Word: marron
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Dates: during 1970-1979
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...chairmanship while Needham was in Europe. When Needham returned early last week, he was presented with a fait accompli. He resigned. His successor Batten may well be only a caretaker chairman. Among candidates to succeed him eventually: Paul Kolton, current chairman of the American Stock Exchange and Donald Marron, the brilliant (IQ: 190) chief of Mitchell, Hutchins, a Wall Street brokerage house. Needham plans to stay on as a consultant to Batten. But he rejected the Big Board's No. 2 post of president. That, in the view of one exchange officer would have been like descending from hotel...
Donald B. Marron, 39. The president and chief executive of Mitchell, Hutchins Inc., a major Wall Street institutional brokerage firm, started his own investment banking firm in 1958. Seven years later he merged with Mitchell, Hutchins, then a small Chicago firm and by 1969 was its president. Shifting emphasis from small-investor business to the institutional trade just in time to catch the new wave in the market, he has seen revenues grow by more than 40% a year since 1966 (last year's total: $20 million). One of his innovations has been to hire noted experts in other...