Excerpts: “Family-Run Westvaco Promotes Son of Chief.”
- The Westvaco Corporation, a leading maker of paper, packaging and chemicals, has announced management changes that put John A. Luke Jr., the son of the president and chief executive, in the catbird seat.
- His father, who will be 65 at the end of November, has been asked by the board to stay in his current posts until sometime in 1992, when he expects to retire, Westvaco said.
- That is not to say that he automatically will follow in his father’s footsteps, the company cautioned. No decision has been made on that. But history is on the son’s side. The Luke family has run the New York-based company since it was founded in 1888. John Luke Sr.’s brother, David L. Luke 3d, will remain as chairman.
- The Luke family owns a substantial amount of the company’s stock, a Westvaco spokesman said, declining to say how much.
- According to Standard & Poor’s, employees own 14 percent of the common stock and institutions about 50 percent.
Source: The New York Times