Word: litton
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Dates: during 1960-1960
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...avoid conflicts, more and more companies are setting up rigid policing practices instead of relying on their employees' honor. North American Aviation, Convair and Douglas Aircraft all have strict written rules requiring executives to report the slightest outside involvement. Litton Industries requires its key executives to report their outside interests in writing yearly. Since the Chrysler furor broke, hundreds of companies have sent probing questionnaires to executives . and directors, are quietly investigating their purchasing and marketing practices. One Chicago businessman has private detectives make periodic checks on some 200 executives: "If I hear of one driving a Cadillac...
...sold at about 20. A June 1954 story on Ampex pointed out that the boom in prerecorded tape was made possible by the company. Five dollars invested in a single share of Ampex in 1954 would now be worth $186. Similar stories have examined such rapid risers as Litton Industries (September 1958), Brunswick Corp. (September 1959), and a host of other growth companies...
...Charles Bates ("Tex") Thornton, president of Beverly Hills Litton Industries, was an Army Air Corps colonel at 28, the planning director of Ford Motor Co. at 32, the operating boss of Hughes Air craft at 35. At 47, he is a hard-working executive worth $37 million in 443,024 shares of Litton stock. It all started when he quit Hughes in the exodus of brains (TIME, Oct. 5, 1953), started his own company, which is one of the fastest-grow ing electronics firms (1959 sales: $125 million), claims to be the biggest U.S. manufacturer of desk calculating machines...
Wall Street's Lehman Brothers has been one of the biggest floaters of growth stocks (Litton, Beckman, etc.). At first, most other big Wall Street houses showed little interest in the field. Smaller houses with low overhead and a hungry eye stepped in. Says Belmont Towbin of C.E. Unterberg, Towbin: "We've made 30 to 40 millionaires"-including himself. Wealth has worked no great change in the lives of most of the new executive millionaires. They are a new breed too interested either in their companies or in scientific research to indulge themselves with their new fortunes. Arnold...