MANUFACTURING: Bloodless Abdication

Last Friday 18 directors of General Electric Co. marched solemnly into the green Directors' Room on the 48th floor of G.E.'s pink Manhattan skyscraper. They sat through the reading of the minutes. Then, white-haired, sparky G.E. President Gerard Swope rose to his full five feet four inches, read to the assembled directors a letter, while Board Chairman Owen D. Young puffed a pipe. Nobody was taken by surprise. The previous evening they had all had a quiet evening talking about it at the Metropolitan Club: after serving 17 years together, and reaching...

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