Robert Wilson to The Rescue

Robert Wilson certainly hasn’t lost his Midas touch since he rescued Collins Radio and left for California. You might remember that Wilson stepped into the chief executive office at Collins in late 1971, facing a bleak financial picture. Collins’ losses peaked in 1972 at $30 million, and by year end 1973 Wilson had Collins $13 million in the black. A remarkable performance, which drew the attention of an even unhealthier electronics company, Memorex.

Memorex baited Wilson away from Collins in 1974 by oflfering him a base salary of $200,000 annually, with bonus provisions allowing him to earn up to $600,000. Wilson, 55, stepped into the Memorex presidency inheriting 1973 losses of $115 million-$27.63 a share. He reorganized management, cut bank debt, jettisoned unprofitable lines and reduced operating expenses. By the end of 1974 losses were whittled down to nine million – $2.08 a share. Now Wilson has done it again. Memorex netted $7.7 million during the first half of 1975.