Word: mckinseys
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...renting an office to hang up my hat in and start off for regularly every morning," said Marshall Field's John McKinlay in Chicago last week. The 61-year-old Scotsman had just placed his resignation as president in the hands of another Scotsman, Chairman James McKinsey. To President McKinlay, who rose from a cashboy, Marshall Field was an Institution. To Chairman McKinsey, who entered from the top as a professional management counsel, Marshall Field was a corporation with a problem. The two viewpoints were incompatible. As Mr. McKinlay's successor, Mr. McKinsey suggested Vice President Frederick Dexter...
...stuck exclusively to quality, finally abandoned jobbing entirely (TIME, Dec. 9). Not until last week, however, was it known what a miserable failure Marshall Field's jobbing activities had actually been. In reporting 1935 profits of $199,000 for Marshall Field as a whole. Chairman James O. McKinsey revealed that the wholesale division had lost no less than $12,000,000 in the past five years. Butler's President Cunningham, in Florida last week for a quick vacation, must have had a few chuckles over that Field report, for he expects to grab off a fat slice...