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Control of Studebaker.

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  • Control of Studebaker.

    When did the Studebaker family loose control of the company they founded?
    I'd rather be driving my Studebaker!


  • #2
    Tricky question.
    The day they went public and issued stock?
    Or the day the bankers got involved?

    My swag.....
    Probably March 18, 1933
    That was the day they filed for bankruptcy.
    HTIH (Hope The Info Helps)


    Get your facts first, and then you can distort them as much as you please. Mark Twain

    Note: SDC# 070190 (and earlier...)


    • #3
      I remember reading somewhere that the last Studebaker on the board was in the 20's. He was voted out and the family name was all that was left. Bill


      • #4
        The presidency of Studebaker was turned over to Albert R. Erskine in 1915, but John M. Studebaker remained chairman until his death in 1917 at age 85. So I would put the date of "losing control" by the family at that time (1917) even though at least one and perhaps more of the later generation of the family did stay on the board until some time in the twenties as was said.
        Gene Nagle
        1963 Hawk R1
        1985 Avanti


        • #5
          Even if the family wasn't represented on the board, they still owned a lot of the stock -- so Jeff's date may be the best. But I would correct his use of the word "bankruptcy". The company did not go bankrupt, but rather entered receivership -- thus removing the stockholders from direct control.
          Skip Lackie


          • #6
            There is a great book on the story of Studebaker called "The Life and Death of an American Corporation" 1996 by Donald Critchlow that lays it all out. As I recall the end of family involvment started in the late 1910's when Erskine took over a president and Studebaker went to east coast bankers to borrow money for major plant expansion in South Bend. The Studebaker family was forced out of the board of directors over several years. Kind of sad, but they were doing some negative things, like insider trading of Studebaker stock on wall street.
            Dan Peterson
            Montpelier, VT
            1960 Lark V-8 Convertible
            1960 Lark V-8 Convertible (parts car)