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Andrew HeiskellAndrew Heiskell
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Session:         Page of 824

extent the trouble persisted. Because my role was to be more involved in planning, long-range, international, representational, organizing the company into a public company. Because in a way, the real significance of that shift was that Time Inc. was going from being a “private” company to a “public” company. And this involved trying to create a board of directors that would really have a sense of responsibility for the entity. It involved--I forget whether we'd already gone on the New York Stock Exchange or not, but it was all those kinds of things that were sort of at the heart of this shift.

Q:

Explicitly?

Heiskell:

Not explicitly, but he was, in effect, preparing for the fact that this company would someday not be controlled by a very small group of stockholders, that they would die, that the money would be dissipated, that the taxes would take some of it away, that it would go into--he was already thinking of founding--he'd already had a foundation and he was obviously planning on leaving a foundation. But then a foundation in turn will have its own board of directors, so the responsibility simply gets spread out, and there is no control over the company except to the extent that the management and the board consider themselves responsible.

Q:

Just to refresh your memory, and see if you want to comment on this: roughly half of Luce's--according to Prendergast--personal stockholdings had been set aside in 1961 for the foundation.



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