Word: jaye
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Dates: during 1960-1969
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SCUBA DUBA. Bruce Jay Friedman's tense comedy makes a mockery of the sacred cows and shibboleths of an illiberal liberal. Jerry Orbach is the manic hero run amuck on a Riviera holiday...
...closed last week at $26.75), A. & P. shareholders have long been restless over the company's declining (now 18%) share of grocery-chain sales. Last year its profit of $56 million (on sales of $5.4 billion) was off a bit from the previous year, despite Jay's robust prediction that earnings would be "running at a record pace...
Something Drastic. At the meeting, the company credibility gap was hardly improved when Chairman Melvin W. Alldredge insisted that the absent Jay had retired merely "because of personal reasons." With "such an aura of mystery," complained one disbelieving stockholder, "it must have been something fairly drastic." There were some rather drastic statistics to consider. During A. &P.'s first 1968 quarter, which closed just seven days before Jay exited, profits plummeted 21 % below the 1967 first quarter. Moreover, Alldredge conceded, there was no sign of "any significant change" ahead...
...stockholders had looked for quite a bit of change from Jay himself. A spare, cigar-smoking salesman, Jay took over an ailing company whose aging management-the three previous chiefs were 67, 68 and 66 when they took over-was losing ground to smaller chains. Jay moved A. & P. into long-term leases in suburban shopping centers and launched a sizable renovation and new construction program; he also tried to cut commodity costs with such facilities as the company's own recently opened, $25 million food-processing center in Horseheads...
...annual meeting, Chairman Alldredge snapped that such allegations are simply "not true." Relatively youthful (56) in A. & P. terms, Alldredge came up through storeside ranks, was named president in 1963, became chairman in 1966, and two weeks ago was given Jay's key title of chief executive officer. Parading a new management team, including fledgling President William J. Kane, 55, Alldredge promised "a fresh start...