Word: dorsey
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Tricky Question. Abroad, he was better informed. In fact, Dorsey himself in 1966 and 1971 ordered payments totaling about $4 million to politicians in South Korea, where Gulf has sizable operations. The question of whether to pay was tricky, because the line was so fine between bribery on Gulfs part and extortion by the Koreans. Dorsey described for the McCloy committee a meeting with South Korean Politician S.K. Kim: "He dived straight into the matter and told me that we were doing exceedingly well out there, and that basically our continued prosperity depended on our coming up with...
Weighing the evidence, McCloy's committee decided that there was "no basis" on which to conclude that Dorsey knew about all of Gulf s unlawful political contributions. But the report added that Dorsey "perhaps chose to shut his eyes to what was going on. Had he been more alert to the problem, he was in a ready position to inquire about and put an end to it." To cover all this material took seven hours. The directors adjourned...
...board room. This time the directors had to make a decision, so all brought their lawyers to advise them. The directors knew that the Pittsburgh business community believed overwhelmingly that top management would have to go, if only as a symbolic act. On the other hand, they also valued Dorsey highly as a gifted executive, and knew that he had vowed not to quit. Nonetheless, a group of three directors closely identified with the Mellon interests wanted, as one family source put it, "to clear the air as quickly as possible...
Still, the other voting board members, three of whom were company executives, were determined not to be rushed into taking action. Among the possibilities examined were some suggested by Dorsey himself or his lawyers to hold on to his job. One was the naming of a vice chairman who would wield effective power as chief executive. Another was the establishment of a troika of leaders, including Dorsey, to share power. Both suggestions were rejected...
Finally, after 16 hours of deliberation, the board announced its decision at 1:15 Wednesday morning: Dorsey's resignation was requested, received and accepted-effective ten hours and 45 minutes later. Dorsey and E.D. Brockett were allowed to complete their terms as directors but will have to give up their seats in April. The resignations of William L. Henry, president of the Gulf Oil Real Estate Development Co., and Fred Deering, senior vice president, also were accepted. Herbert C. Manning, vice president and secretary, lost his job as a Gulf officer, but will be assigned to new duties...