American Motors Corporation
In January 1954, Nash-Kelvinator Corporation began acquisition of the Hudson Motor Car Company (in what was called a merger). The new corporation would be called American Motors Corporation. (An earlier corporation with the same name, co-founded by Louis Chevrolet, had existed in New Jersey from 1916 through 1922 before merging into the Bessemer–American Motors Corporation.)
Walter Chrysler
In 1916, William C. Durant, who founded General Motors in 1908, had retaken GM from bankers who had taken over the company. Chrysler, who was closely tied to the bankers, submitted his resignation to Durant, then based in New York City.