Louis F. Polk Jr.

Louis F. "Bo" Polk Jr. was an American businessman who was briefly president of MGM.

Polk had studied engineering at Yale and had an MBA from Harvard. He had been a top executive at General Mills in Minneapolis, working as financial controller and director.[1] He had no previous involvement in movie making but he had impressed Edgar Bronfman then the major shareholder in MGM.[2][3] There was opposition to his appointment within MGM[4] but he was elected as a director in December 1968 and named president in January 1969.[5][6] Polk replaced Robert O'Brien. He was greeted with reports of MGM incurring a loss of $2.5 million for the first financial quarter.[7]

Polk said he became interested in making the film after watching Blow Up.[8] He hired Harvard MBAs to work as executive assistants at the studio and appointed Herbert F. Solow as head of production.[9]

During the year it became apparent MGM would record a loss of $19 million. Polk and Solow decided to drop a number of projects to which MGM had the rights, including Rosencrantz and Guilderstern are Dead, The Homecoming, Baker Street and the musical Say It with Music.[10]

The following films were announced under Polk's regime:[11]

Augie March, Man's Fate, Tai Pan and She Loves Me were all cancelled and Dingus McGee was made later.[12]

There were also several TV series made at the studio: The Courtship of Eddie's Father, Then Came Bronson and Medical Center.[13]

Polk lasted less than a year in the job. Kirk Kerkorian moved to control the company[14] and eventually succeeded. When he did so he put James T. Aubrey as president.[15]

Following Polk's resignation MGM reported a $35 million loss, as opposed to the predicted $19 million.[16] Polk then sued MGM and Kerkorian for $4 million.[17]

References

  1. ↑ Controller Elevated By General Mills, Inc. New York Times (1923-Current file) [New York, N.Y] 28 Nov 1961: 50.
  2. ↑ M-G-M Committee Picks an Engineer As Top Executive: A NEW EXECUTIVE ELECTED BY M-G-M By LEONARD SLOANE. New York Times (1923-Current file) [New York, N.Y] 28 Nov 1968: 75.
  3. ↑ Polk Apparently Picked As Top MGM Officer By Selection Committee: Special Meeting of Board Slated Wednesday, When General Mills Officer Is to Be Put on Board Wall Street Journal (1923 - Current file) [New York, N.Y] 29 Nov 1968: 24.
  4. ↑ Bronfman's Struggle to Install MGM Chief Seen Set Back by Delay of Annual Meeting By STANLEY PENN Staff Reporter of THE WALL STREET JOURNAL. Wall Street Journal (1923 - Current file) [New York, N.Y] 05 Dec 1968: 4.
  5. ↑ Polk, 38, Elected President of MGM as Bronfman Wins Wood, Charles D. Los Angeles Times (1923-Current File) [Los Angeles, Calif] 11 Dec 1968: d11.
  6. ↑ M-G-M Puts Polk In Director's Post With Top Job Next: M-G-M PUTS POLK IN DIRECTOR'S JOB By LEONARD SLOANE. New York Times (1923-Current file) [New York, N.Y] 11 Dec 1968: 65.
  7. ↑ MGM Had Loss Of $2.5 Million In First Period: Substantial Write-Offs' Are Taken on Certain Films; Revenue and Rentals Drop Firm Had Year-Earlier Profit By a WALL STREET JOURNAL Staff Reporter. Wall Street Journal (1923 - Current file) [New York, N.Y] 13 Jan 1969: 10.
  8. ↑ Brisk Winds of Change Rustle Hollywood Champlin, Charles. Los Angeles Times (1923-Current File) [Los Angeles, Calif] 23 Feb 1969: t1.
  9. ↑ A New Roar Coming From M-G-M Lion: A New Roar Being Heard From M-G-M's Offices By LEONARD SLOANE. New York Times (1923-Current file) [New York, N.Y] 13 Apr 1969: F1.
  10. ↑ M-G-M Says Loss in Year Could Rise to $19-Million: Will Omit a Dividend -- Chairman Resigns in Favor of Bronfman $19-MILLION LOSS IS SEEN AT M-G-M By LEONARD SLOANE. New York Times (1923-Current file) [New York, N.Y] 27 May 1969: 61.
  11. ↑ MOVIE PRODUCTION PLANS TOLD BY MGM Los Angeles Times (1923-Current File) [Los Angeles, Calif] 04 Aug 1969: d23.
  12. ↑ 'Taipan' Axed by New MGM Regime Los Angeles Times (1923-Current File) [Los Angeles, Calif] 06 Nov 1969: f14.
  13. ↑ Movies: Herbert Solow Strives to Leave His Mark at MGM Herbert Solow and MGM Warga, Wayne. Los Angeles Times (1923-Current File) [Los Angeles, Calif] 31 Aug 1969: j20.
  14. ↑ Kerkorian Reports 1,325,000 Shares of MGM Tendered: KERKORIAN Dallos, Robert E. Los Angeles Times (1923-Current File) [Los Angeles, Calif] 12 Aug 1969: b8.
  15. ↑ Aubrey Named M-G-M President: Kerkorian Moves In as Bronfman and Forces Lose Out AUBREY IS NAMED M-G-M PRESIDENT By LEONARD SLOANE. New York Times (1923-Current file) [New York, N.Y] 22 Oct 1969: 57.
  16. ↑ MGM Suffers Loss of $35.3 Million for Year: Additional Inventory Write-Downs Blamed; Aubrey Vows Changes MGM LOSS Dallos, Robert E. Los Angeles Times (1923-Current File) [Los Angeles, Calif] 20 Nov 1969: e15.
  17. ↑ Polk Files $4 Million MGM, Kerkorian Suit: Charges Coercion Used on Board to Force Dismissal MGM SUIT Dallos, Robert E. Los Angeles Times (1923-Current File) [Los Angeles, Calif] 18 Dec 1969: c14.