Harvey Firestone Jr. To Retire Jan. 18 /
Harvey S. Firestone Jr., who has served as a member of the board of directors of the
Firestone Tire & Rubber Co. for 50 years, today announced his retirement from the board effective with the annual meeting Jan. 18. He is 70.
His brother, Raymond C. Firestone, company chairman, and E. B. Hathaway, president, said in their just-released report to stockholders, "Few corporate directors in American industrial history have served a corporation as long or as ably as Harvey S. Firestone Jr. has served our company.
"He has been its president and chairman of its board, and
for 17 years was its chief executive officer.
Because of the length and level of his service to the company, the board has honored him by designating him an honorary
director at the end of his present term."
The retiring Firestone is the eldest of five sons of the firm's founder.
IN A LETTER to the board prior to its taking action on a new slate, Harvey Firestone said:
"It has been mentioned that the board might consider nominating me, for special reasons, as a director for election at our next annual stockholders meeting in January.
"I should like to request that this not be done as I believe that the retirement policy established on Dec. 14, 1965, during my administration as chairman and chief executive officer, and with my complete support is basically sound.
"It materially aids in interesting and bringing younger men into the management of the company, and for this and other fundamental reasons it is in the best interests of the company and should be adhered to without exception for any reason."
Firestone stepped down as company chairman in 1966.
He emphasized that his retirement from the board "in no way changes my keen and enduring interest in the company and in its future progress and success. I shall always be available to render any service and to offer any advice which may be helpful and useful."
Firestone was elected a director of the company in 1919 and has served in many capacities, including vice president from 1929 to 1941, president from 1941 to 1946, president and chief executive officer from 1946 to 1948, chairman and chief executive officer from 1948 to 1963, chairman from 1963 to 1966, and honorary chairman since 1966.
During the 50 years he has been with the company, Firestone's annual sales have grown from $91 million to $2,131,443,965, and its annual profits have increased from $9.3 million to $127,034,657. He has seen the company grow from five plants in the United States to 114 plants throughout the world, and the number of employees grow from 13,200 to nearly 100,000.
IN ADDITION to his outstanding service to the company, Firestone has been a national leader in civic, religious, educational and humanitarian activities. He is national chairman of United Service Organizations Inc. and has held this position since 1951.
His interest in USO began as USO chairman for Ohio in 1941 and he has served continuously for a longer period of time than any other person. Four Presidents — Truman, Eisenhower, Kennedy and Johnson — appointed him as a member of the USO corporation and the board of governors.
In 1966, he was awarded the United States Department of Defense Medal for Distin- guished Public Service "for exceptionally meritorious civilian service to the Armed Forces," the highest honor that can be given by the department to civilians not in Government service.
HE HAS been decorated by a number of foreign governments including Liberia, Germany, Spain, Finland and France. He served as a member of the International Development Advisory Board by appointment of the President of the United States.
He was chairman of the Presiding Bishop's Committee on Laymen's Work for the Episcopal Church from 1943 through 1958. He served the National Conference of Christians and Jews, and in 1956 was national chairman of Brotherhood Week. He has been active with the International Committee of t h e YMCA and the United Negro College Fund.
He is a charter trustee of Princeton University from which he was graduated. He has been national chairman of the United Community Campaigns of America and of United Nations Week.
IN 1951, Firestone was adjudged one of the 12 outstanding business leaders of America as the result of a nationwide survey by a financial publication.
He is the author of "Man on the Move, The Story of Transportation," published by G. P. Putnam's Sons in 1966.
