Word: myron
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...sincere opinion the Man of the Year-the one outstanding industrial Man of Peace in 1937-Myron Taylor of U. S. Steel. . . . STEPHEN M. WALFORD Wallingford, Conn...
...more long-range significance was Big Steel's other announcement last week- a complete shuffling of officers, the virtual completion of Chairman Myron C. Taylor's ten-year program of reshaping Big Steel. Chairman Taylor, who looked more like an Episcopal bishop than a steelmaster, was an eminently successful lawyer when he became a U. S. Steel director in 1925. Seven years later he succeeded J. P. Morgan as chairman. Head of the finance committee in 1927, he had by 1929 retired most of Big Steel's funded debt, thereby reducing fixed charges some...
...years ago hired young Edward Reilly Stettinius Jr., a vice president of General Motors, made him vice-chairman of the all important U. S. Steel finance committee, succeeding a man twice his age (TIME, Dec. 25, 1933). Since then it has been generally expected that Ed Stettinius would be Myron Taylor's successor as chairman of the board of directors. Last week, announcing that next April he would step down from the chairmanship, Myron Taylor made good this expectation...
...least of Myron Taylor's changes in Big Steel came unexpectedly last spring when he made his peace with John L. Lewis, a step regarded by many steelmasters as heresy of the first order (TIME, March 15 et seq.). Reports last week that Myron Taylor had stepped out of office because of such criticism received little credence. Actually Myron Taylor, having taken the chairmanship with the utmost reluctance in the first place, has long wanted to retire. Resumption of Big Steel common stock dividends makes an opportune moment. And four years' training has well groomed Ed Stettinius...
Along with Myron Taylor's retirement will come that of U. S. Steel's President William A. Irvin, now a year from the retirement age of 65. To succeed him, Big Steel's directors last week picked 47-year-old Benjamin F. Fairless, who began as a schoolmaster, tried his hand at railroad engineering, joined Central Steel Co. in 1913, eventually became vice president. Through various mergers, Ben Fairless rose to be executive vice president of Republic Steel, left that post to become president of Myron Taylor's Amalgamated Carnegie-Illinois Steel Corp. in 1935. Following...