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Alfred Pritchard Sloan, Jr. (May 23, 1875 - February 17, 1966), long-time president and chairman of General Motors, was born in New Haven, Connecticut. He studied electrical engineering and graduated from the Massachusetts Institute of Technology in 1892.
He became president of a machine shop making ball bearings in 1899. In 1916 and 1918, his company merged with United Motors Corporation and with another company to form General Motors Corporation, which started making cars. He became Vice-President, then President (1923), and finally Chairman of the Board (1937). In 1934, he established the philanthropic nonprofit Alfred P. Sloan Foundation. GM was the first company to coin the word return on investment. This performance rating may have been introduced to GM by Donaldson Brown, a Delaware farm boy who ended in GM after secretly marrying Eleuthère Irénée du Pont's daughter.
Under Alfred P. Sloan's leadership, public transport systems of trams in the US were successively replaced by buses. Many of the trams themselves were literally burnt in order to prevent any reversal in public transport policies. Frequencies of bus services were decreased on less profitable routes, helping to encourage people to buy their own automobiles and travel independently.
In these ways and others, Alfred P. Sloan continued to increase GM's profitability.
Sloan retired as chairman on April 2, 1956 and died in 1966.
External links
- Alfred P. Sloan Foundation, whose total assets had a market value of over $1.3 billion in 2002 (http://www.sloan.org)
- review of Klein and Olson's film Taken for a Ride (http://www.interactivist.net/transportation/ride.html)
- contribution of Alfred P. Sloan to changes in rapid transit systems (http://rapidtransit.com/net/thirdrail/9905/agt4.htm)
- extract from Bradford C. Snell, American Ground Transport: A Proposal for Restructuring the Automobile, Truck, Bus and Rail Industries. Report presented to the Committee of the Judiciary, Subcommittee on Antitrust and Monopoly, United States Senate, February 26, 1974, United States Government Printing Office, Washington, 1974, pp. 16-24. (http://www.corpwatch.org/campaigns/PCD.jsp?articleid=4368)
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