A.T. & T., the top-ranked U.S. corporation, has assets of $32.8 billion and is as conservative in management practices as it is about money matters. Promotions are made within the pecking order, and Mother Bell rarely detours from the regular line of succession to fill an executive-suite vacancy in the headquarters at Manhattan's 195 Broadway. Thus it was hardly a surprise when A.T. & T. directors last week picked President H. I. (for Haakon Ingolf) Romnes, 59, to replace Chairman and Chief Executive Frederick R. Kappel (TIME cover, May 29, 1964), who reaches...
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