Changes of the Week

P: Frank N. (for Nicholas) Belgrano Jr., 58, president of the First National Bank of Portland, was appointed chairman of California's Transamerica Corp., replacing James F. Cavagnaro, 69, who retired. Apparently because new Chairman Belgrano was given executive powers equal to his own, Transamerica President Sam H. Husbands, 62, promptly resigned his $75,000-a-year job in a huff. Belgrano, the son of the president of San Francisco's Banca Popolare Fugazi (one of the foundations of A. P. Giannini's Bank of America empire), was a $35-a-week messenger for the Bank of California in 1916, served as a 2nd lieutenant in World War I, then joined his father's bank as assistant cashier. Climbing the financial ladder, he became president of Pacific National Fire Insurance (another Giannini property) as well as vice president of Occidental Life Insurance and the Bank of America National Trust and Savings Association, was elected national commander of the American Legion in 1934. In 1943 Belgrano was named president of the Central Bank of Oakland, Calif., left in 1947 to become head of Portland's First National, largest (67 offices) of Transamerica's holdings.

P: Former Secretary of Defense Robert Abercrombie Lovett, 57, moved up to chairman of the Union Pacific Railroad's executive committee, succeeding F. W. Charske, who died last month. An executive committee member since 1930, Lovett takes on the job once held by his father, Robert S. Lovett.

P: Sidney Weil, 52, treasurer and general manager of American Safety Razor Corp., second largest manufacturer of safety razors and blades (first: Gillette), became president, replacing J. B. de Mesquita, who becomes chairman of the executive committee. Weil joined American Safety Razor in 1926 as export manager, and by 1943 was vice president and sales director. He stepped up to executive vice president and director in 1949.

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