Word: board
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Dates: during 1970-1979
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...operational boss of the company. Reluctant to relinquish power, Geneen in 1975 had been given a two-year exemption from the company's policy of mandatory retirement at 65, but when he finally did step down, ostensibly to confine himself to his more general policy-making duties as board chairman, he pestered the new chief with critical memos, maneuvered to circumvent Hamilton's corporate decision making and sometimes even insulted him to his face. One source close to both recalls Geneen remarking in Hamilton's presence shortly before he stepped aside as chief executive: "1 want...
Rogers' prime target has been J.P. Stevens & Co., the second largest U.S. textile maker, which for more than 16 years has fought off unionization despite repeated warnings by the National Labor Relations Board and three contempt citations by federal courts. Labor regards cracking Stevens as the key to organizing the largely nonunion South. The ACTWU aims at isolating Stevens by making it a pariah to other business and financial institutions. Says Rogers: "The ultimate goal of the corporate campaign is, if necessary, to totally alienate and polarize the corporate and Wall Street communities away from J.P. Stevens...
Last winter the ACTWU organized a campaign that led labor unions to threaten to withdraw more than $1 billion in pension and other funds from New York's Manufacturers Hanover bank unless it dumped two of its directors, who also held seats on the Stevens board. The bank quickly caved in and failed to renominate Stevens Chairman James D. Finley and David W. Mitchell, chairman of Avon Products. Two weeks later Mitchell, deluged with letters from union sympathizers threatening a boycott of Avon goods, also quit as a Stevens director...
Next the ACTWU turned its ire on the New York Life Insurance Co. by announcing that it would run its own candidates for the board against Finley and New York Life's chairman R. Manning Brown Jr. A contested election would have cost the insurance firm as much as $6 million to mail ballots to its policyholders, and New York Life decided that it was not worth the fight. Stevens' Finley was again knocked off a board-this time New York Life's-and he was furious. Meanwhile, Brown, who had earlier vowed not to give...
...indeed rare for a father to give his blessings to three suitors in quest of his daughter's hand. But last week the Civil Aeronautics Board granted tentative approval for either Pan American or gutsy little Texas International Airlines to acquire Miami-based National Airlines...