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May 31, 1997

Taking out the Trash

Restructuring at WMX Technologies

Beware the egos of activist shareholders. Phillip Rooney, chief executive of WMX Technologies, ignored that advice and despite the backing of his entire board, resigned in February after only eight months in office. True, WMX shareholders had plenty to complain about. Last year, for example, the company's return on equity was a mere 3.6 percent. Moreover, for the last few years WMX's stock has been lagging far behind the Dow Jones Industrial Average and the S&P 500. It has even been lagging

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