Rand Vincent Araskog (October 31, 1931 – August 9, 2021) was an American manufacturing executive, investor, and writer who served as the CEO of ITT Corporation. During his time as the CEO between 1979 and 1998 he was known for divesting the conglomerate of multiple businesses including hotels, rental cars, and insurance to retain its focus on its core telecom businesses.
Araskog started his career working for the Defense Department at the Pentagon and the National Security Agency from where he was sent to work in Europe.[6] Upon his return to the U.S., he left the Pentagon and worked for Honeywell in 1960 as marketing director in the aeronautical division.[3]
In 1966, he joined ITT Corporation in its Defense Space Group in Nutley, New Jersey.[3] When he joined the company, it had grown since its founding in 1920 as a telecom service provider for Cuba and Puerto Rico, to being a conglomerate with business interests spanning Avis Car Rentals, Hartford Insurance, Sheraton Hotels and Hostess Twinkies, the company that manufactured Wonder Bread. During this time, he had become the right hand man of then chairman Harold Geneen. The company during this time was under scrutiny for its lobbying efforts in Washington, D.C. and for foreign political interference in Chilean politics. With this background, he became the company's CEO in 1979 succeeding Lyman C. Hamilton. He also became the chairman of the board the same year, succeeding Geneen.[7][8]
His early years were spent building the group's telecom business, including developing the ITT System 12, an early stage digital telephone exchange, before selling the business to French state-owned company Generale d’Electricite in 1986.[3] He continued to spend the remainder of his time as the CEO in divesting the vast conglomerate as investors were vying for focus on its core businesses. He saw off a hostile takeover bid of by Hilton Hotels corporation but agreed to sell the group's hotel businesses under the Sheraton brand to Starwood Hotel & Resorts Worldwide, Inc. in 1997. He retired from the company in 1998.[3]
He was later self-employed as a private investor and also acted as principal in RVA Investments[citation needed] and on the Board of Directors of American cable television company Cablevision[11] and the Palm Beach Civic Association.[9]
Araskog met his wife Jessie Gustafson, when she was studying religion at Gustavus Adolphus College. The couple married in July 1956 and went on to have three children, two daughters and one son.[12] He died on August 9, 2021, at the age of 89 in Palm Beach, Florida.[3]
^GREENWALD, JOHN (June 24, 2001). "ITT'S STRIP SHOW". Time – via content.time.com.
^SHAPIRO, WALTER; The, Walter Shapiro is a staff writer for; Magazine, Washington Post (August 8, 1982). "Why Mr. ITT Comes to Washington". Washington Post. ISSN0190-8286. Retrieved August 13, 2021.
