Word: townsend
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Dates: during 1970-1979
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...reliability of the firm's financial reports. Early meetings have borne out the predictions. At last week's annual meeting of Touche Ross Client Chrysler Corp., 650 shareholders peppered management with some questions that the accountants had not included in their forecast. Among them: Would Chairman Lynn Townsend agree to resign? The answer...
Housing starts in January ran at an annual rate of 987,000 v. 2.5 million in January 1973. Yet some surveys indicate that a modest upturn is likely. The Manhattan consulting firm of Townsend-Greenspan forecasts that the pace of housing starts could hit 1.4 million by year's end. Many of these predictions assume that cuts in federal taxes and a decline in the rate of price increases will put consumers in a more confident home-buying mood. Whether those assumptions are correct could have critical significance. A resurgence in housing has been a leading force in lifting...
Because that idle inventory cost Chrysler's dealers $2 million a week to finance, Townsend decided to reduce it fast-first by virtually stopping production, then by initiating the cash rebates on new-car sales.* Chrysler lost so much money in the last three months of 1974 because sales and production were running far under the company's breakeven level of some 275,000 cars per quarter (current quarterly production rate: about 140,000 cars). But the company's backlog of unsold cars is now gradually approaching a normal level of 80 days or so, which means...
Financial Cushion. Townsend, a veteran accountant, seems in no danger of being replaced, because it is in bad times that the Chrysler board most appreciates his specialty. As one former Chrysler executive puts it, Townsend is "a cold-blooded cost cutter." The company recently renegotiated a $455 million, three-year revolving credit agreement with a syndicate of 80 banks led by New York's Manufacturers Hanover Trust Co. The banks gave Townsend his financial cushion mainly because he convinced them that he could and would slash Chrysler's overhead to the point where the company can make money...
...farce, tragedy or bathos? Maria Schneider, 22, star of Last Tango in Paris, signed herself into a psychiatric hospital while filming Carlo Ponti's The Babysitter in Rome. Not for treatment, but simply to be with her inseparable companion of the past two years, Joan ("Joey") Townsend, 28, the daughter of ex-president of Avis Robert Townsend, who wrote Up the Organization. Joan had been picked up that morning at Fiu-micino Airport, babbling irrationally. On learning that her friend had been taken to a psychiatric hospital, Maria rushed to join her. The following three days were macabre. Paparazzi...