Management: Shuffle & Cut

Norton Simon, the California millionaire who built an empire out of tomato paste, not only collects companies (among the many: Hunt-Wesson Foods, Canada Dry and Wheeling Steel) but also shuffles them and their management like so many cards. Last week he was shuffling for all he was worth. First, he announced that he was relinquishing the post of board chairman of Wheeling Steel, which he has held since Hunt Foods acquired a major interest in the West Virginia steel firm in 1964. Next, in an unrelated move, he arranged the appointment of Colgate-Palmolive Executive Vice President David J. Mahoney,...

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