Word: xeroxers
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Dates: during 1980-1989
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Archie McCardell, 54, came to International Harvester in 1977 with the express aim of saving the company. The new chairman of the truck and farm-and construction-equipment giant (1980 sales: $6.3 billion) was recruited from his job as president of Xerox to modernize and expand the firm, which up to then had been mainly family-run. After an initial success, however, McCardell and the company both met with trouble. International Harvester in its 1980 fiscal year lost $397 million and in the first quarter of 1981 another $96.4 million. It has also omitted its stock dividend for the first...
...final formal meeting of the year, the Advisory Committee on Shareholder Responsibility (ACSR) last night voted to recommend that the Croporation send a letter to the Xerox Corporation urging the company to halt its South African subsidiary's sales to the military and police...
...considering a church-sponsored shareholder resolution at Xerox. ACSR members unanimously voted against Xerox's sales to the South African military and police. But the committee voted separately on a more far reaching clause of the resolution that indirectly calls for the eventual, complete withdrawal of Xerox from South Africa. Lawrence F. Stevens '65, secretary to the ACSR and assistant general counsel to the University, said last night...
Although the Corporation must arrive at a consensus and submit only one vote on the resolution, the letter proposed by the ACSR would convey the committee's unanimous opposition to Xerox's sales to the South African military and police and their divided opinions on long-term and complete withdrawal from the South African market...
They, lack loyalty. "I do often hear that M.B.A.s are impatient, and because of that impatience there's quite a bit of turnover in the early years," says Carl Hartnack, board chairman of the Security Pacific National Bank. "Some think they can go to Xerox and become president overnight, but without training this is ridiculous." Adds Thomas B. Hubbard, founder and chairman of THinc., a New York consulting firm: "They tend to be more loyal to their personal careers than to any company. So although they have made some companies better, they have also made them more vulnerable...