Word: copeland
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Under the chairmanship of Lammot du Pont Copeland '27, the committee will solicit the necessary funds from a select group of wealthy benefactors, Merle Fainsod, Director of the University Library, said yesterday...
...Pont de Nemours & Co., the world's largest chemical firm, last week named the twelfth president in its 165-year history. He succeeds Lammot du Pont Copeland, 62, who moves up to chairman. While he becomes only the second president from outside the Du Pont family, Charles Brelsford ("Brel") McCoy, 58, hardly ranks as an interloper. Son of a onetime Du Pont vice president, McCoy has two sons and a brother working for the com pany, and his sister Anne is married to Du Pont Secretary Henry T. Bush. An other brother is Landscape Painter John McCoy...
Three Against Malaise. Though his new job automatically makes him chairman of that committee, McCoy will continue to have but one vote-the same as the other eight members. Also retaining a voice in company policy will be Copeland, who succeeds Crawford H. Greenewalt, 65, as board chairman; Greenewalt stays on as chairman of Du Pont's finance committee. Together, the three men will bear much of the responsibility for lifting Du Pont out of its recent malaise...
...Breadbasket. Despite such painstaking achievements-and ironically, partly because of them-Du Pont this year is suffering from what President Lammot du Pont Copeland (TIME cover, Nov. 27, 1964) delicately calls "a difficult adjustment period." After reaching a record $3.19 billion in 1966, the company's sales in the first quarter of this year fell to $755 million, 4% below their year-earlier level. Profits plunged 24% to $78 million, and the company expects no better results from the April-June quarter. "When autos, electrical appliances, steel and home furnishings are down, it hits us right in the breadbasket...
...sharp slump this year because of excess inventory, rising imports and falling prices. And that downturn caught chemical companies in the midst of a major expansion of fiber-making plants. One result is that the wholesale price of Dacron has dropped 40% in the past year. The problem, says Copeland, "can well be with us for at least another year...