Word: perlman
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Hired as president and chief executive officer of the New York Central Railroad in 1954 by the late Robert R. Young, Old Railroader Alfred E. Perlman was given a $100,000-a-year salary and a fat option to buy 32,000 shares of Central stock at 19⅞ But Bob Young did not believe in contracts, would not give Perlman one. Last week the Central's directors acknowledged Perlman's success in improving the road's equipment and operations, after six years on the job signed him to a long-term contract. The terms...
...Since Perlman took over the Central, the road has reduced its long-term debt by $96 million (to $729 million), cut its passenger deficit from $42 million in 1953 to $24.8 million last year, piled up earnings of $1.29 per share in 1959 (double the previous year). Last week the Central's directors declared a 25? dividend, the second this year...
...PERLMAN President...
Third-year men include William G. Buss, Arthur Z. Gardiner, Jr., Walter H. McLaughlin, Cordell J. Overgaard, Matthew S. Perlman, Roy A. Schotland, Frederick A. O. Schwartz, Jr., and Jerold Zieselman...
...Central's Perlman has his mind set on "a fresh approach." Possible solutions: turn the express business over to private freight forwarders, who could use piggyback service coordinating rail and road traffic, or let the Government take over express as parcel post...