Word: yellen
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Dates: during 1960-1969
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...announcement of the prospective merger between Loew's and Lorillard took Wall Street by surprise. Negotiations had been secretly carried on in suburban Scarsdale, N.Y., where both Loew's Chairman Laurence A. Tisch and Lorillard Chairman Manuel Yellen live. Meeting at the Tisch home in Scarsdale, Tisch and Yellen were able to work out within one week a deal by which Lorillard's product line (Kent, True, Newport, Old Gold and Spring cigarettes, Tabby cat food and Reed candies) will join the 14 hotels and 110 theaters controlled by Tisch and a younger brother. The merged company...
...shot of some sort. The fifth-ranked U.S. to bacco company, Lorillard last year earned $29 million on sales of $510 million, but its profits have barely budged since the late 1950s, when its filter, Kent, stole the low-tar-and-nico-tine march on the industry. Chairman Manuel Yellen, 54, last year offered a new filter brand, True, both plain and mentholated; though True is highly successful so far, sales have just begun to make up for its heavy introductory costs in a market now choked with competition...
...terms and management details still have to be approved by directors and stockholders, but Rosenstiel at last seems ready to end his rambunctious reign. "He screams at you one minute," recalls one former Schenley staffer, "and then loves you the next." Schenley survivors may respond readily to some steady Yellen...
...exports, retained his interest in overseas business after he became president in 1961 and chief executive a year later. Lorillard's greatest sales (95%) and biggest headaches, though, are in the domestic field, where its onetime fast-selling Kents have slipped. Last year Cra.mer moved aside for Manuel Yellen, who became chairman of the company and chief executive officer. In his $50,000-a-year job with Royal Crown, Cramer will be able to return to the foreign market he understands so well, will try to broaden overseas sales from R.C.'s present small base of 22 countries...