Friday, Nov. 24, 1961
PERSONAL FILE
-With Chrysler Corp.'s share of the U.S. auto market once again declining (to 10% in early November), Detroiters were unsurprised when Chief Chrysler Stylist Virgil (Forward Look) Exner, 52, resigned to make room for Elwood Paul Engel, 44, who was netted in a raid on Ford's styling staff. A disciple of flamboyant ex-Ford Stylist George Walker (TIME cover, Nov. 4, 1957), New Jersey-born Designer Engel was largely responsible for the clean, squared-off 1961 Lincoln. Chrysler President Lynn Townsend, who desperately wants the same golden touch for his cars, has ordered Engel to report directly to him to make sure that no corporate roadblocks are thrown up against the new stylist.
-After ruling Minneapolis-Honeywell Regulator Co. for 34 years and transforming it from a one-horse manufacturer of furnace damper controls into a $426 million producer of computers and automatic controls for everything from ice cream plants to missiles, Harold W. Sweatt, 70, finally stepped down as chairman and chief executive officer. Elevated to the throne was President Paul Barclay Wishart, 63, Honeywell's crown prince for eleven years. An Annapolis graduate (class of '20), the natty, articulate Wishart ran a Packard agency in Minneapolis until 1942 when he came to Honeywell as a coordinator of its war contracts. Among Wishart's plans for Honeywell: increased concentration on electronic data processing.
-In 25 years as head of Hartford's Connecticut General Life Insurance Co., brilliant, caustic Frazar Bullard Wilde, 66, has boosted his company's premium income 1,000% (to $464 million a year), v. an insurance-industry average increase of 500%. Six years ago, invoking a state law that bars a life company from selling casualty insurance, New York State officials blocked Wilde's efforts to broaden Conn Gen's business still more by buying a casualty company. Defiantly, Wilde hired Attorney Thomas E. Dewey, and in a five-year legal battle won the right to control a casualty company if it is operated separately. Last week, victory in hand, Wilde submitted to New York officials a new plan to buy the $314 million Aetna Insurance Co., a fire and casualty company unrelated to the big Aetna Life insurance complex. j
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