Word: breeches
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Dates: during 1960-1969
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After eight months of shopping. Trans World Airlines finally got a new president and chief executive officer. He is Charles C. Tillinghast Jr., 50, former vice president of Bendix Corp., and a friend of onetime Ford Motor Co. Chairman Ernest Breech, who joined the TWA board as a representative of the creditors who lent the line $165 million for new jets...
Four weeks ago Breech approached Tillinghast about taking the TWA post. "I had some real questions," admits Tillinghast. "The careers of recent TWA presidents have been rather short." There have been five in the past 14 years, largely be cause of conflicts with eccentric Howard Hughes, who owns 78% of TWA stock. But Breech and two other trustees got the right to vote Hughes's stock. The di rectors assured Tillinghast of a free hand, and he signed...
Tillinghast, a varsity football center at Brown University ('32), graduated from Columbia Law School in 1935 and joined a Manhattan law firm. In 1942, when Ernie Breech became president at Bendix, he signed up the law firm, and Tilling hast handled Bendix affairs. In 1957 Tillinghast joined Bendix, became director of its foreign operations...
...Howard Hughes's creditors, a group of bank and insurance companies that forced Hughes to let their trustees vote his TWA stock (78%) until some $165 million in loans for new TWA jets are paid. Stockholders elected six new directors to TWA board, including Trustee Ernest R. Breech, former Ford Motor Co. chairman, who is likely to have biggest influence in running company...
They did not succeed. Hughes called Breech at breakfast the day of last week's scheduled meeting and informed him that he no longer favored enlarging the board. But what could Hughes do, since Breech and Olds had stock control of TWA? When Breech and Olds got to the meeting, they found out. Tipped off by Hughesmen, most of Hughes's directors did not show up at the meeting. An embarrassed Breech and Olds could not even get a quorum, therefore could not get Breech elected to the board. Since the bylaws state that only the directors...