Word: gerstenberger
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...account, Richard Charles Gerstenberg got his first big break at General Motors by helping justify the company's price increases in hearings before the Office of Price Administration during World War 11. "I spent months in Washington working on the detailed end of the assignment," he says. "I really got a short course in the cost and pricing problems of General Motors in those days." Now that wage and price controls are back, G.M. faces some of the same problems, and its directors want Gerstenberg again to try to raise earnings in a Government-restricted, profit-squeezed economy. Only...
Main Rival. As vice chairman since April 1970, Gerstenberg has been a leading contender for the job. His main drawback was that his entire 39 year career at G.M. has been devoted to finance rather than to engineering or production, which many automen still regard as the drive shafts of the industry. But G.M. traditionally awards its chairmanship to the executive who seems best equipped to handle the problems immediately ahead. Gerstenberg's outstanding record of money management, and his articulateness in defending the auto industry against a growing number of critics, made him the choice. Thus "old Gerstenberg...
...biggest surprise was the appointment as new vice chairman of Thomas Aquinas Murphy, 56, a vice president who also came up through the financial division. He leaped over ten more senior VPs to get Gerstenberg's old job. Picked out as a rising star, Murphy said, "I was stunned...
...Richard Prentice Ettinger, 77 co-founder of Prentice-Hall, Inc., who parlayed a manuscript and a promise of credit into a publishing empire worth more than $120 million in yearly sales; of heart disease; in Miami Beach. Ettinger began as a $4-a-week law clerk for Charles W. Gerstenberg, who in 1913 wrote a book on corporate finance. The two formed Prentice-Hall, Inc., talked a printer into publishing the book on credit, and thereafter concentrated on business and educational material. Once they found themselves stuck with thousands of copies of a volume on federal taxes; changes...
Even within the C.E.D., these tough and sweeping proposals are controversial. Several executives, notably Vice Chairmen Richard Gerstenberg of General Motors and Herman Weiss of General Electric, dissented from the incomes-policy recommendation, largely on the ground that it would be unworkable. Nevertheless, the majority argued that, at worst, the plan would do little harm; at best, it might reduce by half a percentage point the rate of unemployment that the nation must suffer as the cost of curbing inflation. Hypothetically, a 5.5% jobless rate would do as much to slow price increases as a 6% rate under present policy...