Page 36 - Volume 14 Number 10

IN HISTORY
34 • KING AIR MAGAZINE
OCTOBER 2020
were disappointed that the trainer had failed to secure a contract, but the Air Corps competition would prove to be a valuable learning experience that helped pave the way for future business with the military services.
During the time that the Model 6 and the XPT-9 were being developed, senior management at the Stearman Aircraft Company experienced a major shift in power. At the request of Frederick B. Rentschler, then serving as president of the giant United Aircraft & Transport Corporation, in December 1930, Lloyd resigned as president of the company he had founded in 1927. He was replaced by local Wichita businessman Walter P. Innes, Jr., who had been serving as treasurer.
Apparently, the change in management was driven largely by Lloyd’s desire to design new aircraft coupled with a growing disdain for being entrenched in the day-to-day operations of the company. Specifically, Rentschler wanted him to focus on research and development projects and investigate methods that would expedite manufacturing processes and reduce costs, not only within the Stearman company but across the corporation’s numerous subsidiaries as well. Lloyd retained his seat on the board of directors and
was designated a consultant and technical adviser to the company.
In a letter dated December 23, 1930, Stearman penned a letter to employees that mapped out his future plans:
“Mr. Rentschler ... has called upon me to devote my entire time and energy to research. Realizing that this will require that much of my time will be spent away from the factory investigating and developing new models and new ideas on management, production, sales and service, as well as aircraft design, he has requested that I pass the business responsibility of the company to Mr. Innes. This will give me ample time and energy to pursue my work, a work in which my deepest interest lies and a work I feel will permit my greatest and best contribution to the United Aircraft & Transport Corporation in general, and our company in particular. I am in no way diminishing my interest in the company. I am retaining my membership on the Board of Directors, and while my business responsibilities have been lessened, my technical responsibilities have been enlarged. It will be just as necessary now to have the loyalty of everyone in the company and to bespeak
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