Due Diligence

“In the business world, everyone is paid in two coins: cash and experience. Take the experience first; the cash will come later.”

Harold S. Geneen

Harold S. Geneen (1910-1997) was an American businessman most renowned for his role as President and CEO of International Telephone and Telegraph (ITT) from 1959 to 1977. Under his leadership, ITT grew from a medium-sized business into an international conglomerate, acquiring over 350 companies in diverse sectors such as insurance, hotels, and telecommunications.

Born in Bournemouth, England, Geneen moved to the United States as a child. He graduated from New York University with a degree in accounting and began his career at the Bell Telephone Company. He later held executive positions at several companies, including Hygrade Food Products and Jones & Laughlin Steel Company, before joining ITT.

Geneen was known for his hands-on management style and his belief in the power of detailed financial analysis. He was a pioneer of the modern multinational corporation and is often credited with creating the first conglomerate. His management philosophy was encapsulated in his famous quote, “Management must manage.”

The quote, “In the business world, everyone is paid in two coins: cash and experience. Take the experience first; the cash will come later,” reflects Geneen’s belief in the value of experience and knowledge. He believed that financial success was a byproduct of learning and growth, a philosophy that guided his career and contributed to his remarkable success.

Geneen’s legacy continues to influence modern business practices. His emphasis on the importance of experience over immediate financial gain has been echoed by numerous business leaders and remains a guiding principle for many in the corporate world.