Overview

Irving S. Shapiro (1916-2001) became chairman and chief executive officer in December 1973. With neither family connection nor scientific experience, Shapiro admitted to being “the first real stranger to the company.” He restructured the firm’s long-term debt to fund new plant capacity and also reoriented the firm into specialized, high return products such as agricultural chemicals. He maintained the company’s core commitment to research while shifting its research and development focus toward product lines not dependent on volatile petroleum supplies.

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