Word: rieber
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Among world oilmen, Norwegian-born Torkild ("Cap") Rieber, a hardfisted, hard-swearing ex-sailor, is an operator whose shrewd deals and big projects have made him something of a legend in the industry. It was Rieber who landed the famous Barco concession in Colombia for the Texas Co.. built a mile-high pipeline across the Andes, wangled a half-interest for Texaco in the rich Bahrein fields on the Persian Gulf. After he resigned as Texaco chairman in 1940. he carved a new career for himself as boss of Barber Oil Corp...
Last week, at 71, Cap Rieber had another big deal cooking. Fast-growing Barber Oil had agreed to sell part of its stock (125,000 of its 500,000 shares) in oil-rich American Republics Corp., which Rieber also runs (as chairman). The buyer: Tennessee Gas Transmission Co.'s President...
...hours the eleven directors wrangled over ways & means of piloting Texas Corp. out of the search light beam its chairman had attracted by seeming to be friends with Nazi Germany. All were agreed that the New York Herald Tribune's three-week-old revelation of the connection between Rieber and Hitler's cumbersome ambassador-off-the-record to U. S. businessmen, Dr. Gerhardt Alois Westrick (TIME, Aug. 12), threatened to hit Texas Corp. in the cash register. Those who knew Cap Rieber were sure he was no pro-Nazi, although he had been keen to do business with...
Debate. As talk cleared the way for more talk, the battle lines developed in the board room. On one side were the New Yorkers, more sensitive to the foreign issue. They were led by potent Manhattan Attorney Walter G. Dunnington, who had nursed Torkild Rieber along from promotion to promotion in his 36 years with Texas Corp., felt responsible. As the representative of Texas Corp.'s biggest single stockholder (estate of Empire Builder James J. Hill's son), Director Dunnington's opinion was important. Reluctantly, he felt that the chairman's tongue-wagging had made...
This week the Texas Corp. directors had to face a further decision: whether to sever Director Rieber from the company completely by taking away his directorship. For the rank & file of Texas Corp. employes, that question was academic. They knew it would be a cold day before they could forget the greying, generous, powerfully built man who slapped them on the back and said: "This is the best God damn company in the world"; who built the famed Barco pipeline in Colombia after they said it couldn't be done; who once exclaimed: "Hell, if they wanted to move...