Word: ehrgott
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Dates: during 1960-1969
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...shareholders, who together hold about 40% of A. & P.'s stock. In 1958. at their insistence. A. & P. added outside directors to its board for the first time. Two months ago. the six outsiders vigorously dissented from Burger's selection of Vice President and Treasurer John D. Ehrgott, 67, to succeed him as president. They argued that Ehrgott was too old-and their criticism implied that at 73 Burger was also too old to continue as chairman and chief executive. A. & P. has been slipping in sales and earnings while some competitors marked up gains...
...when the Great Atlantic & Pacific Tea Co. last week announced a successor to Chairman-President Ralph W. Burger, who resigned as president because of age, the reaction in public of A. & P.'s board was neither unanimous nor routine. Burger proposed that Vice President and Treasurer John D. Ehrgott succeed him. All 14 inside directors, officers of A. & P. or its operating divisions, voted yes. Surprisingly, six outside directors* elected to the board five years ago vigorously took exception with a clear and unmistakable...
...minority complained that, at 67, Ehrgott, a 45-year veteran with A. & P., was hardly younger than Burger at 73. What A. & P. needed, they insisted, was younger blood. They had a point. Though A. & P. dominates its field (and is the largest merchandising firm in the U.S.), its officers' average age is over 60, and some of the wrinkles show. Last fiscal year A. & P. slipped $6,000,000 in sales and $1,500,000 in earnings, while some competing chains, notably second-place Safeway, marked up good gains. The directors' revolt against age failed to impress...