Monday, Aug. 15, 1955
Changes of the Week
PERSONNEL Changes of the Week P:Robert Ten Broeck Stevens, 56, who disposed of his interest in J. P. Stevens & Co. before he took office as Secretary of the Army, was re-elected its president two weeks after leaving the Pentagon. He replaces Joseph H. Sutherland, who was moved up to the newly created post of vice chairman. Yaleman Stevens came into the family textile business as a salesman, became president by the time he was 30, built the company into the nation's No. 2 textile manufacturer, earned a reputation as an intelligent, progressive businessman. As a Cabinet officer, he became familiar to U.S. television audiences as the decent but bumbling target of Wisconsin's Senator Joe McCarthy. Bob Stevens lost less by Government service than some businessmen in Government: he can buy J. P. Stevens stock at about $7 a share less than it sold for 2 1/2 years ago.
P: Daniel T. O'Shea, 51, onetime movie-mogul turned CBS vice president, was picked by RKO Radio Pictures' new owners (TIME, Aug. 1) to be president, succeeding Howard Hughes's longtime friend James Grainger. Born in Manhattan, Dan O'Shea set out to be a doctor, switched to Law (Harvard, '30). With the help of New Dealer Tommy Corcoran, O'Shea got his first job with RKO, where he made such a hit with RKO Production Chief David 0. Selznick that he was called to Hollywood as resident counsel. There, O'Shea not only made his mark as a legal brain but even helped hire actors, e.g., Vivien Leigh for Scarlett O'Hara in Gone With the Wind. In 1950 he went over to CBS and back to New York to handle CBS's real-estate program. Now ex-Medical Student O'Shea hopes to breathe new life into Hollywood's sickest studio. P:Herbert A. Kent, 68, only living American for whom a cigarette is named, was out as board chairman of P. Lorillard Co. (Old Gold, Embassy, Kent). An upstate New Yorker (Auburn), Kent started selling Lorillard's cut plug and snuff in a horse and buggy, moved up Lorillard's ranks from retail salesman to sales manager to advertising head. He became president in 1942, launched such slogans as Old Gold's "For a treat instead of a treatment." After seven years under his hand, Lorillard hired a management consultant to find out what was wrong with the company, was advised to find a new president. After ex-Adman Robert Ganger joined the company, Lorillard sales spurted 51% in four years, but Ganger left in 1953, and Kent (still upstairs as board chairman) moved back in as chief executive officer. The next year Lorillard's sales slumped by almost 10%. Kent still expects to continue in an "advisory capacity."
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