Word: phils
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Dates: during 1940-1949
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...time Phil, then 29, succeeded his father as president in 1925, and increasingly after the old man died in 1932, Wrigley's aging board of directors, several of them family stockholders, leaned to ward the status quo. As readers of the Chicago Tribune, some of them also leaned toward isolationism. Now they lean toward the hope that the war will be over soon and Wrigley's can go back to the dear dead days again. As president, and per force responsible to them, Phil had to fight every step of the way to take the com pany about...
Principles & Policies. In an extraordinary letter (mailed at his own expense) to his stockholders, Phil Wrigley explained that "the company's policies were departing from those upon which the business was founded," that "there have been differences of opinion between other members of the Board and myself," and that he thought his opinions had a better chance of prevailing if he were merely "an active director ... in a position to think and act as an individual and not as part of a necessarily cumbersome piece of machinery." To reporters he added shrewdly: "As leader of a directors' meeting...
...cardinal principle upon which the Wrigleys have always operated came from Phil's father, the late William Wrigley Jr. Florid Supersalesman Wrigley founded the business in 1891, talked gum policy to his serious-minded son from the time he was six and said he wanted to go into the business. As Phil puts the Wrigley principle now: "My father used to feel that if you were used to doing things a certain way, that was reason enough to change...
...essential." Wrigley's, which sells more than half of the chewing gum in the world, was able to keep operating profits up to $22,900,000 last year, 7% above 1942, and even to squeeze out a small increase in net income (to $6,800,000). Besides that, Phil Wrigley collected a fine file-drawer full of testimonials on what gum does to increase efficiency...
Health & Taxes. Phil Wrigley says that all his business practices are "selfish." (He recently canceled all his insurance because the new tax law made it liable to estate taxes along with his other assets.) He has not in recent years collected his full salary ($75,000), and does not expect to miss it much now. He has always docked himself for the time he spent on extracurricular business, notably two other interests inherited from his father: famed Catalina Island, off the coast of California, and the Chicago Cubs (who finished fifth in the National League last year...