Conglomerates: Jim Ling Forced Out

Well, one chief executive said to me that the chief executive does not like to lose his manhood. When his company is taken over, he's no longer the prominent man in his industry. He no longer calls the shots, and that's a terrible blow to people who have called the shots.

−James J. Ling

In a retrospective moment last fall, Dallas Entrepreneur James Ling was recalling a trying period in 1961 when he had temporarily been shunted aside as chief executive of his Ling-Temco-Vought, Inc. Conservative bankers had mistrusted the fast-moving Ling and chosen an older man. But Ling...

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