Word: ginn
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William S. Ginn, 45. former G.E. vice president and the highest G.E. officer to be indicted (he got 30 days in jail), became assistant to the president of Philadelphia's Baldwin-Lima-Hamilton Co., in charge of new-product research. He obviously took a hefty pay cut from his former G.E. salary of $125,000, since Baldwin's President McClure Kelley himself gets a mere $76,200. Lewis J. Burger, 49, a G.E. division manager before he went off to jail, was elected president of LeTourneau Westinghouse Co., a subsidiary of Westinghouse Air Brake Co. that makes construction...
Paxton conceded that before becoming G.E. president he had known that executives in some divisions were up to hanky-panky. Once, he said, he had raised the question point-blank with William S. Ginn, former head of General Electric's turbine division (since fired by G.E. after doing 25 days in jail and paying a $12,500 fine). Ginn, said Paxton, admitted that he had "compromised himself." But Paxton did not report Ginn or any of the other transgressors to his superiors because "it has not been my policy to go around gossiping in the General Electric Company about...
GOVERNMENT SUIT was filed by Justice Department and TVA against five of the 29 U.S. electrical companies convicted of price fixing. Damages and penalties could hit $12 million. First job casualty among the seven executives sentenced to 30-day jail terms was G.E. Vice President William S. Ginn, who resigned his $125,000 post as manager of G.E.'s turbine division, because "current circumstances severely limited my effectiveness in my present position...
...University of Massachusetts quietly dropped a plan to award Cordiner an honoris causa degree. In Washington, Commerce Secretary Luther Hodges asked his Business Advisory Council to decide whether Cordiner should remain on as chairman. In Norristown, Pa., William S. Ginn, who has retained both his G.E. title (vice president) and salary ($125.000) despite his conviction in the conspiracy case, was dressed in the blue denims of Montgomery County prison, his address for 30 days...
...were indicted. Several of the G.E. men indicted who drew fat salaries ranging from $60,000 to $125,000 have had their salaries cut as much as $50,000. But G.E. made no move at all to discipline its most important figure in the trial: Vice President Ginn, head of G.E.'s important turbine-generator department at a salary of $125,000 a year. G.E.'s lame reason: Ginn's illegal activities in the transformer field were outside the company's own three-year statute of limitations for antitrust violations. Westinghouse demoted none of its executives...