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Show Head of United States Steel Corporation Cor-poration Sends Notice of Retirement. DIRECTORS MAY DECIDE TO NAME NO SUCCESSOR Possible That Chairman Gary Will Take Over Manifold Duties. NEW YORK. Jan. 3. "William E. Coroy, president of the United States Steel corporation, resigned today, and it Is probable lie will have no successor. His resignation was announced late this at'lernoon by Elbert M. Gary, chairman of the corporation, to tako effect at the pleasure of tho directors. Ho carries with him tho best wishos of all connected connect-ed with the corporation, says tho statement state-ment Issued, and leaves with feelings of loyalty to the corporation and all its interests, h.ut nothing Is said of his plans for tho future. The first president of tho United States Steel corporation was Charles M. Schwab, who. following his resignation, became president of the Bethlehem Steel company. Mr. Corey lias served seven years. Former Judgo Gary's statement says, in pnrt: Seven Years' Service. "After moro than seven years of faithful faith-ful service as president of the United States Steel corporation, William E. Corey has tendered hirf resignation, to lake effect at the pleasure of tho board of directors. The resignation will be presented to the board for consideration and action In duo timo. and tho finance committee will then present its recommendations recom-mendations concerning the subject matter. mat-ter. "It Is the present opinion of the members mem-bers of the committee that there should not be elected a successor In the immediate immedi-ate future. If at all. "The experience and talents of Mr. Cor&y have best fitted him to take charge of the commercial and manufacturing departments, de-partments, and his attention has been largely confined to that service. However, How-ever, as the manufacturing companies arc thoroughly equipped with tho very best talent, including such as tho ahovc-mentioned ahovc-mentioned branches need, tho strength of the organization will .iot be diminished. The finance committee may recommend the election of a vice president or two vice presidents, who will bo expected to tako especial charge of different dortirt-ments. dortirt-ments. It is Intended to strengthen the whole organization In every respect practicable and useful. Eolations Are Pleasant. "Tho relations between Mr. Corey and the members of the board and finance committee, respectively, as well as all the officers of the United States Steel corporation and ' subsidiary companies, have been most pleasant and agreeable. Mr. Corey severs his connection with a feeling of loyalty to and friendship for the corporation and all its interests, and takes with him the best wishes of all who are connected with tho companies interested referred to." Something like a year ago tho powers of the chairman of the finance committee commit-tee and chairman of the board of directors, direc-tors, both of which Mr. Gary is. were enlarged to include not only the administrative admin-istrative affairs of the corporation, but the details of executive management. Unless another president is named, therefore, or another chairman succeeds Mr. Gary, he becomes chief in authority over all provinces of the largest corporation corpora-tion in the world. So far as could bo learned, Mr. Coroy was not In town tonight, and no statement state-ment from him could bo had. Tt was said that he left town over tho holidays and had not returned. |