Word: avco
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...Aviation Corp., $40,000,000 holding company, last week acquired a new president. Lean, sharp-witted Graham Bethune Grosvenor stepped down to vice-chairman of the directorate while gaunt, eye-glassed, solemn-looking but humorous Frederic Gallup Coburn stepped up from the directorate and assumed the No. 1 title. Avco published no reasons for the change but well-informed observers knew the following...
...stockholders, experts, personnel - was a superhuman task for any man to accomplish in one year, in a new industry. Graham Grosvenor, able graduate of Otis Elevator Co., had done the groundwork, defined the problems. Four months ago James Franklin Hamilton, a railroad man, was called in to head all Avco's transport operations which constitute one-third of the industry's total in miles flown (TIME, Dec. 30). Now Mr. Coburn is called in to tune up the manufacturing aspect of the business, to align the personnel throughout. That is the work he specializes in - "Management Engineering...
...Avco's stockholders, when they meet next week at Wilmington, will understand that the commissioning of Engineer Coburn does not signify sickness but progress in the corporation. He is not only to adjust but to amplify Avco's manufacturing. Plans include new giant seaplanes, a new line of motors...