CS First Boston's Cox to resignIn a sign of continuing...

BUSINESS DIGEST

July 14, 1993

CS First Boston's Cox to resign

In a sign of continuing turmoil at the firm, CS First Boston Group Inc. announced late yesterday that Archibald Cox Jr., 53-year-old president and chief executive of the First Boston Corp., has submitted his resignation, effective Sept. 1.

No successor was named. For the time being, John M.Hennessey, CS First Boston's chief executive, will assume Mr. Cox's responsibilities, the firm said.

GM car prices to rise 1.8% in '94

General Motors Corp. said yesterday its 1994 models will cost an average of 1.8 percent more than this year's, partly because it will offer more models with set prices.

The leading automaker's modest price increase, about the half the rate of inflation, also reflected Detroit's determination to exploit the rising value of the yen vs. the dollar. That is likely to further raise the prices of Japanese imports and could encourage more consumers to buy American.

TWA selects Howard as chairman

Trans World Airlines Inc. named former Piedmont Aviation Inc. Chairman William Howard as its new chairman and chief executive. Mr. Howard, 71, will head a 15-member board that represents TWA's creditors, unions, and management. His appointment will be effective when the airline emerges from bankruptcy.

The rest of the management team will include Robin Wilson and Glenn Zander, the airline's co-chief executives since last fall, who will be chairmen. The three men will hold the three management seats on the board.

Anne Arundel home sales rise

June was a strong month for the Anne Arundel County home-sale market, according to statistics released yesterday by the Anne Arundel County Association of Realtors. Compared with June 1992, pending sales climbed 15.3 percent in June and settled sales increased 14.6 percent.

In addition, the price of housing rose in Anne Arundel County during June, when compared to a like period last year. The median price of a house sold there last month was $135,000, a 4.7 percent increase over last year.

Fla. businessman to head RTC

The White House nominated Florida businessman Stanley Tate to be chief executive officer of the Resolution Trust Corp., the agency set up to oversee the savings and loan bailout.

Mr. Tate, who served as a member of the RTC's East Coast Region Advisory Board from 1990 to 1993, has been a Florida real estate businessman for 40 years and is a former mayor of Bay Harbor Islands, Fla.

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