Italy: The Renaissance

C. Olivetti & Co. sprang a surprise at last week's annual shareholders' meeting. First, in a country where fiscal secrecy is the rule, there were some proud announcements of sales and earnings. For the Italian mother company, profits rose from $7,000,000 in '65 to nearly $11 million in '66. Worldwide, Olivetti sales last year reached $508 million, up $62 million over '65. (Observers estimate that Olivetti's global profits were $16 million last year, up about 40%.) Next came the surprise: a change of top-level management in the wake of success. Out as chief executive officer went Aurelio Peccei, 58,...

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