Word: turnarounds
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Even so, the results underscored a common criticism of the motives for buyouts. Richard Thevenet, vice president of Stern Stewart & Co., a Manhattan- based management efficiency consultant, put it bluntly: "Managers have an incentive to underperform before a buyout. Records of dramatic turnarounds after an LBO raise a troubling question. Why were these managers unable to accomplish these feats before the LBO? Shareholders bear all the costs, but not the rewards of the turnaround...
While Harvard's confident play disappearedduring a 12-2 run by the Engineers in the nextfour minutes, Mitchell seemed to spark the Crimsonwith another resounding slam. On the play, the6-ft., 7-in. freshman rose about two feet abovethe rim to grab Carter's missed turnaround jumper...
...upbeat quarter does not guarantee a complete turnaround, however, especially since GM has not been saddled with the huge costs of retooling for new models. Says a top Ford executive: "They're on the way back. They're just not there yet." But GM's product-minded president is determined to win back customers with better-made and better-looking vehicles. Moreover, he hopes to get the cars from design tables to assembly lines in less than three years instead of the current five. Helping to speed the process and reduce costs is GM's decade-long, $50 billion investment...
Stempel, the leading candidate to succeed chairman Roger Smith, could be the man to engineer a turnaround at the lagging automaker. He has already given dealers and employees a much needed morale boost. -- Investors worry about debt as the bidding for RJR- Nabisco intensifies...
There was an election year timeliness to Reagan's turnaround and Congress's overwhelming support for the new Cabinet post. In their frenzy to appeal to 27.5 million U.S. veterans, the politicians seem unconcerned that the cost of transforming the V.A. into a Cabinet department will be $9.9 million. The biggest chunk of that cost will go to changing signs on the 532 V.A. buildings...