Management: Bethlehem's Shifting Stars

Unlike most U.S. companies, Pennsylvania's conservative Bethlehem Steel had no compulsory retirement program, and its last chief executive served into his 80s. Almost casually last week, Bethlehem's Chairman and Chief Executive Arthur Bartlett Homer remarked to reporters that a program had been worked out—and that he would be among the first to be affected. Said the tall, laconic boss of the nation's second largest steel company and biggest ship builder: "I don't like to talk about it, but April 14 is the annual meeting of Bethlehem Steel; it is the date of...

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