Word: semon
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Dates: during 1970-1979
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Last year White lost $69 million on sales of $1.2 billion. Currently, White and its chairman, Semon E. ("Bunky") Knudsen, are in a desperate race against disaster. The company missed a May 1 deadline for repaying more than $100 million in short-term bank loans, and so far has failed to negotiate an extension; the loans now can be called any day that the banks lose patience. The White Motor Credit Co., a financing subsidiary, owes another $200 million. In recent months, White Motor has sought a sorely needed infusion of capital by trying to merge with Cleveland...
...Semon ("Bunkie") Knudsen once articulated his work ethic in those words, and Detroit veterans recalled them when he surprisingly was passed over for the presidency of General Motors in 1968. Sure enough, Knudsen has since found plenty of jobs. He shifted from executive vice president of GM to president of Ford Motor Co., but lost that position after a power struggle with Lee Iacocca, the current president. Then Knudsen founded Rectrans Inc. to produce mobile homes, only to sell out in 1971 to Cleveland's White Motor Corp. Part of the deal was that he would become chairman...
...masterminded Ford Motor Co.'s happy successes with the Mustang and the Maverick. So lacocca figured that he was a cinch to take over the president's chair when Arjay Miller stepped down three years ago. But then a gray-haired 55-year-old named Semon E. Knudsen got passed over for his dad's old job as president of General Motors. Henry Ford II snapped up Knudsen for the Ford job and let lacocca wait...