Word: colbert
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Dates: during 1960-1960
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...took over as president. Last week the full extent of his shady goings on was made public. Chrysler announced that Newberg had agreed to return "profits in excess of $450,000 made by him from interests in vendor companies." Corporate executives at Chrysler, including Chairman Lester Lum ("Tex") Colbert, normally a vocal fellow, were just as reluctant to talk about this startling news as they were about Newberg's sudden departure...
Cawthon, was appointed general purchasing agent, the key job in dealing with supplier companies. As an engineer, Cawthon knew what Chrysler was buying-and whether it was getting its money's worth. Shortly before making his old friend Newberg president, Tex Colbert summoned all his executives...
Profitless Prosperity. One of the chief offenders was Newberg, whom Colbert had groomed to succeed himself. Angry at the reports that Newberg had disregarded the ultimatum, Colbert put to work Chrysler's lawyers and auditors to make sure. When the evidence showed that Newberg was profiting from Chrysler's purchases from smaller suppliers, Colbert got the board of directors to fire him. The investigation has not stopped with Newberg, Colbert admitted last week. It could well be that Newberg is just the first and biggest offender to get caught...
...board's terse official explanation: "His resignation was due to differences of opinion on certain corporation policies.'' When Colbert flew back to Detroit alone, leaving Newberg to follow via commercial flight, the first speculation was that the trouble was a personal squabble between Chrysler's two top men. But when Newberg was asked if he and Colbert were still friends, he replied: "Yes, as far as I'm concerned." It hardly seemed likely at this late date that Colbert and New berg could clash with such finality. Few executives in U.S. companies have been closer...
Friends for years, Newberg and Colbert both started to work for Chrysler in 1933. As Colbert advanced, Newberg was usually only a step behind. When President Colbert became Chrysler's board chairman, it was no surprise to anyone that Newberg was named president, bypassing able First Vice President Edgar C. Row, 64, who, Colbert said, was ailing and anxious to retire. When Newberg left last week the ailing Row was pronounced "recovered" of his ailment (deafness) by Colbert and given his job back, despite the fact that Row had already released his secretary and cleaned out his desk...