Word: townsendized
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...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...
...Poor Inheritance. Chrysler's road to success was paved with gradually improving styling and quality in the company's 1962, '63 and '64 models. This year, for the first time since he was appointed in 1961, Chrysler President Lynn Townsend has a car that he can call completely his own; he has finally been able to rid the entire Chrysler line of the last traces of the garish fins and ornamentation that he inherited from L. L. ("Tex") Colbert. Chrysler's cars are also being pushed by a revitalized dealer organization, which increased from...
...Chrysler's most profitable year; it had earnings of $213.8 million on record sales of almost $4.3 billion. The year was also profitable for Chrysler's directors and officers, who were awarded a total of $2,110,254 in salaries and $3,780,000 in bonuses. Townsend himself set a personal record, improving his 1963 salary and bonus of $423,567 to $555,900 last year...
...brought problems too. Although Chrysler last year paid only $1 a share in dividends on its earnings of $5.46 a share-plowing the balance back into new plants and equipment-the cost of expansion and new model introduction reduced its net working capital from $557 million to $385 million. Townsend has instituted a new company-wide cost-cutting program, but he realizes that economy alone will not suffice. In April Chrysler will float a new stock issue of 5,611,000 shares that should bring in another $308 million to help pay the price of success...