Word: foundered
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Dates: during 1950-1959
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...became vice chairman and chief executive officer. Pittsburgh-born Louis Lustenberger joined Grant in the standards department in 1929, three years out of Carnegie Institute of Technology. In Depression '32 he moved to Montgomery Ward, rose quickly to general personnel manager and vice president. In 1940 Founder W. T. Grant hired him back as an assistant to the president. Since the war, he and Staley, together with Grant (now 83 but still active as board chairman), have waged a major campaign to shift Grant out of drab downtown locations into suburban shopping centers. Result: Grant's sales...
...Philadelphia Lady." By ordinary publishing rules, the Paris Herald should have perished with its creator, the late James Gordon Bennett Jr., madcap son of the New York Herald's founder. While Bennett lived, the newspaper was never much more than an expensive plaything. Self-exiled to Europe after a series of escapades, Bennett established the Paris Herald in 1887 mostly as a buffer against his own ennui. Save for a glorious hour at the outbreak of the first World War, when Bennett resolutely published under the German guns after even the government had fled, the Herald for three decades...
...Samuel Maurice McAshan Jr., 54, moved up from vice president to president of the world's biggest cotton dealer, Anderson, Clayton & Co. of Houston, replacing Harmon Whittington, who retired under pressure at 59. McAshan, an Anderson, Clayton regular since he left Princeton ('27), is described by Founder Will Clayton, his father-in-law, as having "the quickest mind and greatest curiosity of anyone I've encountered." The shift marks a return to power of courtly, fiercely competitive Will Clayton, 79, onetime U.S. Assistant Secretary of State, who retired as chairman of Anderson, Clayton in 1950-only...
...Albert Handschumacher, 40, became president of Lear, Inc. (TIME, May 4), replacing James Anast, 40, former aide to Federal Aviation Boss Pete Quesada. Anast was made president last April, soon showed he planned to be the boss. He politely notified Founder William Lear, 57, who controls the company, not to visit the plant without forewarning Anast (replied Lear: "I'm going to make believe, young man, that I did not hear that"). Showing who is boss, Bill Lear, without warning, turned to Director Handschumacher at the quarterly board meeting, asked if he would take over. Says Lear of Handschumacher...
Died. James Hazen Hyde, 83, son of Founder Henry Baldwin Hyde of the Equitable Life Assurance Society, and himself an elegant dandy whose $100,000 Manhattan party in 1905-a re-creation of Versailles, with imported French food, wine, clothing and actresses-climaxed the extravagances of the Gilded Age and turned the harsh glare of publicity on the free-spending practices of insurance companies; in Saratoga Springs. N.Y. Spurred by public indignation, a committee of the New York state legislature investigated Equitable, pressured young Hyde to quit his job as vice president. Incensed. Hyde moved to France, where he settled...