Seven
The CEO change three years ago had come earlier than some had expected. Earnings had improved and had held steady through the last three years under Chuck. Still, a more detailed analysis showed that the earnings performance was largely the result of productivity improvement programs and some tuning up of logistics and key supplier arrangements. Loose change, Adam would think to himself when he sat in on Chuck’s quarterly report to the board. It was more cost control than revenue growth, and they were running out of ways to cut their way to success. With the high rate of internally generated capital and cash on hand, I could really kick ...
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