Word: glucksman
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...turmoil at Lehman Brothers was caused by Chairman Lewis Glucksman, 58. Glucksman is an uncompromising competitor who gets to the office each day before 6 a.m. He joined the firm in 1963 after working as an arbitrager with A.G. Becker, a stock brokerage. Eventually, he moved into securities trading and built it into one of Lehman's most profitable areas, at the same time making a reputation for himself as a sharp, shrewd analyst of financial markets...
...Last May Glucksman was appointed co-chief executive with Chairman Peter Peterson, 57. A polished corporate diplomat and Commerce Secretary during the Nixon Administration, Peterson was well respected on Wall Street, but Glucksman hankered for his job. Said he: "This firm has been my life, and I had just one ambition-to run it." In July Glucksman went to Peterson and told him that he wanted the top job for himself. Publicly denying that there was any friction between the two men, Peterson obligingly stepped aside and took with him a financial settlement estimated to be $15 million. Glucksman...
...Glucksman then set about recasting Lehman Brothers in his own image. He appointed as president another trader, Robert Rubin. The two handed out higher year-end bonuses to other traders than to investment bankers. When partners began pulling out and trading profits suddenly shrank, the board voted to put the firm up for sale...
According to Peterson, Glucksman told him about three weeks ago that he was unhappy with his role as co-boss. Peterson had named him to that unusual position two months earlier. "He spoke very movingly of how much his life was wrapped up in this firm," the chairman recalled. The two men worked out an arrangement under which Glucksman will become sole chief executive of the 133-year-old firm in October and assume the additional title of chairman when Peterson leaves in January...
...Glucksman, a burly stock-and-bond trader, joined Lehman Bros, in 1963. He is known around Wall Street as a workaholic who often arrives at his desk before 6 in the morning and rarely leaves before 6:30 at night. "We all knew that his entire life was dedicated to one day running the firm," recalls a former colleague. Glucksman said last week that he was "grateful beyond words" to Peterson for "the wisdom and understanding he has consistently displayed during the years of our close cooperation." He added, "We've been good friends, and we will always...