Word: ceos
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...executive at General Mills, he ordered the company's Red Lobster restaurants to stop serving bread to diners because they filled up on it and ordered less food. It was therefore entirely in character when the relentlessly bottom line-oriented Willes, six weeks into his new job as CEO of Times Mirror, announced massive layoffs at the media giant's newspapers. In less than a week, Willes closed down New York Newsday, cutting about 750 jobs, and then announced an additional 1,000 job reductions company-wide, primarily at the flagship Los Angeles Times...
Wall Street does appear pleased. Times Mirror stock has risen more than 20% since the first layoffs were announced, and more than 50% since Willes was named ceo. "Ultimately, the business of journalism is still a business," notes Doug Arthur, a publishing analyst at Morgan Stanley. "Companies exist to make money and reward shareholders." The question is whether newspapers will be able to reward shareholders and readers at the same time...
...Nation." Michael Moore's semi-spoof newsmagazine. Well, can't deny the liberal slant here. Moore, after all, is the guy who filmed a movie blasting the CEO and corporate mentality of GM. And with the show, as one of my co-workers puts it, Moore "wears his politics on his sleeve...
...canceled all engagements until next week, including trips to Norway and the Russian city of Murmansk. RECOVERING. LES PAUL, 80, musician and father of the electric guitar; after collapsing while preparing to travel to a Nashville birthday concert; in Mahwah, New Jersey. OUSTED. G. KIRK RAAB, 59, president and ceo of biotech giant Genentech; following the revelation that he had requested a personal $2 million loan guarantee from Roche Holding Ltd. while negotiating a merger with the firm; in San Francisco. During Raab's five years at Genentech, the company's revenues nearly doubled. But shareholders have been growing restive...
...announced it had acquired the Lotus Development Corp. for more than $3.5 billion as the two companies came to friendly terms less than a week after IBM made a hostile bid for the software firm. Lotus CEO Jim Manzi won guarantees that the company will retain its employee-friendly environment and a large degree of autonomy...