Word: lum
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...Chairman Lester Lum ("Tex") Colbert is charged with helping Budd Co. get die orders in 1957 and 1960 on a time-and-material cost basis, which the complaint terms "unheard of" in the auto industry...
...with sales of $7.1 billion, earnings of $2.15 per share v. $2.08 in the first half of 1959. Though Chrysler's first-half sales were up 14% to $1.75 billion, earnings thudded from 1959's $6.65 per share to $2.69. The principal reason, explained Chrysler Chairman Lester Lum ("Tex") Colbert, who was also deep in other troubles (see below), was "lower profit margins on the economy-type cars." Ford felt the pangs of the compacts' success the most (42% of Ford cars sold in the second quarter were compacts) : though Ford sold more cars in the first...
...weeks after he took over as president. Last week the full extent of his shady goings on was made public. Chrysler announced that Newberg had agreed to return "profits in excess of $450,000 made by him from interests in vendor companies." Corporate executives at Chrysler, including Chairman Lester Lum ("Tex") Colbert, normally a vocal fellow, were just as reluctant to talk about this startling news as they were about Newberg's sudden departure...
...last week, smilingly posed beside brand-new 1961 models for pictures to be used when the cars go on sale in September and October. Elected president only nine weeks ago, he talked enthusiastically of plans for Chrysler's coming year. Two days later Chrysler Chairman Lester Lum ("Tex") Colbert called an emergency meeting of Chrysler's board of directors in Manhattan, and he and Newberg flew there from Detroit in two company planes. At the meeting, to the shocked surprise of Detroit insiders and outsiders alike, Newberg resigned...
...damaging American Motors' future as well as the price of its stock, which is now about 30% below its 1959 high. Said he: "They are not only completely untrue but unfair to everyone who has a stake in our plans for continued growth." Added Chrysler Board Chairman Lester Lum ("Tex") Colbert emphatically: "There is absolutely no truth to such a report...