Word: kress
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...Rush H. Kress, 81, ailing brother of the late founder of the 261-store S. H. Kress & Co. five-and-ten chain, was replaced as chairman by New Jersey Construction Executive Paul L. Troast,* a leader in the revolt of Kress Foundation directors that stripped Rush Kress of power (TIME, March 3). Command of the slipping company (sales slid from $176 million in 1952 to $159 million last year) will be shared by Troast, recently named President George L. Cobb and Executive Committee Chairman Frank M. Folsom. Their plan: sell off some of the chain's stores to raise...
...bossed stores in five cities across the nation, became manager of the Boston district before being called to Manhattan in 1954. ¶ George L. Cobb, 47, president of Zeller's Ltd., a Canadian variety-store chain affiliated with W. T. Grant Co., was appointed president of S. H. Kress & Co., sixth-largest U.S. variety-store chain (261 stores). He succeeds C. G. Trammell, who resigned in March with two vice presidents in an effort to avert a proxy fight threatened by the Kress Foundation, which holds 42% of Kress stock (TIME, March 3). Cobb was picked...
...KRESS FOUNDATION will exercise control of S. H. Kress & Co. variety-store chain. Four members of Kress's seven-man board were replaced with four foundation men. Company Chairman Rush H. Kress acceded to demands of foundation, which owns 42% of Kress common, after it threatened proxy war (TIME...
...tough-talking Washington law partner of onetime U.S. Senators Millard Tydings and James Duff, Landa has been a key figure in the proxy battles for many top companies, e.g., Fruehauf Trailer, and the current dispute over S. H. Kress. Late in 1956, Landa joined in the Penn-Texas fight along with Robert Morse Jr., whose Fairbanks, Morse & Co. was threatened by a Silberstein takeover. With Morse bankrolling the fight, Landa led last year's Penn-Texas proxy crusade that elected two anti-Silberstein directors. Landa was also a key man in forcing last November's shake-up that...
...showdown, Chairman Kress will have a hard time overcoming the rebels. Since they are a majority of the foundation's trustees, they have 42% of the stock in their control, will need only a small number of proxies from other stockholders to gain a majority...