Word: canaday
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Dates: during 1940-1949
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When his good and wealthy friend, Willys-Overland Executive Ward Canaday, asked him to attend a businessman's dinner party at the Statler Hotel last week, Harry Truman obligingly agreed. He was under the impression that no more than 15 or 20 men would attend, and that he would not be obliged to speak. At dinnertime, he got into his dinner jacket, slipped quietly over to the hotel for a few hours of comfortable relaxation...
...When the sales of Willys-Overland Motors, Inc. began to slip recently, Chairman-President James D. Mooney and Adman Ward M. Canaday, a top Willys stockholder, could not agree on what to do about it. Last week Mooney moved out as president, but stayed on as chairman. Canaday began shopping for another president. A likely candidate: ex-President Charles E. Sorensen, whom Canaday had kicked upstairs to vice chairman when Mooney came in three years ago. Thanks to an airtight contract from Canaday, Sorensen draws $1,000 a week for the next five years whether he does anything...
Sorensen had wrangled with Ward Murphey Canaday, board chairman of Willys and owner of 52% of its stock, over policy and production. On top of this; their personalities had clashed. That was natural. Canaday is primarily a salesman. He started his business life selling stoves, joined Willys in 1916 as advertising director. With old Automan John North Willys, he helped start the first company to sell cars on the installment plan. On the side he found time to run his own ad agency (U.S. Advertising Corp.). When Willys was reorganized in 1936, Canaday came...
...contrast, Production Man Sorensen, who bossed Ford's car-making for years, thinks most anyone can sell a car if it is made right. He wanted to spend millions to modernize Willys' production lines. Canaday balked, insisted the job could be done with present equipment, and shrewd selling...
Unable to move Sorensen-or break his airtight contract-Canaday moved himself from the board chairmanship to a newly created office of "chairman of the finance committee." Then he moved Sorensen to a back seat as vice chairman of the board. Thus the stage was set for a new president and board chairman, who proved to be none other than handsome, globe-girdling James David Mooney, 61, for 19 years head of General Motors' overseas business. Mooney will be both president and board chairman, thus hold the jobs formerly held by Canaday and Sorensen...