Richard M Furlaud

The board of American Express Co. named one of its own Monday as chairman, picking former pharmaceuticals executive Richard M. Furlaud, 68, to succeed James D. Robinson III, who in essence was forced to resign late last week by angry shareholders. Looking past the tumult of the last few days, investors clearly were cheered by the developments--and the belief that new Chief Executive Harvey Golub now will have freer rein to revitalize the financial services giant. American Express' stock rose $1.

The board of American Express Co. named one of its own Monday as chairman, picking former pharmaceuticals executive Richard M. Furlaud, 68, to succeed James D. Robinson III, who in essence was forced to resign late last week by angry shareholders. Looking past the tumult of the last few days, investors clearly were cheered by the developments--and the belief that new Chief Executive Harvey Golub now will have freer rein to revitalize the financial services giant. American Express' stock rose $1.

Jan Leschly has resigned as president of Squibb Corp., saying his personal goals "are not realistic" under the company's merger with Bristol-Myers Co. "The combination of the two companies makes it difficult for me personally to realize my own career objectives," said Leschly. "The near-term personal goals that I had hoped to achieve at Squibb as an independent company are not realistic within the same time frame with Bristol-Myers Squibb." Squibb, based in Princeton, N.J.

In a surprise announcement today, Bristol-Myers Co. and Squibb Corp. said they have agreed to merge in an $11-billion stock-swap deal that would create the world's second-largest pharmaceutical concern. Under terms of a definitive agreement approved by the boards of both companies, Squibb would be merged into Bristol-Myers through a tax-free exchange of 2.4 shares of Bristol-Myers common stock for each Squibb share. Based on Bristol-Myers' stock price today, the deal is valued at $11.35 billion.

The fate of James D. Robinson III and his 15-year tenure as chairman of American Express Co. may have been sealed at a meeting of the board of directors Sept. 20. Robinson, who had been trying for years to overcome a series of setbacks at the company, told the board that it should begin thinking seriously about the succession issue. The 57-year-old CEO had said that he wanted to retire by 60. The process appears to be moving faster after the unusual September meeting.

Walt Disney Co. Chairman Michael D. Eisner, who led his company to record profits in 1988, earned $40.2 million last year, mainly in profits from a stock option plan. The compensation, detailed in a regulatory filing, is the second highest for any U.S. executive whose pay is publicly disclosed. The 46-year-old executive's $750,000 base salary was unchanged from 1987. But he realized a $32.6-million profit from the company stock options program last year and was paid a $6.

The stock market followed through on last week's rally with a moderate advance amid more signs that the economy is continuing its recovery. * The dollar continued its rally, benefiting from turmoil among European currencies and more favorable news about the U.S. economy. * Treasury bond interest rates increased on the signs of economic recovery.