Word: fairchilds
(lookup in dictionary)
(lookup stats)
Dates: during 1940-1949
Sort By: most recent first
(reverse)
...Fairchild Engine & Aircraft Corp.'s plant in Hagerstown, Md., Chairman J. Carlton Ward Jr., 56, last week called his stockholders' meeting to order. Thin and grey as a timber wolf, Ward seemed calm, but he had good reason to be nervous. Before him sat Sherman M. Fairchild, 53, the company's founder and onetime president, who had come to Hagerstown sworn to kick Ward...
...situation full of irony. In 1939, when Inventor Fairchild wanted to float $800,000 worth of financing for his company, bankers insisted that he bring in a practical operating man to help run the plant. A year later, Fairchild himself picked Carl Ward, then general manager of Pratt & Whitney Aircraft Corp., brought him in as president and kicked himself upstairs as chairman...
Before long, Fairchild found that Ward insisted on running the company in fact as well as name. Soon Ward had enough directors to outvote Fairchild. Fairchild-who invented the Fairchild camera used by the U.S. Army for aerial mapping-prided himself on being an idea man. Ward threw most of his ideas in the wastebasket. Three years ago, fed up, Fairchild resigned as chairman...
Five months ago he got a chance to strike back at Ward, who had piloted the company through the lushest days of its World War II boom. Ward had decided to retire (the board had voted him a $25,000-a-year pension for life). Sherman Fairchild (who still owned 95,000 shares) formed a committee to defeat the pension. Ward was alarmed and withdrew his plan. Fairchild went ahead with his committee. Its new purpose: to oust Ward...
Last week came the showdown. For two days, the tellers counted the proxy ballots, while Ward and Fairchild eyed each other tensely. Finally, enough votes were in for Ward to know that he was defeated (1,191,217 to 622,186). Sherman Fairchild's first act was to pick Richard Boutelle, the plant boss whom Ward had ordered out of the plant a week ago for supporting Fairchild, as the new president of the company. Fairchild would hold no office other than director. But this time he thought the president would pay some attention to his ideas...