Word: bunkerism
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...which had a new president just three years ago, last week got another one. Out went Chester Charles Pearson, 45, the aircraft production man (formerly with Curtiss-Wright and Douglas) who was hired in 1949 to solve the debt-ridden company's problems. In came George Maverick Bunker, 44, an engineer with no aircraft experience but plenty of promotional know...
...M.I.T. graduate who got his start in the Depression washing kettles for the Campbell Soup Co., Bunker moved to the Wilson meat-packing company as an engineer in 1934, did a stint as head of the industrial engineering department, and became manufacturing vice president for the Kroger Co. Then Cincinnati's Trailmobile Co., makers of truck trailers, heard about the boy wonder and hired him as president in 1949. In a year and a half, Bunker streamlined Trailmobile's sales, services and production, doubled sales to $52 million and increased the net more than tenfold...
...Troubles. At Martin, Wonder Boy Bunker will have to perform wonders. Last year, though the company had a backlog of $400 million, it lost an estimated $22 million. Part of Martin's troubles stern from its helter-skelter expansion after Korea. Its work force mushroomed from 7,500 to 23,000; the average length of employment among its workers dropped from twelve years to six months. Turnover jumped from 12% to 70%, and absenteeism soared...
...Cash. To help him do his job, President Bunker will get badly needed new working capital. From RFC, Martin will get another $12 million, bringing its total RFC debt to $26.4 million; from a Navy-guaranteed private bank loan, it will get another $11 million. Under a new financing plan still to be approved by stockholders, Martin will issue $6,000,000 in new notes, convertible into common stock. Some of these have already been spoken for by Laurence Rockefeller, who has had notable success in other aviation ventures. In addition, Martin will offer its present stockholders (excluding Glenn Martin...
Ellsworth Bunker, 57, Manhattan businessman (board chairman, National Sugar Refining Co.) who went into the State Department only last year as Ambassador to Argentina, handled himself well enough in Peron's capital to be given a crack at a more important job: to take over Dunn's post in Italy...