Word: gidden
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Dates: during 1970-1979
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...long before taking action. Says one executive: "It's inconceivable that a company of GEICO's size could run up such a loss in one year without Wallach saying 'Hey, fellas, what's going on here?' " In May GEICO directors ousted Chairman Norman L. Gidden, 59. New Chairman John J. Byrne, 44, has pulled GEICO out of New Jersey-a dismally unprofitable state-and pledged to trim by 20% the 2.4 million auto policies in force (there are 400,000 homeowner policies too). Byrne is also eager to get rate increases wherever possible; even before...