Introduction of a new organizational structure for the Standard-Triumph group, of Coventry, “so that the financial and managerial resources of the organization can be more effectively employed in the production and sale of cars” and other products was announced by the organization today. Another object of the move was “to ensure that the cash obtained from the sale of the tractor assets is re-employed in this direction as early as possible.”
On September 28 Standard-Triumph International became the holding and policy making company for the group. The major changes are: the change of name of the Standard Motor Company to “Standard-Triumph International Ltd.” (S.T.I.) with a board of directors comprising Lord Tedder, chairman, Mr A. S. Dick, managing director, Mr K. Aspland, Mr E. Brimelow, Mr. M. J. Tustin, Mr H. S. Weale, Mr M. Whitfield, and Mr L. A. Woodall, directors.
Because of pressure of other business interests Mr C. C. Crosby has relinquished his directorship of the company, the announcement adds. The Standard Motor Co. (1959) has changed its name to “The Standard Motor Company Ltd.,” which becomes the major manufacturing subsidiary in the United Kingdom, and two subsidiary companies have been put into operation.