{{Short description|American businessman (1931–2021)}} {{Use mdy dates|date=August 2021}} {{Infobox person | name = Rand Araskog | image = Rand Araskog.jpg | alt = | caption = | birth_name = Rand Vincent Araskog | birth_date = {{Birth date|1931|10|31}} | birth_place = Fergus Falls, Minnesota, U.S. | death_date = {{death date and age|2021|8|9|1931|10|31}} | death_place = Palm Beach, Florida, U.S. | resting_place = | education = | alma_mater = West Point, Harvard University | occupation = Manufacturing executive, investor, writer | years_active = | employer = Honeywell, ITT Corporation | known_for = CEO of ITT Corporation | spouse = Jessie M. Gustafson Araskog | children = 3 }}
'''Rand Vincent Araskog''' (October 31, 1931 – August 9, 2021) was an American manufacturing executive, investor, and writer who was 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.
== Early life == Rand Vincent Araskog was born on October 30, 1931, in Fergus Falls, Minnesota<ref>{{Cite book|url=https://books.google.com/books?id=nBXkAAAAMAAJ&q=Rand+Araskog+fergus+falls|title=Taft Corporate Giving Directory|date=1990|publisher=Taft Corporation|isbn=978-0-914756-80-4|language=en}}</ref> in a family of Swedish descent.<ref>{{cite web |last1=Hagerty |first1=James R. |title=Rand Araskog, CEO Who Dismantled ITT, Has Died at Age 89 |url=https://www.wsj.com/articles/rand-araskog-ceo-who-dismantled-itt-has-died-at-age-89-11628560402 |website=The Wall Street Journal |access-date=19 January 2022 |date=10 August 2021}}</ref> His father was a tax collector and a dairy farmer in the town.<ref name=":0" /> He was elected as a valedictorian in his school and went on to the United States Military Academy at West Point<ref>{{Cite web|title=Rand V. Araskog: Commencement Speaker|url=https://www.newswise.com/articles/rand-v-araskog-commencement-speaker|website=www.newswise.com}}</ref> where he graduated in 1953, majoring in Soviet studies.<ref name=":0">{{Cite news|last=Hagerty|first=James R.|date=August 10, 2021|title=Rand Araskog, CEO Who Dismantled ITT, Has Died at Age 89|language=en-US|work=Wall Street Journal|url=https://www.wsj.com/articles/rand-araskog-ceo-who-dismantled-itt-has-died-at-age-89-11628560402|access-date=August 10, 2021|issn=0099-9660}}</ref> He graduated from Harvard University majoring in Russian studies<ref name=":0" /> and spent a year in West Germany serving at a US Army intelligence post.<ref name=":0" /><ref>{{Cite magazine|last=GREENWALD|first=JOHN|date=June 24, 2001|title=ITT'S STRIP SHOW|magazine=Time |url=http://content.time.com/time/magazine/article/0,9171,137895,00.html|via=content.time.com}}</ref>
== Career == 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.<ref>{{Cite news|last1=SHAPIRO|first1=WALTER|last2=The|first2=Walter Shapiro is a staff writer for|last3=Magazine|first3=Washington Post|date=1982-08-08|title=Why Mr. ITT Comes to Washington|language=en-US|newspaper=Washington Post|url=https://www.washingtonpost.com/archive/lifestyle/magazine/1982/08/08/why-mr-itt-comes-to-washington/3aa3f948-509d-4c37-ab6c-0d4bba00878b/|access-date=2021-08-13|issn=0190-8286}}</ref> Upon his return to the U.S., he left the Pentagon and worked for Honeywell in 1960 as marketing director in the aeronautical division.<ref name=":0" />
In 1966, he joined ITT Corporation in its Defense Space Group in Nutley, New Jersey.<ref name=":0" /> 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.<ref>{{Cite news|last=Cole|first=Robert J.|date=November 15, 1979|title=Geneen Plans to Resign As Chairman of I.T.T.|language=en-US|work=The New York Times|url=https://www.nytimes.com/1979/11/15/archives/geneen-plans-to-resign-as-chairman-of-itt-araskog-to-become.html|access-date=February 20, 2020|issn=0362-4331}}</ref><ref>{{Cite news|title=ITT's Geneen Hands Helm to Araskog|language=en-US|newspaper=Washington Post|url=https://www.washingtonpost.com/archive/business/1979/11/15/itts-geneen-hands-helm-to-araskog/a4f65082-899f-42e1-b26c-85e4bae5c713/|access-date=February 20, 2020|issn=0190-8286}}</ref>
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.<ref name=":0" /> 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 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.<ref name=":0" />
Araskog was named an Officer in the French Legion of Honor in 1987.<ref name=":1" /> He has also been awarded the Order of Merit of the Italian Republic by the President of Italy and the Order of Bernardo O'Higgins by the president of Chile.<ref name=":1" /> He was awarded an honorary doctorate of humane letters by Hofstra University in 1990.<ref>{{Cite web|url=http://www.hofstra.edu/alumni/newsevents/newsevents_hondegrees.html|archiveurl=https://web.archive.org/web/20131214090340/http://www.hofstra.edu/alumni/newsevents/newsevents_hondegrees.html|url-status=dead|title=Hofstra University awards honorary degrees to distinguished individuals|archivedate=December 14, 2013}}</ref>
He was later self-employed as a private investor and also acted as principal in RVA Investments<ref>{{Cite web |title=DEF 14A |url=https://www.sec.gov/Archives/edgar/data/1053112/000119312513151037/d506821ddef14a.htm |access-date=2025-05-08 |website=www.sec.gov}}</ref> and on the Board of Directors of American cable television company Cablevision<ref>{{Cite web|title=CableVision - SEC FORM 4|url=https://www.sec.gov/Archives/edgar/data/1053112/000120919108033106/xslF345X03/doc4.xml|access-date=August 12, 2021|website=www.sec.gov}}</ref> and the Palm Beach Civic Association.<ref name=":1">{{Cite web|archive-date=June 2, 2020|title=Directors |website= Palm Beach Civic Association|date=November 25, 2018 |url=https://palmbeachcivic.org/leadership/directors/|archive-url=https://web.archive.org/web/20200602170955/https://palmbeachcivic.org/leadership/directors/|access-date=August 12, 2021}}</ref>
== Personal life == 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.<ref>{{Cite web|url=https://www.architecturaldigest.com/story/snyder-article-032007|title=Scott Snyder Designs a Shingle-Style Residence in Southampton|first=Gerald|last=Clarke|website=Architectural Digest|date=March 2007 }}</ref> He died on August 9, 2021, at the age of 89 in Palm Beach, Florida.<ref name=":0"/>
For many years, Araskog resided with his family in the gated community of Smoke Rise, located in Kinnelon, New Jersey, a suburb of New York.<ref>{{Cite news |last=Hayes |first=Thomas C. |date=1979-07-15 |title=I.T.T.'s New Chief |language=en-US |work=The New York Times |url=https://www.nytimes.com/1979/07/15/archives/itts-new-chief-the-victor-in-shakeup-is-araskog.html |access-date=2023-06-15 |issn=0362-4331}}</ref><ref>{{Cite news |date=1984-01-15 |title=Julie Kay Araskog Engaged to Marry Walter J. Hodges Jr., Fellow Student |language=en-US |work=The New York Times |url=https://www.nytimes.com/1984/01/15/style/julie-kay-araskog-engaged-to-marry-walter-j-hodges-jr-fellow-student.html |access-date=2023-06-15 |issn=0362-4331}}</ref><ref>{{Cite news |date=1988-05-22 |title=Eileen Stafford Kenny Wed To William Araskog on L.I. |language=en-US |work=The New York Times |url=https://www.nytimes.com/1988/05/22/style/eileen-stafford-kenny-wed-to-william-araskog-on-li.html |access-date=2023-06-15 |issn=0362-4331}}</ref>
==Bibliography== *{{cite book | author=Araskog, Rand V. | title=The ITT Wars: An Insider's View of Hostile Takeovers | location=New York | publisher=Beard Books | year=2000 | isbn=1-89312-238-7}} *{{cite book | author=Araskog, Rand V. | title=Dawn Raiders and White Knights: The Inside Story of a Corporation Under Siege | location=New York | publisher=HarperCollins | year=1989 | isbn=1-853-36160-7}} *{{cite book |author=Araskog |first=Rand V. |author2=Bikoff |first2=James L. |title=Toward the Year 2000 |location=New York |date= |publisher=ITT Corporation |year=1987}}
==References== {{Reflist}}
==External links== * [https://www.nytimes.com/1997/09/28/business/investing-it-itt-may-shrink-but-chief-s-pay-stays-the-same.html "INVESTING IT; ITT May Shrink, but Chief's Pay Stays the Same"]—''The New York Times''
{{ITT Corporation}} {{Authority control}}
{{DEFAULTSORT:Araskog, Rand}} Category:1931 births Category:2021 deaths Category:20th-century American businesspeople Category:American business writers Category:American chief executives of Fortune 500 companies Category:American chief executives in the manufacturing industry Category:American investors Category:American businesspeople in manufacturing Category:American people of Swedish descent Category:Businesspeople from Minnesota Category:Harvard College alumni Category:Honeywell people Category:ITT Inc. people Category:Officers of the Legion of Honour Category:People from Fergus Falls, Minnesota Category:United States Military Academy alumni Category:Writers from Minnesota Category:Military personnel from Minnesota Category:American recipients of the Legion of Honour