People to Watch in 2000
Who will make big news in the business world this year? Who will emerge from relative obscurity to become a major player? To start the new year, Times business reporters selected people from their beats who they believe will be among those to watch in 2000--in Southern California, across the country and around the world. Some are well known, having made big news in previous years. Others are not exactly household names but nevertheless are likely to make a major impact in their fields.
Of course, there’s no way to predict just what’s going to happen in the next 12 months. Nor can any such list be complete--there’s always the come-from-nowhere phenom who’ll surprise everyone. But it’s a good bet that if you follow the fortunes of these 22, you’ll see the top business stories of 2000 unfold.
C. Michael Armstrong of AT&T;
C. Michael Armstrong, 61, chairman and chief executive of telecommunications giant AT&T; Corp., faces a big task in 2000 to deliver on his promise of offering consumers nationwide everything from local phone service to digital TV pictures and high-speed Internet access over the company’s cable lines.
He launched the cable strategy last year with the surprising purchase of Tele-Communications Inc. and the pending deal to acquire cable operator MediaOne Group. But despite early enthusiasm for Armstrong’s bold deals, AT&T;’s stock began to sag by mid-1999 as prices steadily declined in the long-distance phone business. Various cities are also trying to force AT&T; to open its cable lines to rival Internet service providers.
By year-end, Armstrong had managed to calm Wall Street with steady financial results, plans for an initial public offering of its growing wireless communications business and assurances that the New York-based company’s big projects were on track.
Now he has to make it all work. In 2000, Armstrong plans to cut $2 billion in costs at AT&T; while rolling out more fiber-optic lines and spending heavily to upgrade 85% of its aging cable systems with lines that can handle two-way communications such as Internet and phone service.
Analysts will also watch closely to see if Armstrong can clinch deals with Time Warner Inc. and other operators to extend AT&T;’s cable-based local phone service, and whether AT&T; can hold its own in long-distance after Baby Bells such as Bell Atlantic Corp. enter the market in 2000.
