AN OLD HAND IN A STRANGE NEW WORLD

A year ago, when he was only 88 and not yet jilted, Sidney Harman was autocratically doing what he likes best: running Harman International Industries, a company he built pretty much from scratch. His business, headquartered five blocks from the White House, makes upscale audio and electronic gear t...

Full description

Saved in:
Bibliographic Details
Published in:Fortune 2008-02, Vol.157 (2), p.114
Main Author: Loomis, Carol J
Format: Magazinearticle
Language:English
Subjects:
Acquisitions & mergers
Capital expenditures
Electronics industry
Entrepreneurs
Equity
Harman, Sidney
Investment bankers
Personal profiles
Private equity
Privatization
Terminations
Online Access:Get full text
Tags: Add Tag
No Tags, Be the first to tag this record!
Description
Summary:A year ago, when he was only 88 and not yet jilted, Sidney Harman was autocratically doing what he likes best: running Harman International Industries, a company he built pretty much from scratch. His business, headquartered five blocks from the White House, makes upscale audio and electronic gear that goes by such household names as Harman/Kardon, JBL, and Infinity. Harman, executive chairman by title and a founding father of audio high fidelity by reputation, along the way constructed an unusually interesting personal life. As an upper octogenarian, Harman was forced now and then to reflect uncomfortably on his lack of a real plan for the next stage in his company's life. As 2006 ended, he didn't exactly even have a CEO to act as his No. 2. Into this ripe situation, in November 2006, walked Henry Kravis, co-head of Kohlberg Kravis Roberts. That firm and all its private equity brethren were then awash in money and burning to do deals. Kravis proposed that KKR take Harman International private.
ISSN:0015-8259