Parkinson Out

Behind locked doors last week, directors of Manhattan's Equitable Life Assurance Society met to perform an unpleasant job: the ouster of Chairman Thomas I. Parkinson, 71. They did not have much choice. State Superintendent of Insurance Alfred J. Bohlinger, who had brought out a report charging Parkinson with "nepotism" in handling the society's affairs (TIME, Nov. 9), threatened to get a court order to remove Parkinson. After twelve hours of debate, the board found a face-saving way to satisfy the state's insurance superintendent, allow Parkinson to get his retirement pay ($34,836 the first year, $29,868 the second, and $24,900 thereafter). They passed a resolution "confirming" Parkinson's decision to retire (made before the trouble started but since withdrawn), effective when his term as chairman expires next February.

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