HENRY SINGLETON of TELEDYNE by Jim Collins

“[Henry] Singleton continued to run [Teledyne] well into his seventies, with no serious thought given to succession. After all, why worry about succession when the very point of the whole thing is to serve as a platform to leverage the talent of your remarkable genius?. . .

What a weakness it turned out to be. Once Singleton stepped away from day-to-day management in the mid-1980s, the far-flung empire began to crumble. From the end of 1986 until its merger with Allegheny in 1995, Teledyne’s cumulative stock returns imploded, falling 66 percent behind the general stock market. Singleton achieved his childhood dream of becoming a great businessman, but he failed utterly at the task of building a great company.”

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HENRY SINGLETON of TELEDYNE by Jim Collins

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