Openings for Young Men

When is a top executive too old for his job? Inland Steel's 66-year-old Chairman Edward L. Ryerson, who holds directorships in five other companies, answered the question last week by resigning from one of them to open "opportunity for younger men." Ryerson, quitting the board of Chicago's Northern Trust Co., said his action was part of his plan for "gradual retirement" from his other directorships and finally from Inland.

"You hear it said," explained Ryerson, "that business needs the wisdom of older men ... It is desirable [when] the older man's judgment is sound . . [But] I have seen many cases . . , where a man's judgment has not kept pace with the times. Since the individual cannot recognize the signs of age in his own case . . arbitrary provision for retirement . . . is the only feasible solution . . ."

Many Chicagoans thought Ryerson was giving a gentle hint to his fellow bank director, Montgomery Ward's 79-year-old Chairman Sewell Avery. If so, the dig did not bother Avery, but it did stir up an argument among other elderly Chicago business leaders. Said Wilson & Co.'s 84-year-old Chairman Thomas E. Wilson: "I suppose if a 66-year-old man thinks he is old, that's his opinion. Personally, I think it is much too young to retire." Snorted 86-year-old Real Estate Man John E. Scully: "Better wear out than rust out!" But Swift & Co.'s 68-year-old Chairman Harold Swift agreed with Ryerson: "The only reason I am remaining in the business is because I am the last of six sons of my father. I am still heading the company because the employees want me to." Snapped Zenith Radio's tough, 62-year-old President Eugene MacDonald Jr.: "If [Ryerson] wants to retire, then it's time to retire." Grinning slyly, 93-year-old Meat Packer Oscar Mayer, still running his own company, said: "He should retire. That's not too young--for a banker."

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