Archie R McCardell was an American business leader.
20 Facts About Archie McCardell
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Archie McCardell was best known for his tenure as chief executive officer, president, and chairman of the board at the International Harvester farm and heavy equipment manufacturing concern from 1977 to 1982.
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Archie McCardell was born in Hazel Park, Michigan in August 1926.
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Archie McCardell served in the United States Army Air Forces in World War II.
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Archie McCardell became group president for corporate services at Xerox in 1966.
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Archie McCardell departed Xerox for International Harvester in August 1977, just as the company's profits began dropping.
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Archie McCardell was appointed president and chief operating officer of International Harvester on August 3,1977.
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Archie McCardell received a then-exorbitant salary of $460,000, a $1.5 million signing bonus and a $1.8 million loan at 6 percent interest.
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Archie McCardell was named chief executive officer in January 1978.
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Archie McCardell instituted an aggressive cost-cutting program which immediately cut spending by $640 million and a modernization program which poured $879 million over three years into the company's plants.
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Archie McCardell's actions boosted market share, and led to record sales of $8.4 billion and record profits of $370 million.
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Archie McCardell put its utility vehicle division up for sale to help cover the losses, and by the end of April 1980 was forced to take out loans which increased its short-term debt from $442 million to a staggering $1 billion.
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On January 20,1982, the UAW rejected Harvester's request for concessions because Archie McCardell had just given $6 million in bonuses to salaried employees.
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On May 3,1982, one day after the UAW ratified the concessionary contract, Archie McCardell was fired by International Harvester.
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Archie McCardell was replaced as chairman and CEO by Louis W Menk and president Warren J Hayford was replaced by Donald D Lennox.
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Archie McCardell moved to Fairfield, Connecticut, where he purchased the original Pepperidge Farm, the 320-acre farm owned by Margaret Rudkin which had lent its name to the baking company Pepperidge Farm.
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Archie McCardell began developing the farm into an affluent subdivision known as The Ridge.
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Archie McCardell was elected to the board of directors of Computer Communications Inc in 1984, but the company later folded.
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Archie McCardell ran a company which took tourists on scuba diving trips, and owned several other small businesses.
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Archie McCardell died at his home in Casper, Wyoming on July 10,2008, of complications from heart failure.