Then some of the dumb powers that be in the company decided that MBA's from Harvard and Yale and other ivy league places were better able to run the top jobs in the company. They brought them in, most did not have love or allegiance to the company like some of the long term employees that had been there since they were 20. Huge resentments resulted, and maybe a decade later AT&T no longer existed.
At&T owned Bell Labs for Gods sake. They employed Kernagie and Richie, the writers of Unix and the C Language, they owned it all and let it slip away with Harvard and Yale at the helm.
That Kernighan, not Kernagie, and don’t forget Ken Thompson!