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|RCA Press Release for January 24, 1981|
Edgar H. Griffiths announced today that he has asked to be relieved of his duties as Chairman and Chief Executive Officer of the RCA Corporation effective July 1, and at that time become Chairman of the Board's Finance Committee. Thornton F. Bradshaw, President of the Atlantic Richfield Company and an RCA Board member since 1972 has, at the request of the Management Organization and Development Committee of the Board, agreed to succeed Mr. Griffiths in his present position. These changes will be presented to the RCA Board at its next regular meeting February 4.
Recently Mr. Griffiths has had discussions with the Chairman of the Management Organization and Development Committee of the Board and other Board members concerning his wishes when he reached age 60 in June.
Mr. Griffiths expressed his willingness to remain a director of the Corporation and become Chairman of the Board's Finance Committee. He has an agreement with the Corporation to serve as consultant for a five-year period following his retirement.
In response to Mr. Griffiths' announcement, the RCA Board of Directors issued the following statement:
"Ed Griffiths has served RCA for the past 33 years with total dedication. We fully appreciate his wishes and are pleased that his considerable talents will still be available to RCA management. Under his stewardship RCA profits have increased to new records each year.
"Dividends have increased for each of the past four years after being unchanged for the previous nine years;
"The acquisition of C.I.T. Financial Corporation represented the second largest action of its kind in American business history;
"RCA is in a very strong position to achieve leadership in the emerging VideoDisc business;
"Record investments have been made in Research and Development to assure continuing preeminence in development of competitive, high technology products;
"A major restructuring of the company is in its latter stages involving the disposition of certain businesses in order to permit management to focus on four prime areas -- broadcasting, finance, vehicle renting and communications, and electronics products and services;
"All-time highs for sales and earnings were attained in 1980 for the fourth consecutive year.
"RCA and its shareholders owe Ed Griffiths a debt of gratitude for the effective manner in which he has positioned RCA to meet the challenges of the coming years," the RCA Board statement concluded.
Mr. Griffiths said of his successor:
"For the past nine years I have worked with Brad on the RCA Board and look forward to continuing that relationship. His record in industry and public service speaks for itself. I am confident that RCA will continue to grow and prosper under his leadership.
Mr. Bradshaw stated, "Ed Griffiths has built a strong base for the future growth of RCA. I consider it a privilege and an exciting challenge to work with the people of RCA toward realizing its very large potential."
Mr. Griffiths joined RCA in 1948 and served in various executive capacities. He was elected to the Board of Directors in 1972. In 1976 he became President and Chief Executive Officer and on January 1, 1980 he was elected Chairman.
Mr. Bradshaw, 63, has been President of the Atlantic Richfield Company since June 1964. He joined the company in 1956 when its sales were $600 million and its profits $40 million. Its sales are now over $20 billion with a 1979 profit of $1.2 billion. Atlantic Richfield is the 12th largest industrial company in the United States.
Mr. Bradshaw was formerly a partner in the management consulting firm of Cresap, McCormick and Paget. He is a director of Atlantic Richfield, Champion International Corp., Security Pacific Corp., and Security Pacific National Bank. He is also a director of the Los Angeles Philharmonic Association, the Aspen Institute for Humanistic Studies and The Conference Board. Mr. Bradshaw is also active in various charities and other civic groups.