Word: ruttenberg
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Dates: during 1970-1979
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...racer's edge." A little more than a week ago, Granatelli, 50, got the razor's edge when his board of directors abruptly cut him loose and replaced him with John J. Hooker Jr., entrepreneur and sometime politician. Hooker was hand-picked by Derald H. Ruttenberg, chairman of the widely diversified Studebaker-Worthington Inc., which owns a controlling interest in STP. The keenly publicity-conscious Granatelli was almost as incensed by what he believed was inadequate press coverage of his ouster as by the firing itself. Groused Andy: "I don't know how that can happen when...
...promotional spending to offset the impact of charges that STP additive was of little, if any help for engines. Though the company's sales rose slightly in 1972, net profit skidded by $1.7 million, to $6.7 million. Granatelli was drawn into open disagreement with his fellow directors, especially Ruttenberg, who argued unsuccessfully for a cutback in the costly ad budget. Apparently Ruttenberg seized the opportunity to persuade the board to dump Granatelli after a preliminary company report estimated that third-quarter earnings would again be down sharply-even though most of the decline was caused by the Government...