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EDS names Brown new chairman and CEO
Electronic Data Systems Corp., the world's second largest provider of computer services, said its board had named Richard Brown, the chief executive of UK telecommunications group Cable & Wireless Plc as EDS chairman and chief executive. Brown, the American chief executive of British-based C&W, a phone and data carrier with operations spread around the globe, will assume his new responsibilities on January 15, 1999, Electronic Data Systems said in a statement.
He will replace retiring EDS chairman and chief executive Lester Alberthal, who in August announced his decision to retire from the Plano, Texas-based company after a 12-year tenure as top executive. Brown, 51, a 25-year veteran of the telecommunications industry, brings to EDS a marquee name among global corporate executives that could supply instant credibility on Wall Street and with corporate leaders among its blue-chip customers.
Disney workers approve final contract offer:
Union employees at Walt Disney World voted by a 4-1 margin to accept a company contract offer they had rejected in two earlier votes, despite opposition led by the workers who dress as Mickey Mouse and other characters. Disney had warned employees in the days before the vote that it would rescind pay raises, impose higher health insurance premiums and dictate workplace rules if the contract failed again. "Obviously we're very pleased. We always thought it was a fair offer," said Disney spokesman Bill Warren. Asked what he thought made the difference in the latest vote, Warren said, "I think we maybe did a better job of communicating. I think they (employees) carefully weighed all the decisions they had to make." Opposition to the contract had been led by costumed characters, workers who dress like Mickey Mouse, Donald Duck and other Disney characters and appear at venues throughout the Florida resort's four theme parks and numerous hotels and restaurants.
LG merges two units as seeks foreign buyer:
South Korea's LG IndustrialSystems Co Ltd said on Friday it will merge with LG Metals Corp, which parent LG Group is preparing for sale to foreign investors. LG Industrial, which makes electric power plants and equipment, said in a statement the merger with LG Metals, South Korea's only refined copper producer, will occur by May 1, 1999.
The new company, which has yet to be named, will be capitalised at 148.1 billion won ($122 million) and its sales are expected to total 3.7 trillion won ($3.06 billion), the statement said. LG Industrial's sales totalled 1.67 trillion won in 1997, while LG Metals' sales were 2.02 trillion won. "The merger is the first merger case of related businesses within conglomerates' non-core business firms after the LG Group promised the government early this week it would go ahead with its restructuring programmes," LG Industrial said. LG Group was one of South Korea's top five family-run conglomerates which agreed earlier this week to have the number of companies they control and raise a total of 70 trillion won.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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This story was printed from Net Express located at http://www.expressindia.com. Net Express provides a portal to India, with news from The Indian Express and The Financial Express along with sites on travel and tourism, the entertainment industry, the power sector, the environment and much more.
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