MANAGEMENT: A Painful Lesson

Ever since hard-driving Harold S. Geneen resigned last May as executive vice president, the stock of Raytheon Co. of Waltham, Mass. (1959 sales: $494 million) has been slipping. In three years Geneen had reorganized Raytheon, stepped up profits. But he craved the title and authority to go with the hard work. In his way stood Raytheon President Charles Francis Adams, the shrewd and respected Yankee banker who took over Raytheon in 1948, but whose talents are more on the financial than the production side. Announced Geneen abruptly one day: "I'm resigning." He...

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