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Time - Man of the Year
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Time_Man_of_the_Year_Compact_Publishing_3YX-Disc-1_Compact_Publishing_1993.iso
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1993-04-08
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34 lines
THE WEEK, Page 22BUSINESSET CETERA
HEIR UNAPPARENT
"Rick's great contribution was to the growth of our
consumer business." Thus spake Citicorp chairman John Reed in
a statement last week that praised Citicorp president Richard
S. Braddock -- and announced his resignation. "It's a real
mystery to the banking community," says Kevin Timmons, senior
banking analyst for First Albany. "You could make a case that
blame is being assessed here for Citibank's problems, but I
don't see where he bears a significant portion of it." In fact,
Braddock may have simply recognized that he was not likely to
assume Reed's top spot.
IN THE SHOP
Generations of Americans pedaled their way through youth on
sturdy Schwinn bicycles. But the Chicago-based company, founded
in 1895, coasted into Chapter 11 after its 25% share of the U.S.
bike market in the 1950s dwindled to 7% today. Schwinn moved
virtually all its manufacturing to foreign plants and seemed to
lose touch with domestic trends. It was slow to produce mountain
bikes, which now account for 60% of U.S. cycle sales. The
closely held company has meanwhile been seeking a cash infusion
from investors to help it get back up and rolling.