Word: largest
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Dates: during 1960-1969
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Died. Henry C. Alexander, 67, architect of the merger that created Morgan Guaranty Trust, the country's sixth largest commercial bank (assets: $11 billion); of a stroke; in Manhattan. Alexander accepted a partnership in the faltering house of Morgan in 1939, and shook up the stodgy banking community by aggressively scouring the country for new accounts and training a new generation of bright young employees to follow his lead. By 1959, Morgan was a growing, $915 million concern, and Alexander had the stage set for his greatest coup: merger with $3.13 billion Guaranty Trust...
Around the Portage Country Club in Akron, Ohio, conversation these days is anxious, subdued, and addressed to one topic: dismissals of executives and white-collar workers at B. F. Goodrich Co. Since September, the fourth largest U.S. tiremaker has quietly retired or fired several hundred employees, including one vice president and many middle-aged people who have spent the bulk of their working lives with the company. The dismissals have often been abrupt, impersonal and accompanied by a minimum in severance...
...purge is a result of last spring's attempted takeover of Goodrich by Ben Heineman's Chicago-based Northwest Industries. Goodrich waged a successful defense [TIME, May 23] that has become a classic in corporate tactics. But Northwest emerged as the largest single stockholder, with 16% of Goodrich's shares. That was a sufficient threat to spur Goodrich's chairman, Ward Keener, to make good on his promise in the heat of the takeover battle to "improve profit margins...
Executives of Fantus Co. have helped so many companies find sites for new plants or offices that they have built the world's largest industrial location service. Last week they concluded that they have been in the wrong place themselves. They decided to move Fantus' headquarters out of Manhattan to South Orange, NJ.-following such firms as General Foods, American Can and PepsiCo, which have shifted large operations outside the city...
...unknown. He belongs to few clubs and, unlike many bankers, has never headed a Chamber of Commerce. From now on, he will operate more in the public eye. Last week Bank of America directors chose "Tom" Clausen, 46, to become president and chief executive of the world's largest commercial bank...