Word: newberg
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Dates: during 1960-1969
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Died. Nicholas Kelley, 80, longtime (1937-57) director and general counsel of Chrysler Corp. and senior partner of Kelley, Drye, the Manhattan law firm whose 1960 probe of conflict-of-interest charges involving Chrysler executives toppled President William C. Newberg (his holdings in companies supplying the automaker earned him more than $450,000) and touched off an avalanche of stockholder suits that forced the resignation of flamboyant Board Chairman Lester Lum ("Tex") Colbert; of a stroke; in Teaneck...
...Curtis' worries, William C. Newberg, former president of the Chrysler Corp., last week filed a $2,000,000 libel suit claiming damage from a Post article about a management shakeup at Chrysler-the latest of some half-dozen actions generated during Clay Blair's "sophisticated muckraking" approach to journalism. Nor have Rebel Leaders Blair and Kantor had their last say. Both have brought suit against Curtis for the balance they claim is due them under unexpired contracts; both are collaborating on a book about Curtis' October revolution. Said Blair: "It will rock Philadelphia...
After a conflict-of-interest scandal involving William C. Newberg, Colbert's personal choice to run Chrysler's day-today operations, there was an outburst of stockholder suits and public recriminations. Chrysler Director George Love, 62, the big, amiable chairman of Pittsburgh's Consolidation Coal Co., stepped in to fill the leadership breach. With the support of a committee of outside directors, he ousted Colbert. But the task of finding a new president and operating boss for Chrysler proved difficult. Unable to persuade anyone outside the company to risk the job, the directors in July 1961 turned to Administrative Vice...
...because he is a proven comeback champion (his Consolidation is highly profitable despite the slump in coal). New Chairman Love will make policy and wield virtually the same powers as did former Chairman Lester Lum Colbert; Townsend will boss day-to-day operations, much as did former President William Newberg...
Ever since the resignation of Chrysler Corp. President William C. Newberg a year ago on conflict-of-interest charges (TIME, July 11, 1960 et seq.), the directors of the nation's third biggest automobile company have been knocking on corporate doors across the U.S. seeking a new president. Last week, in a move that caught Detroit by surprise, the Chrysler board called off its hunt for an outsider and turned inside to tap Administrative Vice President Lynn Alfred Townsend...