Document LJJ8jEpd7yxkkozpRJga5OKqX

lion's large companies equal employment op portunities regardless of race, creed, color or national origin. Brake Shoe has initiated efforts throughout the company to accelerate the em ployment. training and advancement o: capa ble people from minority groups. ORGANIZATION AND MANAGEMENT CHANGES William T. Kelly. Jr. was elected first vice pres ident or. February 13.1964. He is a member of the Board of Directors and has 37 years of service with the company. Victor L. Persbacker was elected vice presi dent for finance on February 13.1964. He was formerly vice president ar.d treasurer. Mr. Persbacker has spent his entire business career of 31 years with Brake Shoe. Owen B. Cortle. formerly assistant treasurer, was elecred treasurer to succeed Mr. Pers backer and Ralph J. Switzer was elected assist ant treasurer. Maynard B. Terry, president of American Brake'olok Division, was elected vice president of the company on February 13. 1964. Mr. Terry has 22 years of service with the Brakeblok Division. On May 13. 1964. Robert W. Biggs, president of the S. K. Wellman Division, was elected a vice president and director of the company. Boyd E. Bridgwater, formerly president of the Bridgwater Machine Division, was elected a vice president of the company on September 9. 1964. Mr. Bridgwater is also executive vice president of the newly formed Engineered Products Division. The Engineered Products Division of the com pany was formed on January 1, 1965, through the consolidation of Engineered Castings. Bridgwater Machine and National Bearing Di visions. X. George Belury. formerly president cf the Engineered Castings and National Bear ing Divisions, is president of the new division. This consolidation of three separate units will bring greater efficiency with integrated manu facturing operations, and also will provide a better sales and service organization for our customers. Effective January 1, 1965, Thomas W. Russell, Jr. was elected chairman of Dominion Brake Shoe Company Ltd. and Allan C. MacDonald was elected president of the Canadian com pany. succeeding Mr. Russell. Mr. MacDonald comes to Brake Shoe with many years of ex perience in executive positions in Canadian in dustry and government, Mr. Russell, a vice president of American Brake Shoe, has as sumed new duties at company headquarters ir. New York. LOOKING AHEAD This report on the developments of 1964 would not be complete without some indica tion of our hopes for future years. This is an era of unprecedented technological advance, constantly bringing forth more com plex problems, yet offering more opportuni ties. Industry has an increasing need for new and better products to meet higher, and still higher, performance rqquirepnents. Brake Shoe people are alert to these ever changing demands of our customers and are always seeking opportunities for the company to provide better products and services. We believe that 1965 will be a year of improved operations, and another year in which the com pany will gain in strength and momentum. Sincerely, President CJiairmon ' 7 SCI 01929