J. Paul Lyet*

J. Paul Lyet was born in Philadelphia to immigrant parents. His father and mother divorced when he was eight years old. After that, Lyet rarely saw his father, a professional trumpet player. To support her son and widowed mother, Lyet's mother worked as a telephone operator. Lyet found an escape from his grim environment by participating in the Big Brothers Association.

Working during the day in a factory and then later in real estate, Lyet was able to pay his tuition to attend the University of Pennsylvania's Wharton Evening School of Accounts and Finance. He graduated in 1941 with a degree in accounting.

Lyet's first professional job was with Ernst & Ernst. He later worked as comptroller for New Holland, a farm machinery company. In 1946, New Holland was purchased by Sperry Corp., which later merged with Remington Rand to become Sperry Rand Corp. Lyet rose to chairman and CEO of Sperry in 1972. By 1980, the corporation's annual revenues had tripled to more than $5 billion.