OTHER NEWS - Dec. 4, 1992
From Times Staff and Wire Reports
Westinghouse Gives Outside Directors More Power: Westinghouse Electric Corp., facing criticism for its handling of massive financial losses, increased outside directors’ power over the company’s affairs. It set up a governance committee made up solely of directors who are outside company management. In a victory for shareholder rights activists, Westinghouse also rescinded two anti-takeover defense measures. The root of Westinghouse’s trouble has been Westinghouse Credit Corp., which has racked up huge losses. After billions of dollars in charges, the company last week announced that it will jettison the business.
