Word: nortone
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Tough, tyrannical Sewell Lee Avery had lost "the first round, but he did not seem to know it; although Montgomery Ward's board of directors had knocked him down a peg and made President Wilbur Norton day-to-day boss (TIME, May 31), Chairman Avery went on as if nothing had happened. Last week the second-round bell sounded...
...While Norton was on the West Coast on business, Avery suddenly called a special meeting of the board in Chicago. Norton rushed back, only to find that Avery had just as suddenly postponed the meeting for three days. Anyway, Norton was assured, the meeting would be a routine one. So Norton decided to pass it up for his daughter's graduation at a private school in Maine...
Directors George Whitney and Harry Davison of J. P. Morgan & Co. also thought they could skip the "routine meeting." Though Morgan interests had helped put Avery in as Ward's chairman 17 years ago, Whitney and Davison are now reportedly pro-Norton. When the meeting was finally held, it turned out to be anything but routine-and still another Norton man, Director Lawrence Appley, was among those missing...
Also selected were Nicholaas Bloembergen of Holland, Paul R. Garabedian of Norton, George D. Halsey, Jr. of Washington, D.C., Thomas C. Schelling of Cambridge, and Hao Wang of China...
...also made Bill Norton the day-today boss of the second biggest merchandising business...