Word: raytheon
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Dates: during 1960-1969
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Voracious Appetites. One reason for the surge in switches is that corporations are growing bigger and faster than ever before. International Telephone & Telegraph has been expanding so rapidly that it has not had time to develop enough of its own executives. Under Chairman Harold Geneen, himself hired away from Raytheon, ITT has taken on some 500 men from other firms in the past eight years. Besides creating voracious appetites for instant manpower, corporate bigness tends to dilute employee loyalty, with the result that executives are more willing to listen to new job offers. What makes them even more susceptible...
...Raytheon...
There was also plenty of push and shove lower down on the list. Nine companies appeared for the first time among the industrial corporations with sales of more than a billion dollars: Ling-Temco-Vought, Signal Oil & Gas, Raytheon, Consolidated Foods, Honeywell, Coca-Cola, Getty Oil, TRW and Colgate-Palmolive. Five other corporations-Inland Steel, Grumman Aircraft Engineering, General Tire & Rubber, Jones & Laughlin Steel, and Olin Mathieson Chemical-fell out of that group. In sum, including also the merger of the billion-dollar member Douglas Aircraft into McDonnell Douglas last year, there was a net gain of three...
...inventory is all he says it is and questions such as: How do you handle your own employee reaction if his pension plan is better than yours? Answer: Increase yours if the acquisition costs justify it. David Judelson, president of merger-minded Gulf & Western Corp., discusses financial techniques. Raytheon Chairman Charles Adams explains the most promising methods of making the first overture. Best way: try a direct telephone call to the proposed partner but keep the conversation vague at first. ("Let's see if we have something to talk about...
Adams' mandate was carried out-Raytheon's earnings increased fourfold during Geneen's three-year stay-but Geneen was by now casting about for a larger policymaking role. At the same time, several corporations were anxious for a man who would make policy, and Geneen was sought out by an executive recruiting service for the top job at ITT. In May 1959 he walked into Adams' office, abruptly announced: "I'm resigning." The day the news came out, Raytheon was the most actively traded stock on the New York Stock Exchange, dropping 6½ points...