Word: townsendized
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Dates: during 1960-1969
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...natural-gas company, whose products are known to motorists as "Conoco." This prospect appealed to Love partly because he hankers to spend more time managing Chrysler Corp., 7.3% of whose stock is owned by Consolidation Coal. Though Chrysler is well run by its operating chief, President Lynn Townsend, it could use more of Love's financial attention; because its auto sales have been so good, it now needs money to finance a $1 billion, two-year growth program. Recently the Chrysler board voted to postpone Chairman Love's retirement, which had been scheduled for Oct. 1, just after...
Prices traditionally are set by the biggest, most efficient and most profitable company-General Motors-and Ford and Chrysler ride along. Last week, however, Chrysler President Lynn Townsend jumped the gun, announced price rises to cover the safety equipment. When G.M.'s Chairman Fred Donner 48 hours later announced that G.M.'s prices would be just about the same as last year, Chrysler was left about $50 out of line. Townsend acted either from cockiness or sheer need. Though Chrysler's sales have more than doubled since 1961, its rapid expansion of plants has left the company...
...with bonuses and stock holdings. G.M. Chairman Fred Donner leads the list, with a pre-tax figure of more than $800,000 from salary and stock and cash bonuses. In fact, the ten highest-paid executives in the U.S. are all in the auto industry, including Chrysler President Lynn Townsend (salary plus cash bonus: $555,900) and Ford President Arjay Miller ($515,912). Salaries depend, of course, on a company's size and profitability and an executive's responsibilities. Pure pay runs much higher in the U.S. than for comparable posts elsewhere, but executives abroad enjoy perquisites that...
...Norman W. Ingham and Charles E. Townsend will become assistant professors of Slavic languages and Literatures. Ingham is currently an assistant professor at the University of Indiana, and Townsend has been an instructor at Harvard since...
Sticky Windows. The larger corporations seem to attract the brassier corporate clowns. At Chrysler Corp's meeting in Detroit last week, President Lynn Townsend was forced to listen patiently while a stockholder complained that his Chrysler transmission had dropped out after only 2,000 miles and another beefed about a sticky car window. A.T. & T.'s 80th annual meeting in Philadelphia was interrupted by a woman who raced down the aisle in clown's costume to protest that Chairman Frederick R. Kappel had opened the meeting improperly. "Keep still long enough," barked Kappel...