Word: townsend
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...companies have been hit harder by the recession than Chrysler Corp. Its losses have mounted-$94.1 million in the first quarter of 1975-and so has the pressure on its chairman, Lynn Townsend. Vacationing in Hawaii last month, Townsend decided that at 56 he had struggled with the problems of the nation's third largest automaker long enough. Last week he turned over the wheel to his hand-picked successor, John Riccardo...
...Like Townsend, Riccardo is a former accountant (both came into Chrysler from the auditing firm of Touche Ross) who has a reputation for being a cold-blooded cost cutter. Riccardo's replacement as president will be Executive Vice President Eugene Cafiero, 49, an affable, up-from-the-ranks production expert and the first member of Chrysler's top management since the early 1950s with a strong automotive background. Both men have won high marks for their performance at Chrysler so far: directors took just six minutes last week to approve their promotions...
...Gordon Manning (who was transferred to another job at CBS shortly after the Quinn fiasco and is now an executive producer for NBC). Then she claims to have been thrust on the screen with almost no coaching, no voice lessons and hardly a word from Morning News Producer Lee Townsend about the technical details of broadcasting. She reports that she did not even know the meaning of the little red light that indicates when a camera is running-although why, as a good reporter, she did not ask anyone about it is not clear. The tension led to an embarrassingly...
...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...