Just Imagine If The News Was Bad

Annual reports are usually glossy-paged hymnals where top management sings its own praise. And if any company deserves to warble such a tune, it's AlliedSignal. Under CEO Lawrence Bossidy, who came aboard in mid-1991, the once-ailing diversified manufacturer has seen its stock price and profits bounce back, with operating income more than doubling to $954 million last year. But how does Bossidy assess the turnaround?

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