Word: warded
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Dates: during 1940-1949
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Before long, Fairchild found that Ward insisted on running the company in fact as well as name. Soon Ward had enough directors to outvote Fairchild. Fairchild-who invented the Fairchild camera used by the U.S. Army for aerial mapping-prided himself on being an idea man. Ward threw most of his ideas in the wastebasket. Three years ago, fed up, Fairchild resigned as chairman...
Five months ago he got a chance to strike back at Ward, who had piloted the company through the lushest days of its World War II boom. Ward had decided to retire (the board had voted him a $25,000-a-year pension for life). Sherman Fairchild (who still owned 95,000 shares) formed a committee to defeat the pension. Ward was alarmed and withdrew his plan. Fairchild went ahead with his committee. Its new purpose: to oust Ward...
Last week came the showdown. For two days, the tellers counted the proxy ballots, while Ward and Fairchild eyed each other tensely. Finally, enough votes were in for Ward to know that he was defeated (1,191,217 to 622,186). Sherman Fairchild's first act was to pick Richard Boutelle, the plant boss whom Ward had ordered out of the plant a week ago for supporting Fairchild, as the new president of the company. Fairchild would hold no office other than director. But this time he thought the president would pay some attention to his ideas...
Though the summer's first heat wave helped the sales of Goodall Co.'s famed lightweight Palm Beach suits, it left Goodall's President Elmer L. Ward cold as a haddock. To clear the decks for a new, improved suit this fall, he decided to slash his "fair-trade" (i.e., fixed) prices by 29%, from...
Goodall's dealers would get a new wholesale price of $12, but they had paid $17 each for the suits they had on hand. President Ward gave them ten days to clear out their old stocks at the old prices. But one retailer made the mistake of letting the apparel trade's Daily News Record in on the secret. News services spotted the trade-paper item and spread the good news to bargain-hungry U.S. consumers. Result: Goodall's retailers could no longer find anyone foolish enough to pay $27.50 for a Palm Beach...