Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: FRIDAY, March 26, 1993 TAG: 9303260262
SECTION: BUSINESS PAGE: A-11 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
IN BUSINESS
IBM likely to name new CEO todayNEW YORK - IBM is expected to name RJR Nabisco chairman Louis V. Gerstner Jr. as its new chief executive today, tapping a computer industry outsider for leadership during the most wrenching time in its 79-year history.
An individual familiar with IBM's search said Thursday that barring any unforeseen or extraordinary developments, Gerstner would be named CEO. IBM has scheduled a morning news conference in New York.
Spokesmen for International Business Machines Corp. and RJR Nabisco Holdings Corp. declined to comment.
Gerstner, 51, would be only the sixth chief executive in IBM history and the first from outside the company. - Associated Press
Apco to redeem 4 series of bonds
Appalachian Power Co. on Thursday said it will partially redeem on May 1 four issues of first mortgage bonds totalling $48.1 million.
Apco will redeem $260,000 of its 9\ percent bonds due 2007 at the special redemption price of 100.81 percent of its principal amount, plus accrued interest.
The company also will redeem $2 million principal amount of its 9 7/8 percent series due 2020; $2.5 million principal amount of its 9[ percent series due 2019; and $43.3 million principal amount of its 8 3/4 percent series due 2017, all at the special redemption price of 100 percent of their principal amount plus accrued interest to the date of redemption.
- Wire report
BBC, ABC forge newsgathering pact
LONDON - British Broadcasting Corp. and ABC said Thursday they have agreed to pool radio and television news coverage, creating one of the world's largest newsgathering operations.
The two networks said they will exchange news coverage around the world and cooperate in newsgathering in the field. They will plan jointly for covering major stories and share technical and broadcast facilities, correspondents and production teams.
No other details of the arrangement were given.
The BBC has had a similar agreement with NBC since the 1950s.
"This is a major strategic shift for us," said Chris Cramer, BBC's head of newsgathering. He said the BBC still would continue to share some material with NBC, but the relationship would be less close. - Associated Press
Senate panel OKs S&L cleanup bill
WASHINGTON - A bill providing $45 billion to finish the savings and loan cleanup cleared the Senate Banking Committee on Thursday after new members of the panel insisted on amendments aimed at reforming the program.
The banking panel adopted the bill, 16-3, with the inclusion of an amendment that requires Treasury Secretary Lloyd Bentsen to periodically certify that reforms are in place at the Resolution Trust Corp.
These include internal safeguards against fraud and abuse, expanded opportunities for women and minorities and an appeals process for business borrowers whose credit lines are canceled after the RTC seizes an institution. - Associated Press