James J. Nance
From Wikipedia, the free encyclopedia
James J. Nance, (b. February 19, 1900, d. July 1984) was an American industrialist and automobile industry leader.
Nance was born in Portsmouth, Lawrence County, Ohio,in 1900 to George W. and Florence (Van Horn) Nance. Following military during World War I, Nance graduated from Ohio Wesleyan University in 1923; he also attended The Ohio State University where he pursued post graduate course work.
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[edit] Career
Nance began his career at National Cash Register (NCR) in 1924, staying until 1927 when he joined General Motors Frigidaire division. In 1940 he left Frigidaire when he was named Vice President of Zenith Radio Corporation of Chicago. Nance was named CEO of Hotpoint, Inc. in 1945 and stayed until he was named CEO of Packard Motors Corporation in 1952.
While at Packard, Nance pushed to divorce the low-line Packard Clipper range of vehicles from the Senior Packard line-up into its own stand alone brand, Clipper. Nance also pushed for development of Packard's first V8 engine and automatic transmission, Ultramatic.
Nance helped to orchestrate the 1954 Packard acquisition of the Studebaker Corporation, creating the Studebaker Packard Corporation in 1954. While the Studebaker merger appeared to be in the best interests of both automakers, Studebaker failed to provide Packard with a full disclosure of its actual tenuous cash position, jeopardizing both automakers.
While Nance had held informal talks with George W. Mason of Nash Kelvinator about a potential merger that would bring all the U.S. independent automakers under one corporate entity, formal discussions were never established. Any hope of those discussions moving forward ended with Mason's death in October 1954.
Nance left Studebaker Packard in 1956 when the company was on the verge of insolvency, but not until he found the organization a safe-harbor relationship with airplane manufacturer Curtiss-Wright.
Following his tenure at Studebaker Packard, Nance was named Vice President of Ford's Mercury Edsel Lincoln Division, but resigned under pressure from top Ford executives in 1959 as the Edsel division (which well underway when he accepted the job at Ford) failed in the consumer marketplace.
He left the automobile business following his tenure with Ford and became President and CEO of Central National Bank of Cleveland, Ohio 1960, and was elevated to the position of Chairman and CEO in 1962. According to Nance he left the automobile industry because while there he had learned that everything depended on money and who controlled it.
Following his retirement from Central National, Nance established his own consulting firm in Cleveland, Ohio.
[edit] Community leadership roles
In 1964 Nance was named as the first Chairman of the Board of Cleveland State University, a position that he held until 1970. Cleveland State has named its Business College in honor of Nance, and its library holds his personal personal papers.
In addition to his tenure on the Board of CSU, Nance also served as a Life Trustee for Northwestern University, Trustee for Ohio Wesleyan University and as a Trustee for University Hospitals of Cleveland, and affiliate of Case Western Reserve University.
[edit] Personal life
Nance married the former Laura Battelle in 1925; the couple had two children. Following Nance's retirement he maintained his principal residence in Chagrin Falls, Ohio. Mrs. Nance preceded her husband in death prior to 1984. James J. Nance died in July of 1984.
[edit] External links
[edit] References
- Durrance, Thomas The Hard Road: Studebaker-Packard is fighting back. Barron's National Business and Financial Weekly. Boston, Mass.: Nov 8, 1954. Vol. 34, Iss. 45; p. 3 (3 pages).
- Editors. Who Was Who in America - Volume 9, 1986-1989. Marquis Publishing.
