Word: lenesse
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First Freshman Eights--1. Harvard (bow, John Moss, 2. John Leness, 3. David Marcello, 4. Scott Johnson, 5. Robert Nudge, 6. Arthur Cuse, 7. Matthew Arrot, stroke, John MacKachern, coxswain Leonard Shen), 6:10; 2. Penn, 6:16.1; 3. Navy...
...move, President James E. Thomson, 63, became vice chairman of the board, chairman of the policy committee and chief planning officer. Following Thomson as president will be Donald T. Regan, 49, a Massachusetts Irishman from Harvard who was a 1940 classmate of John F. Kennedy. Chairman George J. Leness remains as chief executive. But since Merrill Lynch has a mandatory retirement age of 65, Chairman Leness will step out late this year and turn his title over to Thomson. When Thomson retires a year after that, Regan will step in to run the world's largest investment house...
...company, its clients, the nation, and for that matter, the world. It was therefore all the more remarkable that Merrill Lynch almost routinely underwent a major leadership change just last month. Michael McCarthy, 63, who had been chairman since 1961, moved up to executive committee chairman. President George J. Leness, 63, became chairman. With only two years left before mandatory retirement, McCarthy and Leness are really beginning to phase themselves out; they plan to spend most of their time pondering about Goliath's long-range future...
...Front Office," comprised of 2,800 registered representatives, or "customers' men," who retail stocks and account for 65% of Merrill Lynch's business. The firm selects one of every 15 sales applicants, trains him for seven months in a program that includes McCarthy, Leness and Thomson as schoolroom lecturers. It pays salesmen a salary that is now at a median of $18,000 but ranges upwards of $200,000 for real stars. To discourage "churning"?the unnecessary turnover of stocks in a customer's account as a way of earning fees?Merrill Lynch, unlike most brokerage houses, does...
...straighten out the firm's accounting and order-processing operations, then in a tangle because of merger with other firms using different procedures. To prepare, he worked in every department, then successfully tackled the tangles, moved up to a general partnership in 1944. The new president: George J. Leness, 57, formerly head of the firm's underwriting department, who has been with the firm for 16 years...