The directors of Standard Oil Co. (N.J.) last week called upon Ralph W. Gallagher to step down from the lofty seat of board chairman (which he has held since Walter Teagle resigned last November) and assume active management of the world's largest oil company. They also elevated Production Man Eugene Holman to a seat on Standard's potent four-man executive committee.
To dopesters who had earlier laid their bets on 47-year-old Gene Holman for president (TIME, Jan. 4) these two moves looked like a logical interregnum—for Elder Statesman Gallagher has only three years to go before reaching Standard's retirement age (65)....
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