What They Work At After They Quit Working

For the hard-driving men at the pinnacle of U.S. corporations, the idea of a life without work often seems painful. Yet more and more of them are being forced to retire at 65--an age at which the average U.S. man still has 14 years to live. One of the most troubling questions in U.S. business is what the corporation should do with its overage chiefs--and what they should do with themselves.

In the biggest companies, the trend is to cut off the former bosses rather sharply. Many of the retired themselves sympathize with that policy. Says Joseph B. Hall, former chairman of Kroger Co., the Cincinnati-based grocery chain: "I'm in favor of a retiring officer clearing out completely. The new chief executive should get every break." General Motors' John Gordon, 65, has seldom been seen at G.M. since he left the presidency in June. Ralph Cordiner, 65, retreated to the serenity of his Florida cattle ranch two years ago upon retirement as chairman of General Electric, emerged only briefly last year to head Barry Goldwater's fund raising.

Back Into Action. Money is not usually a problem. Pensions and deferred option deals usually equal one-third to one-half of the executives' working salaries, and in some cases much more. What the corporate celebrities really miss are the old powers, pressures and personal contacts--the feeling of being on the inside and the sense of responsible activity. Some companies (Honeywell Inc., American Express and Jersey Standard, among others) try to fill the gap by giving their retired chief executives and directors a base for new activities; they provide them with office space, but it is usually segregated from the men at work.

Most pensioned chiefs try to swing back into action by getting onto the boards of charities, hospitals or universities. The discreet jockeying for such appointments can be intense. Perhaps the most prestigious board is that of Manhattan's Columbia-Presbyterian Hospital, which includes such former chief executives as American Telephone's Cleo Craig, Texaco's Augustus C. Long, Jersey Standard's Monroe J. Rathbone, and B.B.D.&O.'s Bruce Barton, along with some distinctly unretired figures, such as General Motors' Frederic Donner and U.S. Steel's Roger Blough.

Westinghouse's former chief, Gwilym A. Price, 70, is now the chairman of the University of Pittsburgh's trustees, and has been assuming more and more responsibility at the financially troubled institution since Chancellor Edward Litchfield resigned last year. Equally prestigious, from the retired executive's viewpoint, is an appointment to a powerful (if nonpaying) position in public service. One such plum was won in October by Edwin M. Clark, 65, the recently retired boss of Southwestern Bell Telephone, who was picked to head St. Louis' industrial-development drive.

Their Own Businesses. Even better for older top executives--but rarer--is the opportunity to move to the chairmanship of another corporation, where they can supervise policy but avoid the grind of everyday operations. Los Angeles' Don Belding, 67, who retired from his advertising agency--Foote, Cone & Belding--is now executive committee chairman of Schick Electric Inc. Former Ford Chairman Ernest Breech, 68, who pulled the automaker out of financial chaos after World War II, is almost as busy as ever as chairman of Trans World Airlines, has helped thwart attempts by Owner Howard Hughes to regain control. Charles H. Kellstadt, who retired as chairman of Sears, Roebuck in 1962 is now, at 69, the boss of Florida's General Development Corp.

Many other corporate old grads go into business for themselves, usually with considerable success. Kroger's Joe Hall has added to his retirement income ($50,000 a year) by opening a fruit distributorship in Guatemala. Former Ford President John Dykstra has gone into an auto dealership with his son. Management consulting holds out particular attractions. Morgan J. Davis, 67, onetime Humble Oil chairman, has become a consultant to Houston's biggest bank and to other oilmen, also has an interest in drilling operations in Latin America. Says Davis: "I'm definitely not retired--just retired from Humble." In Minneapolis, former General Mills President Leslie Perrin and former Cargill Corp. Vice President Julius Hendel helped establish Experience, Inc., a clearinghouse for executives who want to use their talents beyond 65. Last week Clarence Randall, retired chairman of Inland Steel, returned from a five-week tour of Africa, about which he expects to write several articles.

The wives of such actively retired executives are often surprised that their husbands do not spend more time at home, but years of long hours without their men ("I married him for better or worse, but not for lunch") have accustomed the ladies to their absence.

The retirees' doctors find few perils for the men who keep busy: former executives generally live longer than other men over 65 because they have had annual physicals, keep in shape, eat the right food--and do not have to worry about money.

This file is automatically generated by a robot program, so reader's discretion is required.