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Most of the credit for AT&T's resurgence goes to the company's risk-taking CEO, Bob Allen. Lanky and quietly determined, Allen has spent his entire 36- year career within the Bell System and AT&T. He learned to take chances from his father Walter, who quit his job of 21 years with the J.J. Newberry chain of five-and-dimes to purchase a bankrupt children's clothing store in New Castle, Indiana. "Talk about courage," recalls Allen, still in admiration...
Allen took charge of AT&T after the sudden death of CEO James Olson in 1988. Olson had guided the company through the painful period following the breakup of Ma Bell, when it chopped its labor force 19%, or 70,000 workers. It was Allen, though, who changed the company's lockstep culture. Going against tradition, he recruited top executives from outside, including Alex Mandl, former president of the Sea-Land ocean-shipping concern, as chief financial officer; Jerre Stead, former chief executive of electrical-equipment maker Square D, as head of the computer division; and Richard Bodman...
...CEO pumped new life into the company with a daring diversification strategy. Determined to end AT&T's humiliation in computers, he decided to buy his way to respectability. AT&T eyed several potential takeover targets, including Apple, EDS, Hewlett-Packard, Data General, Wang and Digital Equipment, before it settled on NCR Corp. AT&T first approached the Ohio-based manufacturer in 1988, but retreated after it was spurned by NCR management. Two years later, AT&T made another bid for NCR, but this time it was a $7.5 billion hostile takeover offer that the company could not resist...
CHAIRMAN, CEO: Reginald K. Brack...
CHAIRMAN, CEO: Reginald K. Brack...