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BUSINESS
March 28, 1992 | From Times Wire Services
ITT Corp. confirmed Friday that Chairman Rand Araskog has become the latest top corporate executive to cut his compensation and tie it more closely to performance. However, Morgan Stanley Group Inc. gave its senior executives big pay raises amid record earnings at the investment bank, becoming one of several Wall Street firms announcing boosts in compensation. ITT's Araskog had his compensation sliced by a third in 1991, dropping to $7.6 million from $11.4 million a year earlier.
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BUSINESS
December 28, 1994 | JAMES F. PELTZ, TIMES STAFF WRITER
Since becoming ITT Corp.'s chief executive in 1979, Rand Araskog has sold 250 companies and dismantled much of the far-flung conglomerate built and made famous by Harold Geneen. But 15 years later, Araskog is still trying to figure out what ITT should be. Araskog once envisioned New York-based ITT as a technology powerhouse, but that dream was dashed in the mid-1980s when the company, formerly International Telephone & Telegraph, sold most of its telecommunications equipment business.
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BUSINESS
December 28, 1994 | JAMES F. PELTZ, TIMES STAFF WRITER
Since becoming ITT Corp.'s chief executive in 1979, Rand Araskog has sold 250 companies and dismantled much of the far-flung conglomerate built and made famous by Harold Geneen. But 15 years later, Araskog is still trying to figure out what ITT should be. Araskog once envisioned New York-based ITT as a technology powerhouse, but that dream was dashed in the mid-1980s when the company, formerly International Telephone & Telegraph, sold most of its telecommunications equipment business.
BUSINESS
March 28, 1992 | From Times Wire Services
ITT Corp. confirmed Friday that Chairman Rand Araskog has become the latest top corporate executive to cut his compensation and tie it more closely to performance. However, Morgan Stanley Group Inc. gave its senior executives big pay raises amid record earnings at the investment bank, becoming one of several Wall Street firms announcing boosts in compensation. ITT's Araskog had his compensation sliced by a third in 1991, dropping to $7.6 million from $11.4 million a year earlier.
BUSINESS
February 25, 1997 | Times Staff and Wire Reports
Hilton Hotels Corp. Chief Executive Stephen Bollenbach sent a second letter to ITT Corp. Chairman and Chief Executive Rand Araskog urging him to meet and discuss Hilton's $10.5-billion hostile offer. Bollenbach said that delaying the combination would put the hotel and casino companies at a competitive disadvantage as other lodging companies rush to combine. Last week, Marriott International Inc. agreed to buy Renaissance Hotel Group for $1 billion in cash and assumed debt.
BUSINESS
April 20, 1988
ITT Corp. has named DeRoy C. Thomas as president and chief operating officer, replacing Edmund M. Carpenter, who resigned. Carpenter, also chief operating officer of ITT Industrial Products, will pursue other business interests, ITT said. Thomas will take on all of Carpenter's former responsibilities. Thomas was corporate vice chairman and chief operating officer for ITT's diversified services companies, and has reported directly to Chief Executive Rand Araskog since 1984.
BUSINESS
May 13, 1987
ITT Corp. is ahead of budget, and its operating performance should continue to improve during 1987, Rand V. Araskog, chairman and chief executive, told shareholders at the annual meeting. "We had a good 1986 and a strong start this year and believe this level of performance will carry through the rest of 1987," he said. ITT picked up $1.
BUSINESS
November 6, 1987
Edmund M. Carpenter has relinquished the post of chief operating officer for New York-based ITT Corp. and will become chief operating officer for ITT's product businesses, including ITT's automotive products business, its electronic components business and its fluid technology business. He remains president of ITT Corp. DeRoy C.
BUSINESS
February 1, 1997 | Times Staff and Wire Reports
Hilton Hotels Corp. CEO Stephen Bollenbach asked to meet ITT Corp. Chairman Rand Araskog or make a presentation to ITT's board of directors regarding Hilton's proposed $10.5-billion takeover. ITT did not immediately respond to Bollenbach's request, which was made in a letter sent Friday. Hilton also formally launched the $55-a-share cash tender offer for 50.1% of ITT's shares. The offer expires Feb. 28 unless extended. The remaining ITT shares would be purchased later in Hilton stock.
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