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August 23, 1993|From Times Staff and Wire Reports

Westinghouse Chairman Cites Morale, Other Problems: An internal report by Michael H. Jordan, recently named Westinghouse Electric Corp.'s new chairman and chief executive, told employees that the company is "on a downer" and plagued with a "fuzzy" corporate culture. "But there is no reason in my mind why this company can't perform over the long-term in the top 25% of companies in industrial kinds of businesses," Jordan wrote. The former Pepsico Inc. executive inherited a three-year restructuring plan, launched last November, to pare billions of dollars in debt linked to Westinghouse's disastrous foray into financial services.

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