Science Fair Project Encyclopedia
During 1959-1972 he was the president and CEO of International Telephone and Telegraph Corp. (ITT). He grew the company from a medium-sized business with $760 million sales in 1961 into multinational conglomerate with $17 billion sales in 1970. He extended its interests from manufacturing of telegraph equipment into insurance, hotels, real estate management and other areas. Under Geneen's management, ITT became the archetypal modern multinational conglomerate. ITT grew primarily through a series of approximately 350 acquisitions and mergers in 80 countries. Some of the largest of which were Hartford Fire Insurance Company (1970), Sheraton hotels and Madison Square Garden.
ITT had many overseas interests. In particular ITT had some $200,000,000-worth of investments in Chile. Under Harold Geneen 's leadership, ITT funneled $700,000 to Allende's opponent, Jorge Allesandri . When Allende won the presidential election,ITT gave the CIA $1,000,000 to defeat Allende, thus playing a major role in financing of the Chilean coup .
In 1972 Geneen was forced to resign as CEO and president of ITT, staying on the Board of Directors until 1977. With his resignation began ITT decline. His successors, starting with Rand Araskog, were unable to manage such a diverse corporation and steadily sold off parts of the business.
Later Harold Geneen founded MCI Communications.
Harold Geneen is famous for his quotes, some of which are:
The worst disease which can afflict executives in their work is not, as popularly supposed, alcoholism; it's egotism.
You can't run a business or anything else on a theory.
Leadership is practiced not so much in words as in attitude and in actions.
The only unforgivable sin in business is to run out of cash.
Harold Geneen wrote and co-authored several books:
- Harold Geneen, with Brent Bowers The Synergy Myth : And Other Ailments Of Business Today, St. Martin's Press, ISBN 0312147244
- Harold Geneen, with Brent Bowers Synergy and Other Lies: Downsizing, Bureaucracy, and Corporate Culture Debunked, St. Martin's Press, ISBN 0312200803
- Harold Geneen, Alvin Moscow Managing, Avon Books, ISBN 0380699869
- Harold Geneen, Alvin Moscow Alta dirección, Lectorum Pubns Inc, ISBN 8425318718
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