Document 4vXz4pneVjV4jBxqq1aJLrVqp

i83 MINUTES OP MEETING OP THE EXECUTIVE COMMITTEE OF THE GLIDDEN COMPANY Minutes of meeting of the Executive Committee of The Glidden Company held at the office of the Company, 900 Union Commerce Building, Cleveland, Ohio, on Wednesday, July 5> 19^1, at 10:00 A.M. The following members of the Committee were present: Dwight P. Joyce B. W. Maxey Willard C. Lighter Robert D. Homer Harvey L. Slaughter Mr. Alexander D. Duncan did not attend the meeting. Messrs. H. W. Cooper, R. L. Lechner and Jsaes E. Bom of the Company's advertising agency, Meldrum & Fewsmith, Inc., attended the meeting at the invitation of the Chairman. Also present at the meeting were the following Paint Division personnel: Messrs. P. W. Neidhardt, Vice President; Willard P. Stetzelberger, Director of Branches; W. D. Kinsell, Jr., National Trade Sales Manager; T. H. Turney, Advertising Manager; and R. B. Woodward, Sales Promotion Manager. Mr. Joyce, Chairman, presided and Mr. Homer, Secretary, recorded the minutes. Messrs. Neidhardt, Cooper and Lechner described the Paint Division's National Trade Sales advertising plans for the Company's 1962 fiscal year, following which the Committee, on motion made and seconded, unanimously approved the following advertising budget: GLD013157 1961 BUDGET Trade Sales National Other National Local Canada (National) General Paint (National) $1,1*91*998 284,500 1,885,000 190,000 115,000 $3,966,498 1961 ESTIMATED EXPENSE $1,275,805 249.000 1,830,588 175.000 90,000 $3,620,393 1962 BUDGET $1,390,276 420,500 1,930,000 200,000 95,000 $4,035,776 The foregoing budget was approved with the understanding that the expenditures authorized could he reduced at the discretion of Division manage ment by elimination of certain planned advertising as might from time to time appear desirable, and with the further understanding that if Division management deemed it advisable for any one of a number of reasons to increase advertising expenditures, particularly those involving local newspaper advertising, Mr. Neidhardt would request authorization to make such additional expenditures as were deemed desirable, in which event the Committee would be receptive to such request. There being no further business to come before the`Committee, the meeting was adjourned at 11:40 A.M. 7/5/61 GLD013158