Louis F. Polk Jr.

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Louis F. "Bo" Polk Jr. (born c. 1930)[1] was 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]|author=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]|author=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]

References[]

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