Word: lum
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MILTON CANIFF MORTIMER CAPLIN AL CAPP CLIFFORD P. CASE JR. CHARLES E. CHAMBERLAIN NORMAN CHANDLER CAROL CHANNING COLBY M. CHESTER INA CLAIRE MARK W. CLARK Lucius D. CLAY VAN CLIBURN CLARK CLIFFORD BENJAMIN V. COHEN LESTER LUM COLBERT ANITA COLBY EDWARD N. COLE LEROY COLLINS JAMES BRYANT CONANT FAIRFAX M. CONE JOHN SHERMAN COOPER THOMAS CORCORAN ERRETT L. CORD RALPH J. CORDINER VIRGIL COUCH JOHN COWLES EDITH CUMMINGS JOHN P. CUNNINGHAM ALEXANDER C. CUSHING
Difficulties came to a head under Lester Lum ("Tex'') Colbert, 57, former Chrysler attorney who took over command of the company in 1950. Colbert began a feverish drive to modernize Chrysler's plants, and was responsible for the rakish "Forward Look" that made Chrysler's 1957 cars a runaway success. But in the process, he let the company's quality standards slip scandalously. By 1959, Chrysler sales had slipped from a solid 25% of the U.S. auto market under Walter P. down to 11.3%. From a $120 million profit in 1957, the company staggered into a $34 million loss...
...also the nation's biggest coalman. Chrysler's directors turned to Love because he is a proven comeback champion (his Consolidation is highly profitable despite the slump in coal). New Chairman Love will make policy and wield virtually the same powers as did former Chairman Lester Lum Colbert; Townsend will boss day-to-day operations, much as did former President William Newberg...
...fearful of Chrysler's long-term future, or dissatisfied with the offer (along with the customary six-figure salary, Chrysler's directors were offering three-year stock options that could be worth $1,500,000). What helped to scare them off was the determination of Chairman Lester Lum ("Tex") Colbert, 56, prime target of a vocal group of dissatisfied Chrysler stockholders, to stay on as Chrysler's chief executive officer until next year, when he hoped company finances would look better...
Virtually every one of its models is a sales disappointment to Chrysler-a fact that Chairman Lester Lum Colbert blames chiefly on bad publicity resulting from stockholder dissension and the conflict-of-interest scandals (TIME. July 11 et seq.). Once-mighty Plymouth has skidded from 4.9% to 3.3% of the market, and the European-styled Valiant has not made up the difference, rising only from 2%_ to 2.1% despite a $100 price cut. Valiant's new and costlier twin, the compact Dodge Lancer, got only a discouraging 1.2% of the market, and the middle-priced Dodge Dart, newly styled...