Word: canaday
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When Adman Ward Canaday bought control of Willys auto company in 1936, he resolved never again to have a strike such as the one that cost Willys $25 million and all but wrecked the company 20 years before. Canaday's method was simple. He promised to pay better wages than anyone else in the auto industry, in exchange for a no-strike pledge from the United Auto Workers. Willys has not had a strike since. But when Henry Kaiser bought the company last year (TIME, April 6. 1953), he found that Willys, in addition to the usual cost handicaps...
...other hand, Willys' hard-fisted Chairman Ward Canaday, 67, was willing to sell because, in spite of the fact that Willys has been able to build up big sales, largely from its jeeps, Canaday has never been able to pay a dividend on the common stock, of which he owns or controls 36%. Since the stock was selling at $5.25 only three years ago and the deal gives it a value of $17, Canaday and his co-owners (mainly his family) were more than willing to take a capital gain of $17.4 million on the deal. He is selling...
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...
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...