Word: greenewalt
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...chief executive, Copeland succeeds Crawford Hallock Greenewalt, 60, the son-in-law of onetime President Irénéé du Pont; Greenewalt moves up to chairman of the board after 14 years as president. While Greenewalt will "guide policy decisions," Du Font's operations will be run by Copeland, who joined the family firm shortly after graduating from Harvard (B.S. in engineering, '28) and, save for a four-month layoff during the Depression, has been with it ever since. The change, Du Pont executives say, was long scheduled, but hinged on the retirement of Walter S. Carpenter...
...Chicago federal court that ordered the Du Pont Co. to surrender control of its 63 million shares of General Motors stock (TIME, March 9) also suggested a way. Last week Du Pont President Crawford Greenewalt announced that the company would follow Judge Walter La Buy's proposal to distribute the G.M. shares among Du Pont stockholders. In July, Du Pont will distribute the first 23 million on the basis of half a G.M. share for each Du Pont share. There will be two or three more such distributions before the February 1965 deadline set by the judge. Each holder...
Crawford H. Greenewalt, president. E. I. du Pont de Nemours & Co LL.D...
...only a capital gains tax would be paid, or 2) enable stockholders to pay income tax only on the average $2.09 a share that Du Pont paid for G.M. stock, and capital gains tax on whatever profit they might make when they sold. If Congress turns these proposals down, Greenewalt leans toward Du Pont's selling the stock itself through an underwriter, so as to be able to control its sale better...
...make a good hard try for legislation," says Greenewalt. "Depending upon the nature of the relief, we could then switch over to distributing the stock to our stockholders rather than selling it ourselves." If Du Pont can persuade one of the four majority judges on the Supreme Court to agree to a rehearing, it may also ask for a longer period of divestiture-perhaps 20 years-to make the task "less of a hardship...