Word: newberger
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...popped a stockholder to read a statement from ex-Chrysler Executive William C. Newberg, who was fired last summer after only 64 days in office as president because of his personal financial interest in Chrysler suppliers. "It is my conviction," said Newberg, "that we cannot ever again have a strong Chrysler under the czarist rule of Mr. Colbert." Under Colbert, said Newberg, Chrysler's share of the U.S. market had dropped from 21.5% in 1949 to 12.5% in 1959; in the past three years, the company lost $7,000,000 on sales of nearly $8 billion, lost another...
...Colbert won little sympathy from the audience. Newberg's selection as president "doesn't reflect very well on your judgment, sir," said a stockholder from Chicago. "Don't you think it's time to sweep clean?" To a rumble of boos, Colbert answered: "Mr. Newberg concealed his interests...
...Investigators. How much had it cost to investigate Chrysler officers after the Newberg scandal, inquired a stockholder, and then to hire Tom Dewey's law firm to investigate the investigation...
CHRYSLER PROBLEMS increase. Dissident Stockholder Sol A. Dann vowed to start a proxy fight to oust management. Deposed President William C. Newberg sued Chairman and President L. L. Colbert for $5,250,000, charging that Colbert conspired to make Newberg look dishonest to give himself "an aura of righteousness." Only cheery note: Chrysler 1960 earnings were $3.61 per share, first yearly profit since...
...troubled Chrysler Corp. last week was hit with lawsuit No. 7 stemming from the conflict-of-interest charges that brought on the firing of President William C. Newberg last summer. This suit came from Jack W. Minor, a Chrysler marketing director ousted when it was found that, like Newberg, he had profited from ownership in the automaker's suppliers. And like Newberg (TIME, Jan. 27), Minor claimed that Chrysler had known about his relations with the suppliers, said he was a scapegoat for top company officials to cover up their own sins, and asked $200,000 for damages...