Word: strichman
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Dates: during 1960-1969
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...company in 1955 was taken over by Penn-Texas Corp., which later became Fairbanks Whitney. A vast conglomeration of ill-matched companies, Fairbanks Whitney has run through four separate managements in the past eight years and run up heavy losses. Under its new chairman, George A. Strichman (TIME, Feb. 15), the company has cut its loss for 1963's first nine months to $1,300,000. A healthy profit by Colt on its M-16s could help put Fairbanks Whitney into the black...
...Silberstein in 1958. Landa brought with him a former publicity man and legman for Drew Pearson named David Karr, who deftly worked his way into the president's chair when Landa vacated it in 1959. Karr then moved himself up to chairman and brought in George A. Strichman from International Telephone & Telegraph Corp. to be president. Last week it was Karr's turn to go. After a bitter attempt to hold on, he was forced to resign by Fairbanks Whitney's board. The new chairman and president: George A. Strichman...
...proved ineffective in dealing with the company's problems. He tried to make too many decisions himself, and in the factory he lacked the experience to give Fairbanks Whitney what it really needs: a top-to-bottom overhaul of its inefficient manufacturing and distribution. After he brought in Strichman to run things, he insisted on interfering in operations and finance. Strichman decided that Karr had to go-and so did the board...
...decisive executive, Strichman is expected to reorganize Fairbanks Whitney completely, and to decentralize far more than did Karr. "One man," he says, "simply cannot run a company as widespread as Fairbanks Whitney. We will have to have a period of very tight control, but within 18 months I hope to start delegating as much authority and responsibility as possible." Strichman faces so many problems that without quick successes he might go the way of his predecessors. Already a group of disgruntled stockholders is talking up another proxy fight...
Call for an Encore. Strichman seems just such a man. When he took command at Kellogg in 1959, the telephone-equipment manufacturer was losing some $4,200,000 on sales of $45 million. Strichman launched a modernization program that has already added three new plants and aims to have the existing ones made over by the end of 1963. This year Kellogg expects to show a $2,000,000 profit on sales of nearly $120 million. Strichman hopes to repeat the performance at Fairbanks, but, well briefed on the company's recent past, promises only...