Word: ceos
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...arrogance were virtues, there would be a lot of saints on Wall Street. The most hallowed of the lot would include the highly successful Michael Price, who oversees $26 billion at Franklin Mutual Advisers, and the equally prosperous CEO-for-rent Al Dunlap, who is doing a tour at small-appliance maker Sunbeam Corp. In a brazen display of cronyism, the two last week publicly denounced ITT Corp.'s tactics in fending off a hostile takeover by Hilton Hotels. Picture that: Price, whom FORTUNE magazine calls "the scariest s.o.b. on Wall Street," linking with Dunlap, whose endearing nicknames include "Chainsaw...
...double-barreled assault from the s.o.b. and Chainsaw is a righteous battle. ITT's own saintly CEO, Rand Araskog, put himself squarely in the line of fire by dismissing Hilton's overtures without so much as a meeting, and he is tearing apart the company in an effort to preserve his own job. The Price-Dunlap sound off is great news if you own ITT stock and don't like the way the company has been run. The two make for powerful allies, and investors have done well by them. As their nicknames suggest, Price and Dunlap...
...stock price. He forced the merger of Chase and Chemical banks in 1995. He is currently engaged in a public battle with Dow Jones & Co. as well as ITT. And, oh, yes, little more than a year ago, Price, a 21% owner of Sunbeam, got Dunlap hired as CEO. The pay was right: Dunlap got 2.5 million stock options that, if all could be exercised today, would bring him $70 million. So when Dunlap and Price sent ITT's board separate letters on the same date, Aug. 8, demanding the same action--to let ITT shareholders vote on Hilton...
Some people find the whole process offensive. "Cookies represent a way of watching consumers without their consent, and that is a fairly frightening phenomenon," says Nick Grouf, CEO of Firefly, a Boston company that makes software offering an alternative approach to profiling, known as "intelligent agents...
...Lawton Chiles. He could hardly stop smiling after today's decision, and with good reason: The companies agreed to pay Florida $11.3 billion to settle the state's lawsuit to recover the costs of caring for sick smokers. After weeks of testimony that included the admission by Philip Morris CEO Geoffrey Bible that smoking "might" be responsible for as many as 100,000 deaths, Big Tobacco has packed up and left this state. Next stop: Washington, D.C., where the $368 billion national settlement remains to be renegotiated...