"We learned in March that there was a potential shortfall, and authorized management to lay people off," Mr. Jones said.
Under pressure from Carl C. Icahn, the financier, the board of the Nabisco Group Holdings Corporation authorized management yesterday to explore selling the company or a controlling stake.
In an announcement before the stock market opened, the company, based in Bethpage, N.Y., said its board had authorized management to "take all actions necessary or desirable" to improve shareholder value.
Litton Industries said yesterday that its directors authorized management to explore the sale of the company's Advanced Electronics group, the 12 divisions that make up Litton's navigation and electronic warfare businesses.
Publicis S.A. in Paris is to formally announce today that its board has authorized management to enter into talks with Young & Rubicam Inc. in New York, executives close to the negotiations said.
[C3.] Cablevision Takes a Step Toward a $3 Billion Payout The Cablevision Systems Corporation said its board had authorized management to prepare to pay a $3 billion dividend that the Dolan family, which controls the company, had proposed last week.
The drug maker said on Oct. 12 that its board authorized management to talk to potential buyers.
Yesterday the investment bank announced today that its board had authorized management to pursue a spinoff of the Discover credit-card business.
A month ago, Time Warner announced that its Board of Directors has authorized management to proceed with plans for the separation of AOL from the company.
Late Monday, Morgan Stanley confirmed its board had authorized management to pursue a spinoff of Discover, which it says "reinforces" its strategy to be an integrated firm focused on institutional and retail securities and asset management.
