How The Mighty Fall

Notes

The pagination of this electronic edition does not match the edition from which it was created. To locate a specific passage, please use the search feature of your e-book reader.

1. Joseph A. Tainter, The Collapse of Complex Societies (New York: Cambridge University Press, 1988), 5, 6, 8–12, 128–152.

2. Andrew Hill and John Wooden, Be Quick—But Don’t Hurry (New York: Simon & Schuster, 2001), 191.

3. United States Geological Survey, “The Great 1906 San Francisco Earthquake,” Earthquake Hazards Program, http://earthquake.usgs.gov/regional/nca/1906/18april/index.php; A. W. Clausen, “Bank of America: The Largest Bank Was Once a Plank on the Waterfront,” Nation’s Business, January 1971, 54.

4. Joseph H. Harper, “Observations of the San Francisco Earthquake” The Virtual Museum of the City of San Francisco (delivered before the Montana Society of Engineers, January 11, 1908), http://www.sfmuseum.org/1906/harper.html; E. E. Schmitz, “Proclamation by the Mayor,” The Virtual Museum of the City of San Francisco (on April 18, 1906), http://www.sfmuseum.org/1906.2/killproc.html; Gary Hector, Breaking the Bank: The Decline of BankAmerica (Boston: Little, Brown & Company, 1988), 25, 36; A. W. Clausen, “Bank of America: The Largest Bank Was Once a Plank on the Waterfront,” Nation’s Business, January 1971, 54.

5. Gary Hector, Breaking the Bank: The Decline of BankAmerica (Boston: Little, Brown & Company, 1988), 32, 50, 62.

6. “A. W. Clausen: Banking on Stability at BankAmerica,” Financial World, March 15, 1978, 24; “BankAmerica and Citicorp: The New Banking Forces New Strategies,” BusinessWeek, July 13, 1981, 56.

7. David W. Ewing and Pamela M. Banks, “Listening and Responding to Employees’ Concerns: An Interview with A. W. Clausen,” Harvard Business Review, January/February 1980, 101.

8. G. Christian Hill, “BankAmerica Posts a Record Loss of $640 Million for Second Period,” Wall Street Journal, July 17, 1986; Richard B. Schmitt, “BankAmerica Denies Rumors on Health As Speculation Briefly Depresses Dollar,” Wall Street Journal, September 17, 1986; Stock returns source: ©200601 CRSP^®, Center for Research in Security Prices. Graduate School of Business, The University of Chicago. Used with permission. All rights reserved. www.crsp.chicagobooth.edu; Richard B. Schmitt, “BankAmerica Denies Rumors on Health As Speculation Briefly Depresses Dollar,” Wall Street Journal, September 17, 1986; G. Christian Hill, “BankAmerica Cuts Quarterly Payout By 47% in Wake of 2nd-Period Loss,” Wall Street Journal, August 6, 1985; Jonathan B. Levine, “Clausen May Be the Safe Choice, But Is He the Right One?” BusinessWeek, October 27, 1986, 108; Victor F. Zonana, “BankAmerica Considers Sale of Headquarters,” Wall Street Journal, November 19, 1984; “BankAmerica Completes San Francisco Offices’ Sale,” Wall Street Journal, October 2, 1985; G. David Wallace and Jonathan B. Levine, “BofA Is Becoming The Incredible Shrinking Bank,” BusinessWeek, January 27, 1986, 78; Gary Hector, Breaking the Bank: The Decline of BankAmerica (Boston: Little, Brown & Company, 1988), 219–223; “Founder’s Daughter Quits BankAmerica Post,” Wall Street Journal, March 8, 1985; G. Christian Hill and Richard B. Schmitt, “Salvage Operation: Autocrat Tom Clausen Faces Formidable Task To Save BankAmerica, Wall Street Journal, October 17, 1986; Robert M. Bleiberg, “What Price BankAmerica? Better Stewards (Corporate or Otherwise) Went Down on the Titanic,” Barron’s, July 21, 1986, 9.

9. Michael Kolbenschlag, “No Time For A Gentleman,” Forbes, December 22, 1980, 33.

10. Victor F. Zonana and Kathryn Christensen, “Budging the Giant,” Wall Street Journal, May 20, 1982; “BankAmerica Plans to Acquire Charles Schwab,” Wall Street Journal, November 25, 1981; Victor F. Zonana, “The Porches and Saabs at Schwab Aggravate Some at BankAmerica,” Wall Street Journal, January 20, 1983; “BankAmerica Corp.’s Takeover of Seafirst Took Effect Today,” Wall Street Journal, July 1, 1983, 2; Victor F. Zonana, “Seafirst Holders Clear BankAmerica Bid For Largest Interstate Banking Takeover,” Wall Street Journal, June 29, 1983; Gary Hector, “More than Mortgages Ails BankAmerica,” Fortune, April 1, 1985, 50; “BofA’s Brash Fight to Build Deposits,” BusinessWeek, January 17, 1983, 98.

11. Victor F. Zonana, “Budging the Giant,” Wall Street Journal, May 20, 1982, 1; Victor F. Zonana, “Stirring Giant: BankAmerica Corp., Seeking a Turnaround, Seems to Gain Ground,” Wall Street Journal, January 27, 1984.

12. Victor F. Zonana, “The Porches and Saabs at Schwab Aggravate Some at BankAmerica,” Wall Street Journal, January 20, 1983.

13. “BofA’s Brash Fight to Build Deposits,” BusinessWeek, January 17, 1983, 98; G. Christian Hill and Mike Tharp, “Stumbling Giant: Big Quarterly Deficit Stuns BankAmerica, Adds Pressure on Chief,” Wall Street Journal, July 18, 1985; Gary Hector, “More than Mortgages Ails BankAmerica,” Fortune, April 1, 1985, 50.

14. G. Christian Hill and Mike Tharp, “Stumbling Giant: Big Quarterly Deficit Stuns BankAmerica, Adds Pressure on Chief,” Wall Street Journal, July 18, 1985.

15. George E. P. Box, J. Stuart Hunter, and William G. Hunter, Statistics for Experimenters: Design, Innovation, and Discovery, 2nd Edition (Hoboken: John Wiley, 2005), 440.

16. Jill Bettner, “ ‘Underpromise, Overperform,’” Forbes, January 30, 1984, 88; Robert W. Galvin, The Idea of Ideas (Schaumburg, IL: Motorola University Press, 1991), 165.

17. Roger O. Crockett and Peter Elstrom, “How Motorola Lost Its Way,” BusinessWeek, May 4, 1998, 140.

18. Roger O. Crockett, “A New Company Called Motorola,” BusinessWeek, April 17, 2000, 86; Rajiv Chandrasekaran, “Motorola’s Next Page,” Washington Post, September 29, 1996; Peter Elstrom, “Motorola Goes for the Hard Cell,” BusinessWeek, September 23, 1996, 39; “Gartner Dataquest Says Worldwide Mobile Phone Sales in 2001 Declined for First Time in Industry’s History,” Gartner Press Release, March 11, 2002, http://www.gartner.com/5_about/press_releases/2002_03/pr20020311a.jsp; Peter Coy and Ron Stodghill, “Is Motorola a Bit Too Patient?” BusinessWeek, February 5, 1996, 150.

19. J. Rufus Fears, Books That Have Made History: Books That Can Change Your Life (Chantilly, VA: The Teaching Company Limited Partnership, 2005), audiotapes of lectures by J. Rufus Fears, Part 1, Lecture 2.

20. Motorola, Inc., “Financial Highlights,” 2001 Summary Annual Report (Schaumburg, IL: Motorola, Inc., 2002), 3; Motorola, Inc., “Financial Highlights,” 2003 Annual Report (Schaumburg, IL: Motorola, Inc., 2004), 3.

22. Howard Rudnitsky, “Would You Buy A Used Car From This Man?” Forbes, October 23, 1995, 52; Tim W. Ferguson, “Sofa With Your Stereo, Sir?” Forbes, July 7, 1997, 46.

23. John R. Wells, “Circuit City Stores, Inc.: Strategic Dilemmas,” Harvard Business School, case study #9-706-419 (Boston: Harvard Business School Publishing, 2005), 7; Rob Landley, “DIVX Post Mortem,” Motley Fool, June 21, 1999, http://www.fool.com/portfolios/rulemaker/1999/RuleMaker990621.htm.

24. “Richard L. Sharp—Circuit City Stores, Inc.—CEO Interview,” The Wall Street Transcript, November 2, 1998, 1.

25. Peter Spiegel, “Car Crash,” Forbes, May 17, 1999, 130.

26. De’Ann Weimer, “The Houdini of Consumer Electronics,” BusinessWeek, June 22, 1998, 88; Dorothy Leonard and Brian DeLacey, “Best Buy Co. Inc. (A): An Innovator’s Journey,” Harvard Business School, case study #9-604-043 (Boston: Harvard Business School Publishing, 2005).

27. John R. Wells and Travis Haglock, “Best Buy Co., Inc.: Competing on the Edge,” Harvard Business School, case study #9-706-417 (Boston: Harvard Business School Publishing, 2007).

28. Best Buy Co., Inc., Fiscal 2003 Annual Report (Richfield, MN: Best Buy Co., Inc., 2003); Best Buy Co., Inc., Fiscal 2001 Annual Report (Minneapolis: Best Buy Co., Inc., 2001); John R. Wells and Travis Haglock, “Best Buy Co., Inc.: Competing on the Edge,” Harvard Business School, case study #9-706-417 (Boston: Harvard Business School Publishing, 2007); Balaji Chakravarthy and V. Kasturi Rangan, “Best Buy,” Harvard Business School, case study #9-598-016 (Boston: Harvard Business School Publishing, 1997); Best Buy Co., Inc., 1996 Annual Report (Minneapolis: Best Buy Co., Inc., 1996); Dorothy Leonard and Brian DeLacey, “Best Buy Co. Inc. (A): An Innovator’s Journey,” Harvard Business School, case study #9-604-043 (Boston: Harvard Business School Publishing, 2005); Dale Kurschner, “Best Buy Harder,” CRM, August 1997, 67; Best Buy Co., Inc., 1999 Annual Report (Minneapolis: Best Buy Co., Inc., 1999); Best Buy Co., Inc., 2003 Annual Report (Richfield, MN: Best Buy Co., Inc., 2003); Best Buy Co., Inc., 2006 Annual Report (Richfield, MN: Best Buy Co., Inc., 2006).

29. Calculation based on 1997 and 2006 revenues of Best Buy and Circuit City, taking half of the increase in revenues Best Buy achieved from 1997 to 2006 and adding that amount to Circuit City’s 2006 revenues.

30. Balaji Chakravarthy and V. Kasturi Rangan, “Best Buy,” Harvard Business School, case study #9-598-016 (Boston: Harvard Business School Publishing, 1997); Source: ©200601 CRSP^®, Center for Research in Security Prices. Graduate School of Business, The University of Chicago. Used with permission. All rights reserved. www.crsp.chicagobooth.edu.

31. “Pinching 500 Billion Pennies,” Fortune, March 1963, 105.

32. William I. Walsh, The Rise and Decline of the Great Atlantic & Pacific Tea Company (Secaucus, NJ: Lyle Stuart, Inc., 1986), 78–81.

33. William I. Walsh, The Rise and Decline of the Great Atlantic & Pacific Tea Company (Secaucus, NJ: Lyle Stuart, Inc., 1986), 78; Eleanor Johnson Tracy, “How A&P Got Creamed,” Fortune, January 1973, 103.

34. Peter Z. Grossman, “A&P: Should You Invest Along with the Germans?” Financial World, February 15, 1979, 16.

35. Ames Department Stores Inc., “Letter to Shareholders,” 1987 Annual Report to Stockholders (Rocky Hill, CT: Ames Department Stores, Inc., 1988).

36. Elizabeth Rourke (updated by David E. Salamie), “Ames Department Stores, Inc.” International Directory of Company Histories 30 (New York: St. James Press, 2000), 54.

37. William Mehlman, “Ames Strikes Discounting Gold in Exurban America,” The Insiders’ Chronicle 6, no. 46 (November 16, 1981): 1; Peter Hisey, “Herb Gilman: ‘The Concept Is So Simple’,” Discount Store News 27, no. 11 (May 23, 1988): 49; “Ames: Small-Town Discount Giant Trading Up, Not Away From Roots,” Chain Store Age, February 1982, 25; Jeff Malester, “Ames Aims at Growth by Changing Image,” Retailing Home Furnishings 57 (August 22, 1983): 6; Al Heller, “Gilman’s Informality Spurs Creativity, Growth at Ames,” Discount Store News 24 (August 19, 1985): 1.

39. Elizabeth Rourke (updated by David E. Salamie), “Ames Department Stores, Inc.,” International Directory of Company Histories 30 (New York: St. James Press, 2000), 54; Wal-Mart Stores, Inc., “History Timeline,” Wal-Mart: History, http://walmartstores.com/AboutUs/297.aspx.

41. Personal conversation with author.

42. Steven Jacober, “Ames Redefines Itself at $2 Billion,” Discount Merchandiser, August 1988, 22; Peter Hisey, “Herb Gilman: ‘The Concept Is So Simple,’” Discount Store News 27, no. 11 (May 23, 1988): 49.

43. Ames Department Stores, Inc., “Letter to Shareholders,” 1988 Annual Report to Stockholders (Rocky Hill, CT: Ames Department Stores, Inc., 1989); Eric N. Berg, “Ames’s Rocky Retailing Marriage,” New York Times, April 11, 1990.

45. Mike Duff, “Discount Veteran Ames to Liquidate After 44 Years,” DSN Retailing Today 41, no. 16 (August 26, 2002): 1.

46. Ames Department Stores, Inc., “Letter to Shareholders,” 1988 Annual Report to Stockholders (Rocky Hill, CT: Ames Department Stores, Inc., 1989); Joseph Pereira, “Digesting Zayre Gives Ames Heartburn,” Wall Street Journal, December 28, 1989; Eric N. Berg, “Ames’s Rocky Retailing Marriage,” New York Times, April 11, 1990; Pete Hisey, “What Went Wrong at Ames?” Discount Store News 29, no. 9 (May 7, 1990): 1.

47. Motorola, Inc., 1995 Summary Annual Report (Schaumburg, IL: Motorola, Inc., 1996).

48. John Simons, “Will R&D Make Merck Hot Again?” Fortune, July 8, 2002, 89.

49. “HP Files 5,000 Patent Applications Worldwide in 2001,” HP Press Release (Palo Alto: Hewlett-Packard Company), February 6, 2002.

50. Alan Farnham, “America’s Most Admired Company,” Fortune, February 7, 1994, 50; Marshall Loeb, “How To Grow A New Product Every Day,” Fortune, November 14, 1994, 269.

51. “Where Do They Get All Those Ideas?” Machine Design, January 26, 1995, 40; Lornet Turnbull, “Ohio-Based Rubbermaid Inc. Heeds Findings from Consumer Focus Groups,” Akron Beacon Journal, February 18, 1996.

52. Wolfgang R. Schmitt, “A Growth Strategy,” Executive Excellence, August 1994, 17; Tricia Welsh, “Best and Worst Corporate Reputations,” Fortune, February 7, 1994, 58; Alan Farnham, “America’s Most Admired Company,” Fortune, February 7, 1994, 50; Marshall Loeb, “How To Grow A New Product Every Day,” Fortune, November 14, 1994, 269; Lornet Turnbull, “Ohio-Based Rubbermaid Inc. Heeds Findings from Consumer Focus Groups,” Akron Beacon Journal, February 18, 1996.

53. Lee Smith, “Rubbermaid Goes Thump,” Fortune, October 2, 1995, 90; Geoffrey Colvin, “From the Most Admired to Just Acquired: How Rubbermaid Managed to Fail,” Fortune, November 23, 1998, 32.

54. Glen Gamboa, “Rubbermaid Corp. Is Proposing a Nice, Neat Solution,” Akron Beacon Journal, October 22, 1998; Glen Gamboa, “Rubbermaid Seeks Boost Through ‘Solutions’ Marketing,” Akron Beacon Journal, July 28, 1997; Raju Narisetti, “Rubbermaid’s Plan to Buy Graco Is Eclipsed by Poor Profit Forecast,” Wall Street Journal, September 5, 1996; “Rubbermaid Completes Acquisition,” Discount Store News 35, no. 21 (November 4, 1996): 43; Claudia H. Deutsch, “A Giant Awakens, To Yawns: Is Rubbermaid Reacting Too Late?” New York Times, December 22, 1996; Matt Murray, “Rubbermaid Tries to Regain Lost Stature,” Wall Street Journal, December 6, 1995; Susan Sowa, “Restructuring May Salvage Rubbermaid,” Rubber & Plastics News 25, no. 10 (December 18, 1995): 7; Lornet Turnbull, “Ohio-Based Rubbermaid Inc. Heeds Findings from Consumer Focus Groups,” Akron Beacon Journal, February 18, 1996.

55. Geoffrey Colvin, “From the Most Admired to Just Acquired: How Rubbermaid Managed to Fail,” Fortune, November 23, 1998, 32; Glenn Gamboa, “Rubbermaid Corp. Is Proposing a Nice, Neat Solution,” Akron Beacon Journal, August 6, 1997; “Buy Merges Rubbermaid’s Products, Newell’s Management,” Akron Beacon Journal, October 22, 1998; Claudia H. Deutsch, “Newell Buying Rubbermaid in $5.8 Billion Deal,” New York Times, October 22, 1998.

56. Amy Barrett and Larry Armstrong, “Merck Takes Some Growth Pills,” BusinessWeek, October 12, 1998, 78; Gardiner Harris, “Cold Turkey: How Merck Intends to Ride Out a Wave of Patent Expirations,” Wall Street Journal, February 9, 2000.

57. Clark Gilbert and Ratna G. Sarkar, “Merck: Conflict and Change,” Harvard Business School, case study #9-805-079 (Boston: Harvard Business School Publishing, 2005).

58. Amy Barrett and Larry Armstrong, “Merck Takes Some Growth Pills,” BusinessWeek, October 12, 1998, 78.

59. Merck & Co., Inc., Merck 1998 Annual Report (Whitehouse Station, NJ: Merck & Co., Inc., 1999), 3.

60. Merck & Co., Inc., Merck 1999 Annual Report (Whitehouse Station, NJ: Merck & Co., Inc., 2000); John Simons and David Stipp, “Will Merck Survive Vioxx?” Fortune, November 1, 2004, 90.

61. Eduardo Ortiz, “Market Withdrawal of Vioxx: Is It Time to Rethink the Use of COX-2 Inhibitors?” Journal of Managed Care Pharmacy 10, no. 6 (November/December 2004): 551–554; Claire Bombardier, Loren Laine, Alise Reicin, et al. for the VIGOR Study Group, “Comparison of Upper Gastrointestinal Toxicity of Rofecoxib and Naproxen in Patients With Rheumatoid Arthritis,” New England Journal of Medicine 343, no. 21 (November 23, 2000): 1520–1528, http://content.nejm.org/cgi/content/full/343/21/1520.

62. Peter S. Kim and Alise S. Reicin, “Refecoxib, Merck and the FDA,” New England Journal of Medicine 351, no. 27 (December 30, 2004): 2875–2878; John Simons and David Stipp, “Will Merck Survive Vioxx?” Fortune, November 1, 2004, 90.

63. Merck & Co., Inc., Annual Report 2002 (Whitehouse Station, NJ: Merck & Co., Inc., 2003); Merck & Co., Inc., Annual Report 2004 (Whitehouse Station, NJ: Merck & Co., Inc., 2005); Susan Dentzer, “Drug Failure,” Online NewsHour, November 18, 2004, http://www.pbs.org/newshour/bb/health/july-dec04/vioxx_11–18.html.

64. Eric J. Topol, “Failing the Public Health—Rofecoxib, Merck, and the FDA,” New England Journal of Medicine 351, no. 17 (October 21, 2004): 1701–1709; Debabrata Mukherjee, Steven E. Nissen, and Eric J. Topol, “Risk of Cardiovascular Events Associated with Selective COX-2 Inhibitors,” Journal of the American Medical Association 286, no. 8 (August 22, 2001): 954–959; Daniel H. Solomon, Sebastian Schneeweiss, Robert J. Glynn, et al., “Relationship Between Selective Cyclooxygenase-2 Inhibitors and Acute Myocardial Infarction in Older Adults,” Circulation 109 (April 19, 2004): 2068–2073, http://circ.ahajournals.org/cgi/content/full/109/17/2068.

65. Peter S. Kim and Alise S. Reicin, “Rofecoxib, Merck and the FDA,” New England Journal of Medicine 351, no. 27 (December 30, 2004): 2875–2878.

66. Merck & Co., Inc., Annual Report 2004 (Whitehouse Station, NJ: Merck & Co., Inc., 2005), 21.

67. Brooke A. Masters and Marc Kaufman, “Painful Withdrawal for Makers of Vioxx,” Washington Post, October 18, 2004.

68. Christopher Rowland, “CEO Defends Merck on Vioxx: Confirmation of Woes Came ‘Out of Blue,’” Boston Globe, October 9, 2004, http://www.boston.com/business/articles/2004/10/09/ceo_defends_merck_on_vioxx; Merck & Co., Inc. “Company Statements,” VIOXX^® (rofecoxib) Information Center, http://www.merck.com/newsroom/vioxx/archive.html#company_statements.

69. John Simons and David Stipp, “Will Merck Survive Vioxx?” Fortune, November 1, 2004, 90.

70. George W. Merck, “Talk by George W. Merck at the Medical College of Virginia at Richmond,” December 1, 1950.

71. Jim Collins, Good to Great: Why Some Companies Make the Leap . . . And Others Don’t (New York: HarperCollins, 2001).

72. G. Christian Hill and Mike Tharp, “Stumbling Giant,” Wall Street Journal, July 18, 1985.

73. Garrett G. Fagan, Emperors of Rome (Chantilly, VA: The Teaching Company Limited Partnership, 2007), audiotapes of lectures by Garrett G. Fagan, Lectures 3–6, 10.

74. Ed Viesturs and David Roberts, No Shortcuts to the Top (New York: The Doubleday Broadway Publishing Group, 2006), 158.

75. Jill Bettner, “‘Underpromise, Overperform,’” Forbes, January 30, 1984, 88; Motorola, Inc., “Note 2 to Consolidated Financial Statements,” 1996 Summary Annual Report (Schaumburg, IL: Motorola, Inc., 1997).

76. Sydney Finkelstein and Shade H. Sanford, “Learning from Corporate Mistakes: The Rise and Fall of Iridium,” Organizational Dynamics 29, no. 2 (November 2000): 138–148.

77. Sydney Finkelstein and Shade H. Sanford, “Learning from Corporate Mistakes: The Rise and Fall of Iridium,” Organizational Dynamics 29, no. 2 (November 2000): 138–148.

78. Rajiv Chandrasekaran, “Motorola’s Next Page: The Cellular Giant and Onetime Stock Star Seeks Ways to Renew Its Growth,” Washington Post, September 29, 1996.

79. Motorola, Inc., “Letter to Stockholders,” 1997 Summary Annual Report (Schaumburg, IL: Motorola, Inc., 1998), 6.

80. Sydney Finkelstein and Shade H. Sanford, “Learning from Corporate Mistakes: The Rise and Fall of Iridium,” Organizational Dynamics 29, no. 2 (November 2000): 138–148.

81. Motorola, Inc., 1999 Proxy Statement (Schaumburg, IL: Motorola, Inc., 2000), http://media.corporate-ir.net/media_files/irol/90/90829/proxies/mot_000324_1999_proxy.htm.

82. Caleb Pirtle III, Engineering the World: Stories from the First 75 Years of Texas Instruments (Dallas: Southern Methodist University Press, 2005), 153; Joan Terrall, “Texas Instruments, Incorporated: 1983,” Harvard Business School, case study #9-184-109 (Boston: Harvard Business School Publishing, 1984), 10.

83. Robert Ristelhueber, “Texas Tornado,” Electronic Business 23, no. 12 (December 1997): 35.

84. Svetlana Josifovska, “Deep in the Heart of Texas Instruments,” Electronic Business 26, no. 10 (October 2000): 116; Peter Burrows and Jonathan B. Levine, “TI is Moving Up in the World,” BusinessWeek, August 2, 1993, 46; Jim Bartimo, “TI Bets Most of Its Marbles On Chips,” BusinessWeek, January 29, 1990, 73; Kyle Pope, “Texas Instruments Places Hopes On Chip,” Wall Street Journal, March 10, 1994; Robert Ristelhueber, “Texas Tornado,” Electronic Business 23, no. 12 (December 1997): 35; Caleb Pirtle III, Engineering the World: Stories from the First 75 Years of Texas Instruments (Dallas: Southern Methodist University Press, 2005), 169–171.

85. Edward R. Tufte, Visual Explanations: Images and Quantities, Evidence and Narrative (Cheshire, CT: Graphics Press, 1997), 38–53; Diane Vaughan, The Challenger Launch Decision: Risky Technology, Culture, and Deviance at NASA (Chicago: University of Chicago Press, 1996), 278–433.

86. W. L. Gore, conversation with author during an executive session.

87. American Alpine Club, Inc., Accidents in North American Mountaineering, 1989 (New York: The American Alpine Club, Inc., 1989): rescue ranger at the scene of the accident, conversation with author.

88. Louis V. Gerstner, Jr., Who Says Elephants Can’t Dance? Inside IBM’s Historic Turnaround (New York: HarperCollins, 2002), 204.

89. “Every Dog Needs His Flea,” Forbes, May 15, 1975, 131.

90. “Scott Paper: Back On Its Feet,” Forbes, December 15, 1976, 69.

91. “No-Longer-So-Great Scott,” Forbes, August 1, 1972, 25.

92. “Scott Paper: Back On Its Feet,” Forbes, December 15, 1976, 69.

93. Stuart C. Gilson and Jeremy Cott, “Scott Paper Company,” Harvard Business School, case study #9-296-048 (Boston: Harvard Business School Publishing, 1997); Albert J. Dunlap and Bob Andelman, Mean Business: How I Save Bad Companies and Make Good Companies Great (New York: Fireside, 1997), 11.

94. “Now An Outsider Will Run Scott Paper,” BusinessWeek, April 23, 1979, 39; Jean A. Briggs, “Too Little, Too Late?” Forbes, July 5, 1982, 88; “Scott Paper Fights Back, At Last,” BusinessWeek, February 16, 1981, 104.

95. Tom Schmitz, “How Platt Got to the Top of HP,” San Jose Mercury News, July 18, 1992; Peter Burrows, “Twists in HP’s CEO Search,” BusinessWeek, June 14, 1999, 49; “HP Names Carly Fiorina President and CEO,” Business Wire, July 19, 1999; Christopher Springmann, “The Best Job in the World,” Across the Board, May/June, 2003; “Veterans of Value,” Chief Executive, September 2002.

96. Michael Beer, Rakesh Khurana, and James Weber, “Hewlett-Packard: Culture in Changing Times,” Harvard Business School, case study #9-404-087 (Boston: Harvard Business School Publishing, 2005), 15; Gregory C. Rogers, “Human Resources at Hewlett-Packard (A),” Harvard Business School, case study #9-495-051 (Boston: Harvard Business School Publishing, 1995), 25; Dean Takahashi, “Profits Rise 41%, But H-P Is Unhappy With Growth,” San Jose Mercury News, May 18, 1995; Peter Burrows, Backfire: Carly Fiorina’s High-Stakes Battle for the Soul of Hewlett-Packard (Hoboken, NJ: John Wiley & Sons, 2003), 83.

97. Peter Burrows, Backfire: Carly Fiorina’s High-Stakes Battle for the Soul of Hewlett-Packard (Hoboken, NJ: John Wiley & Sons, 2003), 83; George Anders, Perfect Enough: Carly Fiorina and the Reinvention of Hewlett-Packard (New York: Penguin Group, 2003); Hewlett-Packard Company, 1993 Form 10-K (Palo Alto, CA: Hewlett-Packard Company, 1994).

98. Tom Schmitz, “How Platt Got to the Top of HP,” San Jose Mercury News, July 18, 1992; Quentin Hardy, “All Carly All the Time,” Forbes, December 13, 1999, 138.

99. Julie Creswell and Dina Bass, “Ranking the 50 Most Powerful Women: Fortune’s First Annual Look at the Women Who Most Influence Corporate America,” Fortune, October 12, 1998.

100. Carly Fiorina, Tough Choices: A Memoir (New York: Penguin Group, 2006), 171–172.

101. George Anders, Perfect Enough: Carly Fiorina and the Reinvention of Hewlett-Packard (New York: Penguin Group, 2003), 63; Peter Burrows and Peter Elstrom, “The Boss,” BusinessWeek, August 2, 1999, 76; Peter Burrows, Backfire: Carly Fiorina’s High-Stakes Battle for the Soul of Hewlett-Packard (Hoboken, NJ: John Wiley & Sons, 2003), 136–137.

102. Louis V. Gerstner, Jr., Who Says Elephants Can’t Dance? Inside IBM’s Historic Turnaround (New York: HarperCollins, 2002), 54.

103. Louis V. Gerstner, Jr., Who Says Elephants Can’t Dance? Inside IBM’s Historic Turnaround (New York: HarperCollins, 2002), 30.

104. George Anders, “The Carly Chronicles,” Fast Company, February 2003; Peter Burrows, Backfire: Carly Fiorina’s High-Stakes Battle for the Soul of Hewlett-Packard (Hoboken, NJ: John Wiley & Sons, 2003), 148; David Packard, The HP Way: How Bill Hewlett and I Built Our Company (New York: HarperCollins, 2005).

105. George Anders, Perfect Enough: Carly Fiorina and the Reinvention of Hewlett-Packard (New York: Penguin Group, 2003), 64–79; Peter Burrows, Backfire: Carly Fiorina’s High-Stakes Battle for the Soul of Hewlett-Packard (Hoboken, NJ: John Wiley & Sons, 2003), 135–156; Carly Fiorina, Tough Choices: A Memoir (New York: Penguin Group, 2006), 195.

106. Quentin Hardy, “All Carly All the Time,” Forbes, December 13, 1999, 138.

107. Tom Quinlan, “Transition at the Top for HP: Platt Bows Out as CEO, Ushering in Fiorina,” San Jose Mercury News, August 18, 1999; Peter Burrows and Peter Elstrom, “The Boss,” BusinessWeek, August 2, 1999, 76.

108. Louis V. Gerstner, Jr., Who Says Elephants Can’t Dance? Inside IBM’s Historic Turnaround (New York: HarperCollins, 2002), 36, 68.

109. Louis V. Gerstner, Jr., Who Says Elephants Can’t Dance? Inside IBM’s Historic Turnaround (New York: HarperCollins, 2002), 223.

110. David Kirkpatrick, “Lou Gerstner’s First 30 Days,” Fortune, May 31, 1993, 57; Louis V. Gerstner, Jr., Who Says Elephants Can’t Dance? Inside IBM’s Historic Turnaround (New York: HarperCollins, 2002), 56–57.

111. Peter Burrows, Backfire: Carly Fiorina’s High-Stakes Battle for the Soul of Hewlett-Packard (Hoboken, NJ: John Wiley & Sons, 2003), 76.

112. Carly Fiorina, Tough Choices: A Memoir (New York: Penguin Group, 2006), 180.

113. Carly Fiorina, Tough Choices: A Memoir (New York: Penguin Group, 2006), 292–294, 303.

114. “HP Sends Letter to Shareowners on Value of Compaq Merger,” Business Wire, January 18, 2002.

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211. Karl Schoenberger, “Motorola Bets Big on China,” Fortune, May 27, 1996, 116.

212. Quentin Hardy, “Unsolid State: Motorola, Broadsided by the Digital Era, Struggles for a Footing,” Wall Street Journal, April 22, 1998.

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216. Lois Therrien, “The Rival Japan Respects,” BusinessWeek, November 13, 1989, 108; Motorola, Inc., “About Motorola University: The Inventors of Six Sigma,” Motorola University, http://www.motorola.com/content.jsp?globalObjectId=3079.

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218. Jim Collins, Good to Great: How Some Companies Make the Leap . . . and Others Don’t (New York: HarperCollins Publishers, Inc., 2001), 26.

219. Zachary Schiller, “At Rubbermaid, Little Things Mean A Lot,” BusinessWeek, November 11, 1991, 126.

220. Rahul Jacob, “Thriving in a Lame Economy,” Fortune, October 5, 1992, 44.

221. Seth Lubove, “Okay, Call Me A Predator,” Forbes, February 15, 1993, 150.

222. Seth Lubove, “Okay, Call Me A Predator,” Forbes, February 15, 1993, 150.

223. Wolfgang R. Schmitt, “A Growth Strategy,” Executive Excellence 11, no. 8 (August 1994): 17.

224. “Scott Paper Fights Back, At Last,” BusinessWeek, February 16, 1981, 104; “Profits Peak for Scott Paper,” Financial World, April 22, 1970, 13; Ira U. Cobleigh, “Scott Paper Company,” Commercial and Financial Chronicle, January 22, 1970, 5; “A Paper Tiger Grows Claws,” BusinessWeek, August 23, 1969, 100; “Scott Paper: Back On Its Feet,” Forbes, December 15, 1976, 69.

225. “A Paper Tiger Grows Claws,” Business Week, August 23, 1969, 100.

226. “Zenith Electronics Corporation,” Electrical & Electronics, [no date], 123.

227. “Sam Kaplan: ‘That’s Our Plan,’” Forbes, May 15, 1968, 80; “Zenith Electronics Corporation,” Electrical & Electronics, [no date], 123; “Zenith Fills the Rooms at the Top,” Business Week, May 16, 1970, 62.

228. “Zenith Fills the Rooms at the Top,” BusinessWeek, May 16, 1970, 62.

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230. “The Big Winner,” Forbes, April 1, 1974.

231. Richard Hammer, “Zenith Bucks the Trend,” Fortune, December 1960, 128; “At Zenith and On the Spot,” Forbes, September 1, 1961, 19; “Every Dog Needs His Flea,” Forbes, May 15, 1975, 131.

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234. William I. Walsh, The Rise and Decline of the Great Atlantic & Pacific Tea Company (Secaucus, NJ: Lyle Stuart, Inc., 1986), 94.

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