Reins of power at Inco changing hands this year

The reins of power will be changing hands this year at Inco Ltd., the world’s largest producer of nickel. Following the annual meeting in April, Charles F. Baird, chairman and chief executive officer, will relinquish his post to President Donald J. Phillips. Mr Baird will leave his post after reaching the mandatory retirement age of 65.

The appointment of Mr Phillips as Mr Baird’s successor comes as no surprise to industry observers. As Inco’s president, he was next in line in the Inco heirarchy. Born in Ebbw Vale, Wales, Mr Phillips joined Inco in 1956 as a technical officer. In 1972, Mr Phillips was appointed chairman and chief officer of Inco Europe. Transferred to Canada in 1977, the Welsh-trained chemist became president of Inco Metals in the same year.

Mr Phillips, however, will need more than a dash of alchemy in order to transform Inco back to its pre-1980 glory days when the company was a perennial moneymaker. Since 1980, the nickel giant has been burdened not only by excessive long-term debt, but by depressed nickel prices which show little sign of recovering.

For the 9-month period ended Sept. 30, Inco realized net earnings of $1.8 million.

The company’s board of directors has also announced the appointment of a fourth executive vice-president. I. David Balchin, at present group managing director of Inco Engineered Products in Europe, will become responsible for Inco’s alloys and engineered products business worldwide.