Word: edsel
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...closet," sighs Olga Flores, a Houston social worker, of her $350-a-month one-bedroom apartment, which she found only after a long search. The old rule that renters spend no more than a quarter of their pretax income on rent went out with the Edsel. Explains Marc Lewis, a part owner of Manhattan's Gardner Realty: "They come looking for a one-bedroom and end up taking a studio...
...Next year, you'll find me in the audience." So said a smiling Henry Ford II last week at the annual meeting of the huge auto empire attended by 2,850 Ford Motor Co. stockholders in Detroit's jampacked Henry and Edsel Ford Auditorium. As expected, Ford, 61, said that as of Oct. 1 he would step down as chief executive of the world's second largest auto company, which last year had sales of $43 billion. His successor, he added, would be the company's president, Philip Caldwell, 59, the first non-Ford ever...
...There was, for instance, Henry's rebellious nephew Benson Ford, 29, who was in Detroit not only for the meeting but also to push a lawsuit that is part of his fight to elbow his way onto the Ford board. Also present was Henry's only son Edsel, 30, who is assistant managing director of the company's Australian operation and the only member of the younger generation of Fords now being groomed for an important role in the firm...
Henry's only son, Edsel, 30, is expected to move to Detroit from his job as assistant managing director of Ford's Australia operations. He is enthusiastic and well liked. Says a former boss: "Edsel is like his father-more savvy than smart." Henry II has long hoped that Edsel would eventually become chief; yet even though the Ford family owns 40% of the voting stock, it is by no means certain that there is an Edsel in Ford's future. Said Henry II, as Edsel listened impassively in the audience: "It is very difficult to predict...
...Brother William Clay Ford, now 53, the owner of the Detroit Lions; Henry brought him into the top management last June. But Henry II will remain a board member until he is 70, giving him time enough perhaps to execute the last flourish of his plan: to install Son Edsel, now 29 and assistant managing director of Ford of Australia, as chairman of his great-grandfather's company...