Word: kappele
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...regular line of succession to fill an executive-suite vacancy in the headquarters at Manhattan's 195 Broadway. Thus it was hardly a surprise when A.T. & T. directors last week picked President H. I. (for Haakon Ingolf) Romnes, 59, to replace Chairman and Chief Executive Frederick R. Kappel (TIME cover, May 29, 1964), who reaches the mandatory retirement age of 65 next month...
Tough to Follow. Romnes noted that Kappel will be "a tough act to follow," and there was little argument about that. In the ten years that the outgoing chairman held one of the world's most prestigious corporate posts, A.T. & T. added 30 million telephones, $17 billion in assets, and 3,000,000 shareholders-twice as many as it had when he came into the job. But if company-wide experience is a criterion, A.T. & T. has made another wise choice...
Support from the Club. Though many businessmen were miffed by Johnson's Indian-giver tactics on the 7% tax credit, his proposal was endorsed in testimony before Chairman Wilbur Mills's House Ways and Means Committee by three corporate chiefs: A.T. & T.'s Frederick Kappel, the Pennsylvania Railroad's Stuart Saunders and Campbell Soup's William Murphy. They agreed to testify under pressure. Commerce Secretary John Connor phoned Murphy, urged him to testify and to recruit other members of the President's "club" of business advisers to come...
Murphy got in touch with Kappel and Saunders, then saw the President in the White House, told him that if business was to be called on to make its sacrifice, then it was also high time for Johnson to cut spending and to speak up more bravely against inflationary wage increases...
...corporations have paid out about $20.6 billion in dividends. Among last week's shareholder sessions: > A.T.&T. had previously reported a record-breaking earnings pace of $468,684,000 for the three months ending Feb. 28. That rate continued in March and April, said Chairman Frederick R. Kappel at a meeting in Detroit. "Business is booming, earnings are good, and the prospect ahead is for more of the same," said Kappel. However, in response to President Johnson's plea for corporations to combat inflation by cutting back on capital investment, A.T.&T. has reduced its 1966 expansion program...