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Who killed Westinghouse? Logo
Stories by Steve Massey * Illustration by Daniel Marsula
biomarous150.jpg (6598 bytes) John Marous
1988 William Powe succeeds retiring John McClester as Westinghouse Financial Services chairman. Company acquires Gould's naval torpedo business. Begins the process of divesting people mover and transit car division by forming a joint venture with AEG subsidiary of Germany's Daimler Benz. Raises dividend.
1989 Sells $1.2 billion-a-year transmission and distribution business to ABB Asea Brown Boveri, a Swedish-Swiss venture. Sells $500 million-a-year elevator division to Schindler, of Switzerland. Acquires Legacy and Metropolitan Broadcasting Companies and two furniture concerns, Shaw-Walker and Reff. Raises dividend.
1990 Sells 7Up-bottling operation. Acquires Knoll International furniture. Signs a support agreement that makes parent company responsible for covering any debts and losses at its financial services subsidiary. Board approves 2-for-1 stock split and raises dividend.
Chapter 4: Big Money and Bad Choices
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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