Customer Reviews

The ITT Wars: An Insider's View of Hostile Takeovers

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Harold Geneen once said that he wanted ITT so tightly organized that when he left even Mickey Mouse could run it. Unfortunately Mickey Mouse (in the body of Rand Araskog) was actually named (or rather ironically, forced on the board by Geneen himself) It turned out that Mickey Mouse couldn't run the company. This book is an attempt to whitewash the fact that Araskog destroyed ITT, left the shareholders holding the bag, but made himself rich in the process-- Araskog is a perfect example of managerial incompetence and of all that is wrong with corporate america.

Probably once you think about it, all corporations have their stories. ITT has one that is worth writing about and learning from. The book chronicles the struggles, troubles and eventual triumph of a company in the midst of hostile takeovers. The preface and postlogue in this edition makes it even more interesting that we are given as much as 10 years worth of lookin back by the author himself.

It's a good book to check out.

As an ITT employee, I commend Rand Araskog for defending the company from demise; but the book reads more like a soap opera than anything else. Disgruntled employees and ruthless billionaires all take a shot at Mr. Araskog and his executive leadership. In the end, he walks away with the company and his sanity; albeit, a little banged up, but essentially intact. For that, I say, "well done Mr. Araskog!" Well done! However, but for the fact that I have an autographed copy of the book, I'm not sure I'd add this one to my personal library.