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In the case of Exxon, restructuring meant selling off or discontinuing unprofitable businesses. Exxon's serious attempt to break into the lucrative business of office automation, which had been spoiled by IBM's dominant position in that market, was abandoned. Its equally unsuccessful nuclear business venture was sold to Kraftwerk Union of West Germany. Although Exxon's downsizing earned chairman A. G. Rawl a reputation as an axman, it put Exxon in the enviable position of having so much cash that it had to spend $3 million an hour (over $20 billion a year) on ever-harder-to-find oil. 1
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