Word: newberg
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...Chrysler employees and stockholders, it was the second bad shock in a month. Just three weeks ago, amid rumors of corporate skulduggery. William Charles Newberg, 49, left the corporation only nine weeks after he took over as president. Last week the full extent of his shady goings on was made public. Chrysler announced that Newberg had agreed to return "profits in excess of $450,000 made by him from interests in vendor companies." Corporate executives at Chrysler, including Chairman Lester Lum ("Tex") Colbert, normally a vocal fellow, were just as reluctant to talk about this startling news as they were...
Cawthon, was appointed general purchasing agent, the key job in dealing with supplier companies. As an engineer, Cawthon knew what Chrysler was buying-and whether it was getting its money's worth. Shortly before making his old friend Newberg president, Tex Colbert summoned all his executives...
Friends for years, Newberg and Colbert both started to work for Chrysler in 1933. As Colbert advanced, Newberg was usually only a step behind. When President Colbert became Chrysler's board chairman, it was no surprise to anyone that Newberg was named president, bypassing able First Vice President Edgar C. Row, 64, who, Colbert said, was ailing and anxious to retire. When Newberg left last week the ailing Row was pronounced "recovered" of his ailment (deafness) by Colbert and given his job back, despite the fact that Row had already released his secretary and cleaned out his desk...
...speculation was that Newberg had been caught in unauthorized negotiations with American Motors' President George Romney about a Chrysler-Rambler merger. Romney promptly denied it. Chrysler Stockholder and Chief Gadfly Sol Dann (TIME, May 2) hinted to reporters about shady dealings within the company, fired off a telegram to the Chrysler directors requesting them to "name the certain corporate policies upon which they differed, and specify which of these men was attempting to correct or remove any acts of corruption." Chrysler's reply: "No comment...
...week's end the fog of mystery began to lift: insiders whispered that a conflict of interests in Chrysler's purchasing policies had brought about Newberg's sudden exit from the presidency. But as for details, most of Chrysler's management, along with everyone else, was still being kept in the dark...