers, including Bill Gates, Michael Milken...