Word: ceos
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Rand Araskog, the CEO of ITT Corp., is a West Point graduate and a combat-hardened veteran of takeover wars who knows the value of a tactical retreat. He has fought off corporate raiders who sought to break up his company, as well as investors critical of ITT's performance and his high salary. So when Hilton Hotels Corp. offered $6.5 billion to buy ITT, which owns the Sheraton hotel chain and Caesars World casinos, Araskog manned the ramparts again. To raise cash and buttress the company's stock price, he sold once prized but now indefensible properties like...
...Hilton hasn't gone away, so Araskog has turned from defense to a scorched-earth policy that is beginning to seem aimed more at saving the CEO's crown than protecting shareholders' interests. Having sold nearly all nonessential holdings--including one of its two corporate jets--and laid off 125 people at its New York City headquarters, ITT is now stripping away promising casinos and profitable hotels, the very heart of the svelte new company that Araskog says he wants to create. Recently ITT sold five Sheraton hotels for $200 million, without competitive bidding, to FelCor Suite Hotels, the largest...
...that time, he has sought to transform himself from a poster boy for overpaid executives to a self-styled champion of shareholder rights. Yet Araskog, who served the National Security Agency as an interrogator of Soviet defectors in the '50s, can't seem to help treating everyone from Hilton CEO Stephen Bollenbach to ITT shareholders as if they might really be agents of a subversive foreign power...
Gates was surprised to learn that such a statement would be cheap: $1 billion could buy about 11% of Comcast. (A similar slice of his company would cost $18 billion.) Roberts soon returned to Seattle with his investment banker Steven Rattner, the newly elevated deputy CEO of Lazard Freres in New York City. Like Roberts and Gates, Rattner is a low-key baby boomer with an intense interest in media and technology. On a Tuesday morning, four weeks after the dinner, Gates and Greg Maffei, Microsoft vice president for corporate development, went to Rattner's suite at the Woodmark Hotel...
...house wired for 500 channels. It's about a heroic investor who plugs into the cable industry and single-handedly rescues one of the decade's most imperiled collections of stocks. Who is this new-age superhero? None other than Supergeek, a.k.a. the mild-mannered computer kingpin, Bill Gates, CEO of Microsoft. Last week, after Gates agreed to pump $1 billion into Comcast Corp., Wall Street revalued the entire industry upward by tens of billions of dollars. A buyers' panic rippled through the cable world, and the Standard & Poor's index of cable stocks rose...