The counterpoint to last week’s frantic dancing by traders on Wall Street was the sedate shuffle of the suits in the executive suite.
Whether it was time to go or not, chief executives of three top Chicago-area organizations disclosed plans to leave.
At Outboard Marine Corp. directors went outside the company, in a departure from usual practice, to hire Harry W. Bowman, 51, of Whirlpool Corp. to replace 63-year-old James Chapman.
Sticking with the local talent, Northern Trust Corp. announced a two-phase fadeout for Chairman and chief executive David W. Fox, 63. President William A. Osborn, 47, becomes chief executive June 30 and chairman Oct. 3, the official retirement date for Fox. Taking over as president and chief operating officer will be Vice Chairman Barry G. Hastings, 47.
Ending a stormy 12-year reign, Zenith Electronics Corp.’s Jerry K. Pearlman said he would step down as CEO in April and chairman in December. Describing the parting as amicable, Pearlman, 55, didn’t disclose any plans. His replacement is Albin F. Moschner, 42, current president and chief operating officer.
Not quite at the top of the corporate ladder, the chairman and two other executives of Kemper Corp.’s mutual fund unit resigned. Leaving Kemper Financial Services Inc. are Chairman Charles Kierscht and two senior executive vice presidents, Sandy Lincoln and Robert T. Jackson.
Away from Chicago, CBS named Peter Lund, a former executive at Chicago’s WBBM-TV, to its No. 2 job, replacing Howard Stringer, who left to join a multimedia venture. Lund, 54, who has been executive vice president of the CBS Broadcast Group, faces a stiff challenge to move up the network in the ratings.
