Louis F. Polk Jr. Explained

Louis F. "Bo" Polk Jr. (born c. 1930)[1] is an American businessman who was briefly president of MGM.

Biography

Polk had studied engineering at Yale and had an MBA from Harvard. He joined General Mills in Minneapolis in 1960, working as financial controller and director, instigating rapid change, becoming a youth-conscious organization with a growing group of young managers and closing almost half of their mills and diversifying into other businesses such as Parker Brothers and Play-Doh.[2] [3] He had no previous involvement in movie making but he had impressed Edgar Bronfman, Sr. then the major shareholder in MGM.[4] [5] There was opposition to his appointment within MGM[6] but he was elected as a director in December 1968 and named president in January 1969.[7] [8] Polk replaced Robert O'Brien. He was greeted with reports of MGM incurring a loss of $2.5 million for the first financial quarter.[9] Polk said he became interested in making the film after watching Blow Up.[10] He hired Harvard MBAs to work as executive assistants at the studio and appointed Herbert F. Solow as head of production.[11]

During the year it became apparent MGM would record a loss of $19 million. Polk and Solow decided to drop a number of projects to which MGM had the rights, including Rosencrantz and Guilderstern are Dead, The Homecoming, Baker Street and the musical Say It with Music.[12]

The following films were announced under Polk's regime:[13]

Augie March, Man's Fate, Tai Pan and She Loves Me were all cancelled and Dingus McGee was made later.[14] There were also several TV series made at the studio: The Courtship of Eddie's Father, Then Came Bronson and Medical Center.[15]

Polk lasted less than a year in the job. Kirk Kerkorian moved to control the company[16] and eventually succeeded. When he did so he put James T. Aubrey as president.[17] Following Polk's resignation MGM reported a $35 million loss, as opposed to the predicted $19 million.[18] Polk then sued MGM and Kerkorian for $4 million.[19]

Notes and References

  1. News: Leisure Dynamics Elevates Louis F. Polk Jr. to Chairman. Dayton Daily News. 63. June 9, 1971. Newspapers.com. December 30, 2018.
  2. News: Controller Elevated By General Mills, Inc.. The New York Times. November 28, 1961. 50.
  3. Variety. January 15, 1969. 3. Hints to Attitude of Bo Polk Seen In Fortune Piece.
  4. News: M-G-M Committee Picks an Engineer As Top Executive: A NEW EXECUTIVE ELECTED BY M-G-M. LEONARD. SLOANE. The New York Times. November 28, 1968. 75.
  5. News: Polk Apparently Picked As Top MGM Officer By Selection Committee: Special Meeting of Board Slated Wednesday, When General Mills Officer Is to Be Put on Board. Wall Street Journal. November 29, 1968. 24.
  6. News: Bronfman's Struggle to Install MGM Chief Seen Set Back by Delay of Annual Meeting. STANLEY. PENN. Wall Street Journal. December 5, 1968. 4.
  7. News: Polk, 38, Elected President of MGM as Bronfman Wins Wood. Charles D. Los Angeles Times. Dec 11, 1968. d11.
  8. News: M-G-M Puts Polk In Director's Post With Top Job Next: M-G-M PUTS POLK IN DIRECTOR'S JOB . LEONARD SLOANE. Dec 11, 1968. New York Times. 65.
  9. News: MGM Had Loss Of $2.5 Million In First Period: Substantial Write-Offs' Are Taken on Certain Films; Revenue and Rentals Drop Firm Had Year-Earlier Profit. Wall Street Journal. January 13, 1969. 10.
  10. News: Brisk Winds of Change Rustle Hollywood Champlin, Charles.. Feb 23, 1969. Los Angeles Times. t1.
  11. News: A New Roar Coming From M-G-M Lion: A New Roar Being Heard From M-G-M's Offices . LEONARD SLOANE. Apr 13, 1969. New York Times. F1.
  12. News: M-G-M Says Loss in Year Could Rise to $19-Million: Will Omit a Dividend -- Chairman Resigns in Favor of Bronfman $19-MILLION LOSS IS SEEN AT M-G-M . LEONARD SLOANE. May 27, 1969. New York Times. 61.
  13. News: MOVIE PRODUCTION PLANS TOLD BY MGM. Los Angeles Times. Aug 4, 1969. d23.
  14. News: 'Taipan' Axed by New MGM Regime. Los Angeles Times. Nov 6, 1969. f14.
  15. News: Movies: Herbert Solow Strives to Leave His Mark at MGM Herbert Solow and MGM Warga, Wayne.. Aug 31, 1969. Los Angeles Times. j20.
  16. News: Kerkorian Reports 1,325,000 Shares of MGM Tendered: KERKORIAN. Dallos, Robert E. . Los Angeles Times. Aug 12, 1969. b8.
  17. News: Aubrey Named M-G-M President: Kerkorian Moves In as Bronfman and Forces Lose Out AUBREY IS NAMED M-G-M PRESIDENT . LEONARD SLOANE. Oct 22, 1969. New York Times. 57.
  18. News: MGM Suffers Loss of $35.3 Million for Year: Additional Inventory Write-Downs Blamed; Aubrey Vows Changes MGM LOSS. Dallos, Robert E.. Los Angeles Times. Nov 20, 1969. e15.
  19. News: Polk Files $4 Million MGM, Kerkorian Suit: Charges Coercion Used on Board to Force Dismissal MGM SUIT. Dallos, Robert E.. Los Angeles Times. Dec 18, 1969. c14.

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