Word: vought
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...Management Ltd. the second-ranking offshore mutual fund complex, was also hit by a wave of fund redemptions that forced him to suspend some operations. Several big-thinking Texans were deflated. James Ling, whose merger magic had expanded a tiny electrical firm into a $3.75 billion conglomerate, Ling-Temco-Vought Inc., was deposed by nervous bankers. Oil Millionaire John Mecom petitioned for bankruptcy...
...midst of financial crisis, top executives are often forced to walk the plank. Stuart T. Saunders was ousted as boss of Penn Central. Bernard Cornfeld was pushed out of his I.O.S. mutual-fund complex. The latest to go is James J. Ling, who built Ling-Temco-Vought into a conglomerate with sales last year of $3.75 billion...
Sick Subsidiary. The leadership of LTV has passed from financial entrepreneurs to a shirt-sleeved production man. Paul Thayer, 50, was named president, chairman and chief executive. A chain-smoking former chief test pilot for Chance Vought Corp. who came along when that company was acquired by Ling in 1961, Thayer helped design LTV's A-7A attack plane. He became president of LTV Aerospace in 1965. Under Thayer, sales climbed from $195 million to last year's $714 million; more important, profits increased from $3.6 million to $28.7 million. Zealously profit conscious, Thayer recently has been firing...
...retrospective moment last fall, Dallas Entrepreneur James Ling was recalling a trying period in 1961 when he had temporarily been shunted aside as chief executive of his Ling-Temco-Vought, Inc. Conservative bankers had mistrusted the fast-moving Ling and chosen an older man. But Ling wasted little time in winning the bankers over and taking back his job. Last week one of the biggest and certainly the most daring of the conglomerate builders took the terrible blow again−from much the same source. At a four-hour emergency board meeting, called at the insistence...
There were eleven money losers among the 500, notably Ling-Temco-Vought, which went $38,294,000 into the red, and Lockheed. The best performance was turned in by a newcomer to the list, Skyline, the Indiana-based maker of mobile homes that is headed by young Millionaire Arthur Decio (TIME, July 4). Its return on invested capital was 40.9%, a rate high enough to top Avon Products, which earned 35.8%. In terms of earnings calculated as a percentage of sales, the leader was Texas Gulf Sulphur, which earned 25.7%, despite a 10% sales decline...