It's losing its share of the long distance business. Profits have been disappointing. Its stock is sagging. Today, Chief Executive Robert Allen announced he's stepping down in 1998. His likely successor is the company's new president.
Investors are impatient.
They have a right to be. And so, by the way, are we. Some analysts were disappointed the company reached outside the telecommunications industry in picking its new president. At the New York desk, this is Phillip Boroff. The German government today was dealt a setback in its effort to loosen rigid work rules seen as responsible for making German labor among the most expensive in the world.