AMP's Champs
from Winter 1998
by Peter Winterble
These folk, the 11 directors of AMP, didn’t exactly have much time to bask away the end of summer or enjoy the early fall. Instead, they did what they could to fight off AlliedSignal’s hostile $10 billion takeover bid for the company, which makes a variety of electronic devices. The board dissed Allied’s low-ball offer of $44.50 a share, took a lot of vilification from Wall Street and individual shareholders for doing so, and pushed through a top management change. Out went James E. Marley as chairman. In came Robert Ripp, former CFO and a veteran of IBM, who took over as both chairman and CEO. President and CEO William J. Hudson also stepped down, though he remains on the board. Marley is a corporate ghost, having left the company entirely.
It must have been a particularly hot time for Ralph D. DeNunzio. As the list at right shows, most of AMP’s outside directors not only have full-time jobs but other directorships as well, as is the case at most other companies. It’s DeNunzio’s luck to serve on two other boards that are also under intense pressure. Nike remains plagued by stalled earnings and, more worrisome, the issue of whether its foreign manufacturers use children and prison labor to turn out the sneakers and sportswear that bear its famous logo. Meanwhile, by fall at FedEx, pilots were talking strike, just in time for the holiday rush.
How does DeNunzio handle all this and still find time to run his own investment company? “He never comments on his duties,” his personal assistant said firmly.
At AMP, meanwhile, the story is all but over. Allied put the company in play and the share price has thrown off its cobwebs. Whatever happens, the shareholders will be richer. That’s to the board’s credit.
ONE FEISTY BOARD
A look at the members of AMP Inc.’s board of directors, including additional board affiliations.
Insiders
Robert Ripp, 57 Chairman and CEO
William J. Hudson, 63 Vice Chairman
Harold McInnes, 70 Retired Chairman, AMP PPG Industries
Outsiders
Ralph D. DeNunzio, 66 President, Harbor Point Associates, New York City Harris Corp. Federal Express Nike
Barbara Hackman Franklin, 57 President, Barbara Franklin Enterprises, Washington, D.C. Aetna Cincinnati Milacron Dow Chemical MedImmune
Joseph M. Hixon III, 59 Retired Chairman, Hixon Properties, San Antonio
Joseph M. Magliochetti, 55 President, Dana Corp., Toledo, Ohio
Jerome J. Meyer, 60 Chairman and CEO, Tektronix, Wilsonville, Ore. Esterline Technologies Enron
John C. Morley, 66 President, Evergreen Ventures, Cleveland Cleveland Cliffs Ferro Corp. Lamson & Sessions
Paul G. Schloemer, 69 Retired CEO, Parker Hannifin, Cleveland Esterline Technologies Rubbermaid
Takeo Shiina, 68 Chairman, Advisory Council of IBM Japan, Tokyo Air Products & Chemicals
