Business: Welcome Home, You're Fired

Sudden shake-up at ITT

As the highly regarded head of the nation's eleventh largest industrial corporation, 53-year-old Lyman Hamilton Jr. had a future that appeared to be bright and secure. Yet the affable, mild-mannered president and chief executive officer of ITT had just returned from a three-week swing through the Pacific last week when, with stunning swiftness, the board fired him. The year's most astonishing management shake-up showed just how little job security there is at the top.

A terse two-page press release announced that Hamilton, who last year earned $759,000 in salary and...

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