Dwight L. Stuart
Dwight Lyman Stuart (1924 – November 1998) was an American business executive and philanthropist who led the Los-Angeles-based Carnation as president and chief executive officer between 1973 and 1983.[1][2]
Early life and education
[edit]Stuart was born in Seattle in 1924, the younger of two sons of Carnation heir Elbridge H. Stuart. He served in the U.S. Navy in World War II and, on discharge, completed a bachelor's degree at the University of Washington in 1947.[3]
Career
[edit]Stuart began his carer as a milk-plant trainee at Carnation's management-training programme. He rose steadily through the ranks, becoming a director in 1960 and executive vice-president before succeeding his father as president in 1973.[3]
In November 1983, Stuart resigned amid strategic disagreements with chairman H. Everett Olson, retaining an estimated 20% family stake.[4][5] Rumours of a sale followed, and on 4 September 1984 Nestlé agreed to acquire Carnation for $3 billion.[3][6] Time credited Stuart's decision to “start unloading his stock” as the spark for the takeover.[7]
In 1987, Carnation, Stuart and his brother Elbridge agreed to a $13 million settlement with shareholders who alleged they had been misled during the share-price run-up preceding the Nestlé announcement.[8] After leaving Carnation, Stuart invested in commercial real-estate projects in Los Angeles and Palm Desert while serving on Carnation's board until the Nestlé deal closed.[3]
Philanthropy
[edit]A longtime director of the family-run Stuart Foundation, he supported public-school reform and children’s services across California and Washington. In his will he endowed the Dwight Stuart Youth Fund (formally organized in 2001), which makes multi-million-dollar grants each year to youth-development programmes in Los Angeles County.[3][9]
References
[edit]- ^ "D. STUART, FORMER HEAD OF CARNATION". November 19, 1998.
- ^ "Dwight L. Stuart". Harvard Business School.
- ^ a b c d e Oliver, Myrna (November 18, 1998). "Dwight L. Stuart; Ex-Carnation Co. Chief". Los Angeles Times.
- ^ "H. Everett Olson Dies; Led Carnation Co". Los Angeles Times. November 21, 1985.
- ^ "Carnation Company". Encyclopedia.com.
- ^ "Stuart family". Forbes.
- ^ Koepp, Stephen (September 17, 1984). "You're the Cream in My Coffee". TIME.
- ^ Delugach, Al (October 9, 1987). "Carnation Will Pay $13 Million to Settle Suits in Nestle Takeover". Los Angeles Times.
- ^ "Dwight Stuart Youth Fund". Inside Philanthropy. September 1, 2022.