Word: woodhead
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...they first planned it last year (TIME, Oct. 7), Consolidated Vultee Aircraft Corp. and Lockheed Aircraft Corp. fully expected that each could provide just what the other needed, and together blanket the field with one mammoth company. But in last week's brief announcement, Convair's Harry Woodhead and Lockheed's Robert Gross regretfully admitted that the whole thing was "no longer feasible...
What had caused the rift? Woodhead and Gross blamed it on "the substantial decline in the stockmarket" which took place while the merger details were being arranged. They might have been more specific without raising any eyebrows. In less than a year, Convair's stock had slipped from a high of 33⅝ to 16¼ points a snare, Lockheed's from 45¼ to 18. The declines simply wiped out the differential on which all the negotiations were based...
...Including (see cut) Consolidated Vultce president Harry Woodhead. Aircraft War Production Council Manager Frank F. Russell...
...cannot be bought"). Every Consolidated worker who had not missed a day's work in the month preceding the drawing or had not been tardy (later relaxed to allow one ten-minute tardiness per week) was eligible. At the first drawing (March 15) Consolidated's president, Harry Woodhead, announced that after one month of the plan there had been a drop in absenteeism, enabling the company to push out six and a half more bombers that month...
...begins is not a matter for statistical analysis. Emanuel's Aviation Corp. owns 71% of Vultee common, which owns 34% of Consolidated. But Girdler (who holds only 2,000 of the 5,780,000 outstanding shares of Aviation Corp.) is executive head of both. Vultee Chairman Harry Woodhead becomes president of Consolidated and executive vice president of Vultee. Vultee President Richard Millar retains his present job, also becomes executive vice president of Consolidated. Both are Girdler appointees...