|
|
|
| 1990 |
|
Paul Lego becomes chairman in July, hires two investment consulting
concerns to review financial services unit. He tells Wall Street that the company will
double revenue and profits by decade's end. |
|
|
|
| 1991 |
|
Announces massive restructuring of Westinghouse Credit, including a $975
million charge for loan losses. Another write off of $1.7 billion follows in October,
resulting in a loss for the corporation for the year of $1.1 billion. |
|
|
|
| 1992 |
|
Westinghouse cuts its dividend twice. Sells copper laminates and
electrical systems divisions. Posts a $2.8 billion charge for restructuring, bringing
Westinghouse Credit losses to $5.8 billion and resulting in a company wide loss of $1.3
billion. Announces plans to sell electric supply, distribution and controls, office
furniture and land development businesses. |
|
|
|
| 1993 |
|
Lego steps down in January. |
|
|
|
| Chapter 5:
Coming Apart at the Seams |
|
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|
