Word: cresap
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Credited with Westinghouse's climb back to high profits is onetime Management Consultant Mark W. Cresap Jr., 49, who took over as president in 1958, became chief executive officer last April. Under Cresap, Westinghouse has cut costs, improved low-profit product lines and reduced expenses...
...were the second best in history for that period (best: igss's $3.4 billion). G.M.'s first-half earnings climbed to $2.08 per share, v. $1.17 in the same period last year. Westinghouse Electric Corp. showed how well it had stepped up efficiency under President Mark W. Cresap Jr., raised second-quarter earnings to a record $1.12 per share, through operating economies that overcame lower sales. For the first half, Westinghouse earned $1.92 per share, v. $1.70 last year. Cresap and Westinghouse Chairman Gwilym A. Price forecast increases in sales and new orders during the second half...
...prices-they looked to be on the way up, too. Both Westinghouse President Mark W. Cresap Jr. and General Electric President Robert Paxton saw little chance of a price cut in appliances, instead talked of price increases forced on the industry by higher labor and material costs. In steel, which picked up speed to a scheduled operating rate of 63.8%, a little price cutting cropped up in the Detroit area, where Great Lakes Steel Corp. chopped prices $2 a ton. But it was strictly a cut to meet local competition and not likely to spread. The industry soon expects...
...price and style was a major preoccupation for the host of new men moving up to top rank. At year's end Westinghouse, whose "Shape of Tomorrow" pushed its sales of major appliances up 15% v. a 4% drop for the industry, rewarded Executive Vice President Mark W. Cresap Jr., 47, one of "Shape's" prime movers, with the presidency; longtime Boss Gwilym Price remained chairman. Every industry looked for new competitive talent. To exploit new markets at home, John L. Burns, 49, took over at Radio Corp. of America as Frank Fosom neared retirement; with more exploration...
...ante to $304 million. In quick succession the Pennsylvania Railroad spent $4,000,000 building twelve miles of spur track to the plant site, and M. A. Hanna Coal Co. started work on a big new mine to provide coal for Ohio Power Co.'s expanding plant at Cresap, W. Va., which in turn contracted to supply power for the new aluminum works...