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Louis F. Polk Jr.

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Louis F. "Bo" Polk Jr. was an American businessman who was briefly president of MGM.

Polk had studied engineering at Yale and had an MBA from Harvard. He had been a top executive at General Mills in Minneapolis, working as financial controller and director.[1] He had no previous involvement in movie making but he had impressed Edgar Bronfman, Sr. then the major shareholder in MGM.[2][3] There was opposition to his appointment within MGM[4] but he was elected as a director in December 1968 and named president in January 1969.[5][6] Polk replaced Robert O'Brien. He was greeted with reports of MGM incurring a loss of $2.5 million for the first financial quarter.[7]

Polk said he became interested in making the film after watching Blow Up.[8] He hired Harvard MBAs to work as executive assistants at the studio and appointed Herbert F. Solow as head of production.[9]

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.[10]

The following films were announced under Polk's regime:[11]

Augie March, Man's Fate, Tai Pan and She Loves Me were all cancelled and Dingus McGee was made later.[12]

There were also several TV series made at the studio: The Courtship of Eddie's Father, Then Came Bronson and Medical Center.[13]

Polk lasted less than a year in the job. Kirk Kerkorian moved to control the company[14] and eventually succeeded. When he did so he put James T. Aubrey as president.[15]

Following Polk's resignation MGM reported a $35 million loss, as opposed to the predicted $19 million.[16] Polk then sued MGM and Kerkorian for $4 million.[17]

References

  1. ^ Controller Elevated By General Mills, Inc. New York Times (1923-Current file) [New York, N.Y] 28 Nov 1961: 50.
  2. ^ M-G-M Committee Picks an Engineer As Top Executive: A NEW EXECUTIVE ELECTED BY M-G-M By LEONARD SLOANE. New York Times (1923-Current file) [New York, N.Y] 28 Nov 1968: 75.
  3. ^ 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 (1923 - Current file) [New York, N.Y] 29 Nov 1968: 24.
  4. ^ Bronfman's Struggle to Install MGM Chief Seen Set Back by Delay of Annual Meeting By STANLEY PENN Staff Reporter of THE WALL STREET JOURNAL. Wall Street Journal (1923 - Current file) [New York, N.Y] 05 Dec 1968: 4.
  5. ^ Polk, 38, Elected President of MGM as Bronfman Wins Wood, Charles D. Los Angeles Times (1923-Current File) [Los Angeles, Calif] 11 Dec 1968: d11.
  6. ^ M-G-M Puts Polk In Director's Post With Top Job Next: M-G-M PUTS POLK IN DIRECTOR'S JOB By LEONARD SLOANE. New York Times (1923-Current file) [New York, N.Y] 11 Dec 1968: 65.
  7. ^ 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 By a WALL STREET JOURNAL Staff Reporter. Wall Street Journal (1923 - Current file) [New York, N.Y] 13 Jan 1969: 10.
  8. ^ Brisk Winds of Change Rustle Hollywood Champlin, Charles. Los Angeles Times (1923-Current File) [Los Angeles, Calif] 23 Feb 1969: t1.
  9. ^ A New Roar Coming From M-G-M Lion: A New Roar Being Heard From M-G-M's Offices By LEONARD SLOANE. New York Times (1923-Current file) [New York, N.Y] 13 Apr 1969: F1.
  10. ^ 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 By LEONARD SLOANE. New York Times (1923-Current file) [New York, N.Y] 27 May 1969: 61.
  11. ^ MOVIE PRODUCTION PLANS TOLD BY MGM Los Angeles Times (1923-Current File) [Los Angeles, Calif] 04 Aug 1969: d23.
  12. ^ 'Taipan' Axed by New MGM Regime Los Angeles Times (1923-Current File) [Los Angeles, Calif] 06 Nov 1969: f14.
  13. ^ Movies: Herbert Solow Strives to Leave His Mark at MGM Herbert Solow and MGM Warga, Wayne. Los Angeles Times (1923-Current File) [Los Angeles, Calif] 31 Aug 1969: j20.
  14. ^ Kerkorian Reports 1,325,000 Shares of MGM Tendered: KERKORIAN Dallos, Robert E. Los Angeles Times (1923-Current File) [Los Angeles, Calif] 12 Aug 1969: b8.
  15. ^ Aubrey Named M-G-M President: Kerkorian Moves In as Bronfman and Forces Lose Out AUBREY IS NAMED M-G-M PRESIDENT By LEONARD SLOANE. New York Times (1923-Current file) [New York, N.Y] 22 Oct 1969: 57.
  16. ^ 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 (1923-Current File) [Los Angeles, Calif] 20 Nov 1969: e15.
  17. ^ Polk Files $4 Million MGM, Kerkorian Suit: Charges Coercion Used on Board to Force Dismissal MGM SUIT Dallos, Robert E. Los Angeles Times (1923-Current File) [Los Angeles, Calif] 18 Dec 1969: c14.
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