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Just for your information, the board statement about what the
role of the editor-in-chief was was adopted on December 21st, 1978,
according to Prendergast, and Henry Grunwald was appointed
editor-in-chief effective June 1st, 1979.
Oh, yes. That's right. That's right.
But we'll talk about that later? Let's stay earlier now.
So in 1969, they wanted me to be C.E.O., and clearly there
had to be a president. That was a very difficult decision, because
Donovan and I had been gingerly promoting Jim Shepley, first to
publisher of Fortune, and then to publisher of Time. I say gingerly
because Jim was brilliant, irascible, and explosive. And when he
exploded, the entire building shook. And he exploded quite often.
But he was very, very capable. He did well at Fortune, and despite
explosions, which became less frequent when he was publisher of
Time--there were some fairly sizable ones. And we finally proposed
to the board that Shepley be made president and chief operating
officer, with some fear on my part and Hedley's of what might happen
here. You know, if he gets more power and explodes, the explosion
was just going to be a lot louder. [laughs]
Had you two been considering anyone else?
Yes, but there wasn't anybody else that really was that
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