E L Mcneely

A group that includes former Securities and Exchange Commission Chairman Roderick M. Hills, former U.S. Attorney General Elliot L. Richardson and San Diego Economic Development Corp. Chairman George W. Leiszhas begun a proxy fight aimed at unseating five of San Diego-based Oak Industries' eight board members. The dissident group will sponsor a board majority that would be "independent" of current Oak Chairman E. L. McNeely, according to a prepared release issued Tuesday by Hills.

E. L. McNeely, former chairman of Wickes Corp. and communications-oriented Oak Industries, died Sunday at the Green Hospital Cancer Clinic in La Jolla. He was 72. His career in retailing began with Montgomery Ward in Chicago, where he became divisional merchandise manager before joining Wickes in 1964. He rose to chairman and chief executive officer of the furniture and home improvement chain in 1969 and retired in 1982.

A group that includes former Securities and Exchange Commission Chairman Roderick M. Hills and former U.S. Atty. Gen. Elliot L. Richardson claimed an "overwhelming" victory Tuesday in a bitter fight for control of Oak Industries. However, Oak Chairman E. L. McNeely steadfastly maintained at the company's annual meeting here that it will be at least a week before a vote count is available because of a possible court challenge. In addition to Hills and Richardson, the dissident slate seeking election to the board includes San Diego businessman Daniel W. Derbes, San Diego Economic Development Corp.

A group that includes former Securities and Exchange Commission Chairman Roderick M. Hills and former U.S. Atty. Gen. Elliot L. Richardson claimed an "overwhelming" victory Tuesday in a bitter fight for control of Oak Industries. However, Oak Chairman E. L. McNeely steadfastly maintained at the company's annual meeting here that it will be at least a week before a vote count is available because of a possible court challenge. In addition to Hills and Richardson, the dissident slate seeking election to the board includes San Diego businessman Daniel W. Derbes, San Diego Economic Development Corp.

E. L. McNeely, former chairman of Wickes Corp. and communications-oriented Oak Industries, died Sunday at the Green Hospital Cancer Clinic in La Jolla. He was 72. His career in retailing began with Montgomery Ward in Chicago, where he became divisional merchandise manager before joining Wickes in 1964. He rose to chairman and chief executive officer of the furniture and home improvement chain in 1969 and retired in 1982.

Oak Industries Announces Staff Cuts: Oak Industries' new management has cut administrative staff to 23 from 42 in a restructuring of its headquarters office. The cuts will save the company $1 million in annual overhead. On June 6, shareholders of Oak, a San Diego-based electronics components company, voted board control to a dissident shareholders group led by Roderick Hills after a bitter proxy fight. Oak also announced that the company will be managed by an executive committee led by Chairman Daniel Derbes until a permanent chief executive can be recruited.

Hank Sauer, former senior vice president of Oak Communications, said that he and a group of associates have offered to buy the cable-television subsidiary of San Diego-based Oak Industries for more than $20 million. Oak Chairman E. L. McNeely said previously that he wants to sell the division, which was reportedly losing between $1 million and $3 million monthly. He said he will consider the Sauer group's proposal.

A group that includes former Securities and Exchange Commission Chairman Roderick M. Hills, former U.S. Attorney General Elliot L. Richardson and San Diego Economic Development Corp. Chairman George W. Leiszhas begun a proxy fight aimed at unseating five of San Diego-based Oak Industries' eight board members. The dissident group will sponsor a board majority that would be "independent" of current Oak Chairman E. L. McNeely, according to a prepared release issued Tuesday by Hills.

Troubled Oak Industries on Wednesday reported a $9.5-million loss on continuing operations for the first quarter ended March 31, compared to a $12.5-million loss for the same quarter a year earlier. Oak reported sales for the quarter of $77.1 million, down from $83.8 million. All of Oak's losses for the latest quarter came from continuing operations. During the same period last year, continuing operations accounted for $7 million of the loss.