Word: ceos
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...Dixon Ticonderoga Co., based in Heathrow, Fla., a 203-year-old maker of pens, pencils, chalks, watercolors, highlighters and other types of markers, is slashing its marketing budget in spite of a hefty 14% increase in sales last year. "We have to hunker down here," says company president and CEO Gino N. Pala. "We have to watch things closely. I don't think we've felt the worst of the economic crunch yet. I think the damage has already been done, but we've got to work through it." He says that he intends to keep his staffing "flat...
...Business Council, a gathering of mostly FORTUNE 500 execs, the mood might have best been described as resolute, reflecting a determination to make the best of what most of the attendees regard as a fast-approaching worldwide recession. A survey of 75 of the council's 300 CEOs showed that 95% expected the global downturn to have some negative effect on their earnings. More telling, 64% were planning cost-cutting measures that included less hiring, and 57% expected to reduce capital spending significantly. Yet there was a buoyant sense that the U.S. would ride it out. "I don't think...
Layoffs and firings seem to be the handiest solution for other companies too. "Companies no longer wait to ride out the tough spells," says John Challenger, CEO of Challenger, Gray & Christmas, a Chicago outplacement firm. "They practice just-in-time firings." At chipmaker National Semiconductor, managers voice the optimism of those who feel they have reached the bottom. "We've taken fairly severe actions," says chief financial officer Don Macleod, pointing out that the company cut 1,400 employees in April through attrition and layoffs--10% of its work force --even before posting a loss for the quarter. "Our business...
They found one in Electric Communities, a three-year-old start-up whose first product, a rich virtual world called Microcosm, proved too unwieldy for today's Web and has yet to be released. But CEO Larry Samuels had one edge over his rivals: his company wasn't (quite) bankrupt. Last spring, in a set of cash-free stock swaps, E.C. acquired both the Palace and OnLive Technologies, whose audio software lets multiple users talk live over the Net. In August, Samuels relaunched the Palace--and started giving the software away...
...runways as a way to get recognized by movie producers, or just a way to pay for college. Meanwhile the old supermodels are fading partly because fashion is inherently short-lived. "It became very dull, just seeing six people at the center of most magazines," says Katie Ford, CEO of Ford Modeling Agency. Gilles Bensimon, creative director for Elle and the former husband of Elle Macpherson, says, "Claudia Schiffer is the best example of the rise and fall of a model. For me, we don't need her. She doesn't represent anyone alive. After some point, you become...