President of computer maker quits
Article Abstract:
Thinking Machines Corp Pres and COO Harvey L. Weiss resigns after seven months in the position. The supercomputer maker has already chosen Weiss's successor, but cannot reveal his name until his current employment contract expires after Labor Day, 1993. Weiss left a 20-year career with DEC, culminating in the position of DEC's government sales chief, behind to join Thinking Machines in 1991. His mission as president and COO was to cut costs. Inside sources claim Weiss did not have the strategic vision needed to lead Machines to success in the increasingly competitive supercomputer market. Thinking Chmn and CEO Sheryl Handler says that Weiss's replacement has that capability. She also claims that the ouster is not a sign the company is having problems. Industry analysts agree that Machines is doing relatively well in a bad year for supercomputer vendors. Privately-held Machines lost $16.9 million on $91.6 million in revenues in 1992.
Publication Name: The New York Times
Subject: News, opinion and commentary
ISSN: 0362-4331
Year: 1993
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Digital lost $1.85 billion in 4th period
Article Abstract:
DEC reports 4th qtr losses of $1.85 billion and a loss of $2.8 billion for the 1991-92 fiscal year. The quarterly loss includes a $1.5 billion charge to cover work force reductions. DEC's losses were expected and stocks did not drop any more than analysts had predicted. Stock fell 62.5 cents to $39.875. Revenues for the quarter were $3.9 billion, down one percent from 1991. Revenues for the fiscal year remained flat at $13.9 billion. DEC has experienced some bad financial periods partially due to the waning popularity of its VAX line. The VAX, which was popular in the corporate sector, is losing market share to HP's computer systems and to the systems offered by other companies that utilize reduced-instruction-set computing (RISC) technology.
Publication Name: The New York Times
Subject: News, opinion and commentary
ISSN: 0362-4331
Year: 1992
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