Word: nevin
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Dates: during 1980-1989
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...looked like a crisis that could be dealt with only by an expert in the tire industry. But the board of directors unexpectedly went outside the business and chose John Nevin, 54, the silver-haired chairman of Zenith Radio Corp., to head Firestone. Nevin was not a total stranger to Firestone's world. Earlier in his career, he had been general manager of Ford Motor Co.'s parts division. Says he: "I knew tires and tire companies well...
...December 1979, Nevin arrived in Akron with a mandate to do whatever was necessary to save the company. "I took over with my eyes wide open," he recalls," but I was not aware of how critical the cash problems were." Indeed, in the three years preceding Nevin's arrival, Firestone had a negative cash flow of $400 million...
...Nevin moved swiftly. During 1980 he cut excess capacity by closing seven Firestone tire plants in the U.S. and Canada, leaving ten, and reduced employment from 107,000 to 83,000. He slashed plant capacity, in part because he believes that tire sales in the foreseeable future will not return to the levels set during the early 1970s. Reasons: radials wear much longer than bias tires, and auto production is unlikely to reach its prior peak levels...
...Chairman, Kellogg Co.; Sol M. Linowitz, Senior Partner, Coudert Bros.; William S. Litwin, President, Kero-Sun Inc.; Stewart G. Long, Vice President, Trans World Airlines Inc.; Henry Luce III, President, Henry Luce Foundation Inc.; Robert H. Malott, Chairman, EMC Corp.; Gerald C. Meyers, Chairman, American Motors Corp.; John J. Nevin, Chairman, Firestone Tire & Rubber Co.; Frank Pace Jr., President, International Executive Service Corps; Donald S. Perkins, Chairman, Jewel Companies Inc.; Paul C. Sheeline, Chairman, Inter-Continental Hotels Corp.; Forrest N. Shumway, Chairman, Signal Companies Inc.; John G. Smale, President, Procter & Gamble Co.; Thomas J. Watson Jr., Chairman emeritus, International Business...
...Newstour changed some long-held preconceptions. Firestone's Nevin found himself surprised at "the diversity of the four Communist countries. I had thought of them as much more monolithic." Inter-Continental Hotels' Sheeline said, "We're always told that Arabs are all brothers, with one point of view. But they have totally different points of view on many issues." The participants came away deeply concerned about the difficulties the U.S. faces. John Beckett of Transamerica deplored the lack of a "decent export policy." Former Diplomat Sol Linowitz recommended that the U.S. "get its priorities about the Soviet...