Business: The Rising Son-in-Law

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Japan's Konosuke Matsushita, a peasant's son, built one of the world's largest companies by following his instincts. One of the shrewdest hunches came in 1940, when an aristocratic young banker caught Matsushita's eye. The gregarious businessman was so impressed with Masaharu Hirata that he not only arranged for him to marry his only daughter but also adopted him as a son.

The new Matsushita joined the family firm, Matsushita Electric Industrial Company, and began studying shacho-gaku (the art of presidency). Now the elder Matsushita, 78, is stepping down after 55 years as chief executive. His position as chairman will be filled by Arataro Takahashi, 70, but the power will be swung by Masaharu Matsushita, who will continue as president.

The shift promises to change the personality of the company. The elder Matsushita, an outspoken man who enjoys traditional tea ceremonies, ran the company (sales last year: $3.9 billion) as a one-man show. Under Masaharu, 60, an introspective, analytical man who loves to spend free time golfing, managers will have greater autonomy. Says he: "I don't think top executives should allow themselves to be involved in the process of decision making for day-today operations. We have to think in a global context."

About half of Matsushita's 1972 exports of $736 million went to the U.S., and Masaharu is confident that it will remain a huge customer. But if any slack develops, there is always the long-range potential of the market in China, which he will visit in September. "I'm sure," he says, "we will be only too happy to do what we can to help promote economic development in China."