James J. Nance
Encyclopedia
James J. Nance was an American industrialist who became president of Studebaker Packard
. Later, he was chief executive of the Central National Bank of Cleveland, chairman of the executive committee of Montgomery Ward
and chairman of the board of trustees of Cleveland State University
and a major property investor.
, Lawrence County, Ohio
, in 1900 to George W. and Florence (Van Horn) Nance and raised on their farm. Following military service during World War I
, Nance graduated from Ohio Wesleyan University
in 1923; he also attended The Ohio State University
where he pursued postgraduate course work.
' Frigidaire
division. In 1940 he left Frigidaire when he was named vice president of Zenith Radio Corporation of Chicago. Nance was named CEO of General Electric
's Hotpoint brand in 1945 and CEO of the Packard
Motor Car Company in 1952.
While at Studebaker Packard, Nance moved to separate the Packard Clipper
range of vehicles into a stand-alone brand, Clipper
. He also expedited development of Packard's first V8 engine and automatic transmission, Ultramatic
.
Nance helped to orchestrate the 1954 Packard acquisition of the Studebaker Corporation
, creating the Studebaker Packard Corporation in 1954. While the Studebaker merger appeared to be in the best interests of both automakers, Studebaker failed to provide Packard with a full disclosure of its tenuous cash position, jeopardizing both marques.
While Nance had held informal talks with George W. Mason
of Nash Kelvinator about a potential merger that would bring all the U.S. independent automakers under one corporate entity, formal discussions were never established. Any hope of those discussions moving forward ended with Mason's death in October 1954.
Nance left Studebaker Packard in 1956 when the company was on the verge of insolvency, but not until he found the organization a safe-harbor relationship with airplane manufacturer Curtiss-Wright
.
Following his tenure at Studebaker Packard, Nance was named vice president of Ford
's Mercury Edsel Lincoln Division, but resigned under pressure from top Ford executives in 1959 when the Edsel
's sales were poor.
He left the automobile business following his tenure with Ford and became president and CEO of Central National Bank of Cleveland, Ohio
1960, being elevated to the position of chairman and CEO in 1962. According to Nance he left the automobile industry because while there he had learned that everything depended on money and who controlled it.
Following his retirement from Central National, Nance established his own consulting firm in Cleveland, Ohio
.
, a position that he held until 1970. Cleveland State named its business college in his honor (renaming it in June 2011 to honor another Board of Trustees chair, Monte Ahuja) and its library holds Nance's personal papers.
In addition to his tenure on the board of CSU, Nance also served as a life trustee for Northwestern University
, trustee for Ohio Wesleyan University and a trustee for University Hospitals of Cleveland
, an affiliate of Case Western Reserve University
.
. Mrs. Nance predeceased her husband before his death in July 1984.
Studebaker-Packard Corporation
The Studebaker-Packard Corporation was the entity created by the purchase of the Studebaker Corporation of South Bend, Indiana, by the Packard Motor Car Company of Detroit, Michigan, in 1954.Packard acquired Studebaker in the transaction...
. Later, he was chief executive of the Central National Bank of Cleveland, chairman of the executive committee of Montgomery Ward
Montgomery Ward
Montgomery Ward is an online retailer that carries the same name as the former American department store chain, founded as the world's #1 mail order business in 1872 by Aaron Montgomery Ward, and which went out of business in 2001...
and chairman of the board of trustees of Cleveland State University
Cleveland State University
Cleveland State University is a public university located in downtown Cleveland, Ohio. It was established in 1964 when the state of Ohio assumed control of Fenn College, and it absorbed the Cleveland-Marshall College of Law in 1969...
and a major property investor.
Early life
Nance was born in PortsmouthPortsmouth, Ohio
Portsmouth is a city in the U.S. state of Ohio and the county seat of Scioto County. The municipality is located on the northern banks of the Ohio River and east of the Scioto River in Southern Ohio. The population was 20,226 at the 2010 census.-Foundation:...
, Lawrence County, Ohio
Lawrence County, Ohio
As of the census of 2000, there were 62,319 people, 24,732 households, and 17,807 families residing in the county. The population density was 137 people per square mile . There were 27,189 housing units at an average density of 60 per square mile...
, in 1900 to George W. and Florence (Van Horn) Nance and raised on their farm. Following military service during World War I
World War I
World War I , which was predominantly called the World War or the Great War from its occurrence until 1939, and the First World War or World War I thereafter, was a major war centred in Europe that began on 28 July 1914 and lasted until 11 November 1918...
, Nance graduated from Ohio Wesleyan University
Ohio Wesleyan University
Ohio Wesleyan University is a private liberal arts college in Delaware, Ohio, United States. It was founded in 1842 by Methodist leaders and Central Ohio residents as a nonsectarian institution, and is a member of the Ohio Five — a consortium of Ohio liberal arts colleges...
in 1923; he also attended The Ohio State University
Ohio State University
The Ohio State University, commonly referred to as Ohio State, is a public research university located in Columbus, Ohio. It was originally founded in 1870 as a land-grant university and is currently the third largest university campus in the United States...
where he pursued postgraduate course work.
Career
Nance began his career at National Cash Register (NCR) in 1924, staying until 1927 when he joined General MotorsGeneral Motors
General Motors Company , commonly known as GM, formerly incorporated as General Motors Corporation, is an American multinational automotive corporation headquartered in Detroit, Michigan and the world's second-largest automaker in 2010...
' Frigidaire
Frigidaire
Frigidaire is a brand of consumer and commercial appliances. Frigidaire was founded as the Guardian Frigerator Company in Fort Wayne, Indiana, and developed the first self-contained refrigerator in 1916. In 1918, William C...
division. In 1940 he left Frigidaire when he was named vice president of Zenith Radio Corporation of Chicago. Nance was named CEO of General Electric
General Electric
General Electric Company , or GE, is an American multinational conglomerate corporation incorporated in Schenectady, New York and headquartered in Fairfield, Connecticut, United States...
's Hotpoint brand in 1945 and CEO of the Packard
Packard
Packard was an American luxury-type automobile marque built by the Packard Motor Car Company of Detroit, Michigan, and later by the Studebaker-Packard Corporation of South Bend, Indiana...
Motor Car Company in 1952.
While at Studebaker Packard, Nance moved to separate the Packard Clipper
Packard Clipper
The Packard Clipper was initially a single model of the Packard Motor Car Company introduced in April, 1941, midyear, much as was the 1964 1/2 Ford Mustang and other new departures. It was manufactured between 1942 and 1947, from the six and junior eight, to the Super-8, where it cost more than...
range of vehicles into a stand-alone brand, Clipper
Clipper (automobile)
Clipper was a stand-alone make of automobile produced by the Studebaker-Packard Corporation in 1955–1956 for the 1956 model year only. Clipper was aimed at the middle price field of American automobiles which included Dodge, Oldsmobile, and Mercury....
. He also expedited development of Packard's first V8 engine and automatic transmission, Ultramatic
Ultramatic
For the Voigtländer SLR camera, see Voigtländer Ultramatic CSUltramatic was the trademarked name of the Packard Motor Car Company's automatic transmission introduced in 1949 and produced until 1956 at Packard's Detroit, Michigan factory....
.
Nance helped to orchestrate the 1954 Packard acquisition of the Studebaker Corporation
Studebaker
Studebaker Corporation was a United States wagon and automobile manufacturer based in South Bend, Indiana. Founded in 1852 and incorporated in 1868 under the name of the Studebaker Brothers Manufacturing Company, the company was originally a producer of wagons for farmers, miners, and the...
, creating the Studebaker Packard Corporation in 1954. While the Studebaker merger appeared to be in the best interests of both automakers, Studebaker failed to provide Packard with a full disclosure of its tenuous cash position, jeopardizing both marques.
While Nance had held informal talks with George W. Mason
George W. Mason
George Walter Mason was an American industrialist. During his career Mason served as the Chairman and CEO of the Kelvinator Corporation , Chairman and CEO of the Nash-Kelvinator Corporation , and Chairman and CEO of American Motors Corporation .- Early life :George W. Mason was born in Valley...
of Nash Kelvinator about a potential merger that would bring all the U.S. independent automakers under one corporate entity, formal discussions were never established. Any hope of those discussions moving forward ended with Mason's death in October 1954.
Nance left Studebaker Packard in 1956 when the company was on the verge of insolvency, but not until he found the organization a safe-harbor relationship with airplane manufacturer Curtiss-Wright
Curtiss-Wright
The Curtiss-Wright Corporation was the largest aircraft manufacturer in the United States at the end of World War II, but has evolved to largely become a component manufacturer, specializing in actuators, aircraft controls, valves, and metalworking....
.
Following his tenure at Studebaker Packard, Nance was named vice president of Ford
Ford Motor Company
Ford Motor Company is an American multinational automaker based in Dearborn, Michigan, a suburb of Detroit. The automaker was founded by Henry Ford and incorporated on June 16, 1903. In addition to the Ford and Lincoln brands, Ford also owns a small stake in Mazda in Japan and Aston Martin in the UK...
's Mercury Edsel Lincoln Division, but resigned under pressure from top Ford executives in 1959 when the Edsel
Edsel
The Edsel was an automobile manufactured by the Ford Motor Company during the 1958, 1959, and 1960 model years. The Edsel never gained popularity with contemporary American car buyers and sold poorly. Consequently, the Ford Motor Company lost millions of dollars on the Edsel's development,...
's sales were poor.
He left the automobile business following his tenure with Ford and became president and CEO of Central National Bank of Cleveland, Ohio
Cleveland, Ohio
Cleveland is a city in the U.S. state of Ohio and is the county seat of Cuyahoga County, the most populous county in the state. The city is located in northeastern Ohio on the southern shore of Lake Erie, approximately west of the Pennsylvania border...
1960, being elevated to the position of chairman and CEO in 1962. According to Nance he left the automobile industry because while there he had learned that everything depended on money and who controlled it.
Following his retirement from Central National, Nance established his own consulting firm in Cleveland, Ohio
Cleveland, Ohio
Cleveland is a city in the U.S. state of Ohio and is the county seat of Cuyahoga County, the most populous county in the state. The city is located in northeastern Ohio on the southern shore of Lake Erie, approximately west of the Pennsylvania border...
.
Community leadership roles
In 1964 Nance was named as the first chairman of the Board of Trustees of Cleveland State UniversityCleveland State University
Cleveland State University is a public university located in downtown Cleveland, Ohio. It was established in 1964 when the state of Ohio assumed control of Fenn College, and it absorbed the Cleveland-Marshall College of Law in 1969...
, a position that he held until 1970. Cleveland State named its business college in his honor (renaming it in June 2011 to honor another Board of Trustees chair, Monte Ahuja) and its library holds Nance's personal papers.
In addition to his tenure on the board of CSU, Nance also served as a life trustee for Northwestern University
Northwestern University
Northwestern University is a private research university in Evanston and Chicago, Illinois, USA. Northwestern has eleven undergraduate, graduate, and professional schools offering 124 undergraduate degrees and 145 graduate and professional degrees....
, trustee for Ohio Wesleyan University and a trustee for University Hospitals of Cleveland
University Hospitals of Cleveland
University Hospitals is a major not-for-profit medical center in Cleveland, Ohio, United States. Case Medical Center is the primary affiliate hospital of Case Western Reserve University - a relationship that was first established in 1896...
, an affiliate of Case Western Reserve University
Case Western Reserve University
Case Western Reserve University is a private research university located in Cleveland, Ohio, USA...
.
Personal life
Nance married the former Laura Battelle in 1925; the couple had two children. Following Nance's retirement he maintained his principal residence in Chagrin Falls, OhioChagrin Falls, Ohio
Chagrin Falls is a village in Cuyahoga County, Ohio, United States. It is a suburb of Cleveland in the Northeast Ohio region, the 14th largest Combined Statistical Area nationwide. The village was established and has grown around a natural waterfall on the Chagrin River. As of the 2010 census,...
. Mrs. Nance predeceased her husband before his death in July 1984.