LYNN ALFRED TOWNSEND - TYPED LETTER SIGNED 02/13/1967 - HFSID 54103

LYNN ALFRED TOWNSEND
As Chairman of Chrysler Corporation, he responds to an associate of Indiana University regarding his 1962 Time Magazine cover.
Typed letter signed: "Lynn A. Townsend", as Chairman, in black ink. 1 page, 7½x10½. Detroit, Michigan, February 13, 1967. To "Dear Mr. Hovance", at Indiana University, Bloomington, Indiana, In full: "Thank you for your letter of February 7, 1967. As you requested, enclosed is an autographed card to add to the Time cover [item not included]. Sincerely,". Townsend was featured on the cover of the December 28, 1962 edition of Time Magazine. Lynn Alfred Townsend (1919-2000) was an American business executive, Chairman and CEO of Chrysler Corporations from 1967 to 1975. A young, hardworking businessman from the University of Michigan, Townsend joined Chrysler as comptroller in 1957. With boosting the sales and trimming the fat of expenditures, Townsend quickly rose to become President and CEO of Chrysler, serving from 1962-1966. He then was made Chairman and CEO in 1967. While in the 1960s profits increased with the aide of vehicle new designs and investments, Chrysler came to a critical economic collapse in the 1970s. Townsend, who essentially bit off more than he could chew with the company's investments and budget, sent Chrysler plummeting into debt and decline. In 1975 he resigned from his position, retiring at the age of 56 to make way for Lee Iaccoca from Ford. Although his legacy has been marred by the Chrysler crisis of his late career, Townsend made important steps for the American auto industry, including establishing the first African American dealership for a major American auto manufacturer. Normal mailing folds. Fine condition.