Business & Finance: Texaco Tussle

While Ralph Clinton Holmes was in Europe in 1927, Chairman Amos Leonidas Beaty of Texas Corp. arranged that henceforth all department heads should meet daily with the executive committee instead of with Mr. Holmes the president. When President Holmes returned he demanded that Texaco's department heads should again meet with him, not with Mr. Beaty and the executive committee. One day as high-salaried Texaco operating executives hovered uncertainly between Mr. Beaty's and Mr. Holmes's doors, Mr. Holmes called for a showdown. The embarrassed executive committee gave President Holmes a vote of confidence....

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