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Who killed Westinghouse? Logo
Stories by Steve Massey * Illustration by Daniel Marsula
Paul Lego
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
1963burnham2.gif (474 bytes) 1975kirby2.gif (466 bytes) 1983danforth2.gif (475 bytes) 1987marous2.gif (462 bytes) 1990lego2.gif (475 bytes) 1993jordan2.gif (481 bytes)
Donald Burnham Robert Kirby Douglas Danforth John Marous Paul Lego Michael Jordan
Donald Burnham Robert Kirby Douglas Danforth John Marous Paul Lego Michael Jordan

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