U.S. Business: The Lost Founder

California's Litton Industries has grown into an $860 million electronics-based business since it was started in 1953 by three refugees from the Howard Hughes empire. Its stock has zoomed from 10¢ a share to $75 (value after splits: $300), making millions for its founders: Charles ("Tex") Thornton, board chairman; Roy Ash, president; and Hugh W. Jamieson, who left in 1958 to found his own company. This year Litton has enjoyed its most substantial growth to date, ceaselessly acquiring new companies to add to its list. One thing Litton does not want to acquire is a fourth founder—and last week it was...

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