estments." Tough Calls She looked at the material I thrust into her hands and said, "Let's go find Zeglis." Public Relations had begun reporting to Zeglis when Mandl left and Allen had split operational responsibility between him and the CFO, Rick Miller. As it happened, they were both behind closed doors in Zeglis's office when we arrived. I briefly outlined my concerns. Miller glanced at the spreadsheet I had downloaded from the Donnelly Web site, said "Well, this isn't my problem," and left. Zeglis called Burlingame and put him on the speakerphone. "Hal, Martin and Mar- ilyn are war-gaming the Walter announcement and want to know how to handle questions about Donnelly's financial results. How did you cover this with the board?" There was a long pause. "We didn't get into that level of detail with the board." Another pause. "How bad is it?" "Well, I'm not sure," Zeglis said, "but I want to be sure the board considers it before they formally vote. I'll call Bob." Instead of calling Allen, who was traveling, Zeglis called the com- pany's treasurer, who had one of the sharpest financial minds around. "I'm going to have some financial data faxed over to you," he said. "It's for a company whose chairman is being considered for our board. Could you do a quick analysis of its results, compare them to the S&P or whatever other benchmark you think appropriate, and let me know what you think? I need it by the end of the day." I never saw that analysis, but Zeglis said that he would be sure the board did. Nevertheless, at 7:30 P.M. on the evening of October 22, 1996, the board unanimously voted to offer the position to John Wal- ter, as recommended by Allen. Walter, whose name had been on long lists prepared by both search firms at the beginning of the search, had been the only candidate the board interviewed. Meeting Walter I met Walter for the first time on the evening he was selected. I was struck by his resemblance to a local New York City news anchorman, Chuck Scarborough. They both had the same chiseled good looks, 