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Rand Araskog

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Rand Araskog
Born
Rand Vincent Araskog

(1931-10-31)October 31, 1931
Fergus Falls, Minnesota,U.S.
DiedAugust 9, 2021(2021-08-09)(aged 89)
Palm Beach, Florida,U.S.
NationalityAmerican
Alma materWest Point,Harvard University
Occupation(s)Manufacturing executive, investor, writer
Employer(s)Honeywell,ITT Corporation
Known forCEO ofITT Corporation
SpouseJessie M. Gustafson Araskog
Childrentwo daughters and one son

Rand Vincent Araskog(October 31, 1931 – August 9, 2021) was an American manufacturing executive, investor, and writer who served as the CEO ofITT Corporation.During his time as the CEO between 1979 and 1998 he was known fordivestingthe conglomerate of multiple businesses including hotels, rental cars, and insurance to retain its focus on its core telecom businesses.

Early life

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Rand Vincent Araskog was born on October 30, 1931, inFergus Falls, Minnesota[1]in a family of Swedish descent.[2]His father was a tax collector and a dairy farmer in the town.[3]He was elected as avaledictorianin his school and went on to theUnited States Military Academyat West Point[4]where he graduated in 1953, majoring inSoviet studies.[3]He graduated fromHarvard Universitymajoring in Russian studies[3]and spent a year inWest Germanyserving at a US Army intelligence post.[3][5]

Career

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Araskog started his career working for the Defense Department at thePentagonand theNational Security Agencyfrom where he was sent to work in Europe.[6]Upon his return to the U.S., he left the Pentagon and worked forHoneywellin 1960 as marketing director in the aeronautical division.[3]

In 1966, he joinedITT Corporationin its Defense Space Group inNutley, New Jersey.[3]When he joined the company, it had grown since its founding in 1920 as a telecom service provider for Cuba and Puerto Rico, to being a conglomerate with business interests spanningAvis Car Rentals,Hartford Insurance,Sheraton HotelsandHostess Twinkies,the company that manufacturedWonder Bread.During this time, he had become the right hand man of then chairmanHarold Geneen.The company during this time was under scrutiny for its lobbying efforts inWashington, D.C.and for foreign political interference inChileanpolitics. With this background, he became the company's CEO in 1979 succeedingLyman C. Hamilton.He also became the chairman of the board the same year, succeeding Geneen.[7][8]

His early years were spent building the group's telecom business, including developing theITT System 12,an early stage digital telephone exchange, before selling the business to French state-owned companyGenerale d’Electricitein 1986.[3]He continued to spend the remainder of his time as the CEO in divesting the vast conglomerate as investors were vying for focus on its core businesses. He saw off ahostile takeoverbid of byHilton Hotelscorporation but agreed to sell the group's hotel businesses under the Sheraton brand toStarwood Hotel & Resorts Worldwide, Inc.in 1997. He retired from the company in 1998.[3]

Araskog was named an Officer in the FrenchLegion of Honorin 1987.[9]He has also been awarded theOrder of Merit of the Italian Republicby the President of Italy and theOrder of Bernardo O'Higginsby the president ofChile.[9]He was awarded an honorary doctorate of humane letters byHofstra Universityin 1990.[10]

He was later self-employed as a private investor and also acted as principal in RVA Investments[citation needed]and on the Board of Directors of American cable television companyCablevision[11]and the Palm Beach Civic Association.[9]

Personal life

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Araskog met his wife Jessie Gustafson, when she was studying religion atGustavus Adolphus College.The couple married in July 1956 and went on to have three children, two daughters and one son.[12]He died on August 9, 2021, at the age of 89 in Palm Beach, Florida.[3]

For many years, Araskog resided with his family in thegated communityofSmoke Rise,located inKinnelon, New Jersey,asuburbofNew York.[13][14][15]

Bibliography

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  • Araskog, Rand V. (2000).The ITT Wars: An Insider's View of Hostile Takeovers.New York: Beard Books.ISBN1-89312-238-7.
  • Araskog, Rand V. (1989).Dawn Raiders and White Knights: The Inside Story of a Corporation Under Siege.New York:HarperCollins.ISBN1-853-36160-7.
  • Araskog, Rand V.; James L. Bikoff (1987).Toward the Year 2000.New York:ITT Corporation.

References

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  1. ^Taft Corporate Giving Directory.Taft Corporation. 1990.ISBN978-0-914756-80-4.
  2. ^Hagerty, James R. (August 10, 2021)."Rand Araskog, CEO Who Dismantled ITT, Has Died at Age 89".The Wall Street Journal.RetrievedJanuary 19,2022.
  3. ^abcdefghiHagerty, James R. (August 10, 2021)."Rand Araskog, CEO Who Dismantled ITT, Has Died at Age 89".Wall Street Journal.ISSN0099-9660.RetrievedAugust 10,2021.
  4. ^"Rand V. Araskog: Commencement Speaker".www.newswise.com.
  5. ^GREENWALD, JOHN (June 24, 2001)."ITT'S STRIP SHOW".Time– via content.time.com.
  6. ^SHAPIRO, WALTER; The, Walter Shapiro is a staff writer for; Magazine, Washington Post (August 8, 1982)."Why Mr. ITT Comes to Washington".Washington Post.ISSN0190-8286.RetrievedAugust 13,2021.
  7. ^Cole, Robert J. (November 15, 1979)."Geneen Plans to Resign As Chairman of I.T.T."The New York Times.ISSN0362-4331.RetrievedFebruary 20,2020.
  8. ^"ITT's Geneen Hands Helm to Araskog".Washington Post.ISSN0190-8286.RetrievedFebruary 20,2020.
  9. ^abc"Directors".Palm Beach Civic Association.November 25, 2018. Archived fromthe originalon June 2, 2020.RetrievedAugust 12,2021.
  10. ^"Hofstra University awards honorary degrees to distinguished individuals".Archived fromthe originalon December 14, 2013.
  11. ^"CableVision - SEC FORM 4".www.sec.gov.RetrievedAugust 12,2021.
  12. ^Clarke, Gerald (March 2007)."Scott Snyder Designs a Shingle-Style Residence in Southampton".Architectural Digest.
  13. ^Hayes, Thomas C. (July 15, 1979)."I.T.T.'s New Chief".The New York Times.ISSN0362-4331.RetrievedJune 15,2023.
  14. ^"Julie Kay Araskog Engaged to Marry Walter J. Hodges Jr., Fellow Student".The New York Times.January 15, 1984.ISSN0362-4331.RetrievedJune 15,2023.
  15. ^"Eileen Stafford Kenny Wed To William Araskog on L.I."The New York Times.May 22, 1988.ISSN0362-4331.RetrievedJune 15,2023.
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