Word: townsend
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Dates: during 1960-1969
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...MARY TOWNSEND...
...third biggest automobile company have been knocking on corporate doors across the U.S. seeking a new president. Last week, in a move that caught Detroit by surprise, the Chrysler board called off its hunt for an outsider and turned inside to tap Administrative Vice President Lynn Alfred Townsend...
Before settling on Townsend, Chrysler's president-hunters got turndowns from a bevy of top-ranking U.S. executives, including American Motors President George Romney, Chevrolet General Manager Edward Cole, Ford Vice Presidents James O. Wright and Irving Duffy, and, most recently, General Motors Vice President James E. Goodman. Most who said no were not fearful of Chrysler's long-term future, or dissatisfied with the offer (along with the customary six-figure salary, Chrysler's directors were offering three-year stock options that could be worth $1,500,000). What helped to scare them...
...major change of direction for Chrysler, a five-man executive committee, composed of President Townsend and four directors from outside the ranks of Chrysler management, collectively took over the duties of Colbert's post as chief executive officer. Pittsburgh's personable, plain-spoken George H. Love, 63, who heads the new committee, agreed to resign as chairman of the M. A. Hanna Co. and as a member of the executive committee of National Steel Corp. (He will remain chairman of Pittsburgh's Consolidation Coal Co.) For Chrysler, this was clearly the beginning of the transition from...
...Even under committee rule, however, prime responsibility for Chrysler's operations will rest with Lynn Townsend, an assured, articulate man who divides his spare time between water skiing and reading history. (He prefers to read about ancient civilizations "because, after all, I'm living in this one.") Orphaned at 14, Townsend put himself through the University of Michigan washing dishes, and worked for ten years with Touche, Ross, Bailey & Smart, Chrysler's auditors. He got into the auto business formally four years ago, when he joined Chrysler as controller...