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November 20, 2001
Christensen Out At ITEX As Restructuring Is Announced
With the termination of ITEX president and CEO Collins M. Christensen, 42-year-old Lewis "Spike" Humer, Chief Operating Officer, is assuming total responsibility for day-to-day operations and corporate restructuring.
The Sacramento Bee newspaper reported that the 43-year-old Christensen lost an annual compensation package that totaled $365,213 last year. According to a recent company proxy statement, Christensen remains one of ITEX's eight directors and is still the biggest shareholder, with a 15.1 percent stake.
As part of the restructuring the company announced the reduction of management and support staff from 90 to 70 employees in the corporate and regional offices, which is expected to save the company $1,000,000 annually.
Humer said that ITEX intends to retain the flagship office in Sacramento, along with the New York, Toronto, and Seattle regional offices. However, a transfer of the regional office operations in Portland, Orlando, Houston, Orange County (CA), and Lafayette (LA) will be turned over to ITEX independent licensed brokers so as to reduce expenses.
Two Noted World Business Leaders Say Asia Will Be Where The Action Is!
Viacom Inc. (CBS, UPN, MTV, Nickelodeon, VH-1, Showtime, the National Network, Black Entertainment Television, Blockbuster Video, Infinity Broadcasting and Paramount Pictures) is the only media company in the four fastest-growing segments of the media industry--television, radio, outdoor and cable. And they're the world's second-largest entertainment company...just behind rival AOL Time Warner.
CEO Sumner Redstone, 78, is working exceptionally hard to move into the Asian market because it offers exceptional potential. "We're now making money every place in the world but Asia, where we expect to break even in a year or two."
He's excited about Asia because of the huge numbers, "In the U.S. maximum distribution in cable is 70 million subscribers. In Asia, we've gone from abut 70 million to 150 million subscribers in the last two years. There are 3 billion people in Asia and 2 billion of them are under the age of 35. So we've just scratched the surface."
Jack Welch, former head of General Electric, a company with annual sales of $130 billion, is in awe of the importance of China to the future of world business. "If you make a pie chart of your business plan, leave half of it blank, because Chinese companies will fill that half," Welch suggests.
His prescription for competing in China is to "make Chinese companies your partners not only for China but integral partners in your global enterprise."
Taco Bell and Microsoft's Xbox Game-System Forge A Barter Partnership
A partnership between Taco Bell and Microsoft is bringing something each wanted (another way to reach target customers) in a deal where no money changed hands.
Microsoft's $300 Xbox debuted last Thursday, but before Xbox hit store shelves Taco Bell customers could register to win an Xbox online. Plus each of the chain's 6,700 restaurants are in the process of giving a system away.
In addition, the Taco Bell name has been blended into some of the video games. In Project Gotham Racing, for example, drivers will pass a Taco Bell as they cruise the streets of New York.
Terrorism "Cooperation" Pushes Progress At WTO
In an effort to keep poorer nations on their side in the war on terrorism, US and European negotiators went further than anyone expected to meet the demands of the developing nations.
So, after seven years of bank-room haggling, the 142 nations of the World Trade Organization finally agreed to launch a new round of trade talks that will keep the global economy on track toward freer trade and investment.
In a landmark shift the US and Europe made big concessions to the
developing world--concessions fiercely resisted by pharmaceutical
and steel companies in the US as well as farmers in Europe. And
the deal also demonstrated the limits of the anti-globalization
movement, which successfully blocked any agreement in Seattle two
Here And There. . .
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