DailyTimeCapsule brief
March 23, 1988
On March 23, 1988, McDermott International, Inc. solidified the future leadership of the company by officially naming its heir apparent, signaling a significant transition in corporate governance. As the American economy was experiencing a recovery from previous downturns, business leaders were focused on stability and growth. This era marked a pivotal moment in corporate America, with firms like McDermott adapting to the competitive landscape of the late 1980s, influenced by deregulation and technological advancements. These changes reflected a broader trend of increasing globalization and the rise of multinational corporations as key players on the world stage, paralleling significant political shifts domestically as the Reagan administration continued to implement conservative economic policies aimed at invigorating the economy and fostering entrepreneurship.
Key developments
-
McDermott International Inc., a prominent oil services firm located in New Orleans, announced Robert E. Howson as the new chairman and chief executive, taking over from James E. Cunningham. Cunningham, who has led the company for several years, is set to retire this summer at the age of 65, marking a significant leadership change. This appointment signals a new direction for McDermott as it continues to navigate the complexities of the oil and gas industry.
