Word: ehrgott
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Lately A. & P. has started up the comeback aisle. At the cost of lower earnings, it rescinded some of the price rises. Last year it brought in a 52-year-old president, Melvin Alldredge, who, unlike Chairman lohn D. Ehrgott, 68, has worked as an A. & P. store clerk and manager. And it has begun to stock more nonfood items, from towels to toys, which carry markups as high as 42% v. only 16% for the edibles...
...commanding share of the U.S. food dollar has slipped some in recent years, and Chairman Ehrgott will dust off and polish up an old company philosophy to see what he can do about it. "There are," he says, "only three reasons for the chain-store business: low prices, low expenses and reasonable profits. If you get away from that, you're in trouble." Ehrgott intends to run the world's largest grocery chain and the largest U.S. merchandiser (1962 sales: an estimated $5.4 billion) by committee, will ask other top company officers to join him in making decisions...
Since January, the offices of The Great Atlantic & Pacific Tea Company have hummed like a checkout counter as executives switched jobs. First, Chairman-President Ralph W. Burger, 73, stepped out as president and was succeeded by John D. Ehrgott, 67, despite the complaint of six outside directors that A. & P. needed younger blood. Next, Burger announced his retirement as chairman, creating an empty seat. Last week the seat was filled when quiet, reticent Jack Ehrgott moved up to chairman and chief executive after less than a month in his last job. As its new president A. & P. picked Vice President...
...started low and worked long (46 years) before making it into the top echelon. A graduate of New York University, he rose through the accounting side, for years worked with A. & P. Developers John and George Hartford, and still frequently invokes their names ("Mr. John" or "Mr. George"). Chairman Ehrgott's first problem at "the Tea Company," in fact, is to decide whether to move into Mr. John's hallowed office, where a sign on the wall tells him what he is up against: "Ache & Pain Dept...
...philanthropic Hartford Foundation. In what seemed to be a peacemaking gesture toward the family, five more outside directors were added to the A. & P. board (bringing the outside force to 11 out of 25 directors), including three of the family attorneys. At this point, it is still unclear whether Ehrgott will step up to run the company or, if not, who will...