Changes of the Week

P: Peter Vincent Moulder, 63. was named president of International Harvester at a special meeting of the directors, replacing John L. McCaffrey, 63, who becomes board chairman but remains as chief exec utive officer. McCaffrey's five-year term coincided with the sharp farm-price drop during which the giant farm-equipment maker's net fell from $63 million in 1951 to $55 million in 1955 while other U.S. corporations were setting earnings records. New President Moulder is an old hand at Harvester; he joined the sales division in 1910, became first chief of the company's motortruck division in 1944, moved up to an executive vice-presidency in 1946, a directorship in 1948. He is married and has two children.

P: George W. Bengert, 57, became president of Norwich Pharmacal Co., succeeding Melvin C. Eaton, 65, son of a founder, who moved up to board chairman. Born in New Jersey and educated in the Middletown, N.Y. public schools, Bengert graduated from Columbia University in 1922, soon afterward joined Norwich as a research chemist, moved steadily up. Chemist Bengert's hobbies: driving a Thunderbird, working in the Boy Scouts and American Legion.

P:Alfred Hayes, vice president of New York Trust Co., Manhattan's tenth largest bank, was elected to succeed Allan Sproul, 60, as president of the Federal Reserve Bank of New York, largest and most important unit in the nation's twelve-district Reserve system. Sproul, president of the New York "Fed" for 15 years, became known as the most powerful of the regional chiefs and a frequent dissenter from the Washington Board's policy. He resigned because of health (stomach ulcer). Successor Hayes, who calls himself "deplorably obscure," is described by his banker peers as brilliant, is the first president to come from outside the big bank's ranks since it opened for business in 1914. Son of a Cornell University scholar, Hayes got his degree and a Phi Beta Kappa key at Yale ('30), spent a year at Harvard Business School, wound up his academic career as a Rhodes scholar at Oxford with a thesis on the U.S. Federal Reserve. He joined the (New York) City Bank Farmers Trust Co. as an economist, shifted to National City as a bond expert, and in 1942 transferred to the New York Trust Co., where he has been since, except for a World War II hitch as a Navy lieutenant. Hayes lives in New Canaan, Conn, with his wife and two children.

P:John Nevin Bauman, 57, moved into the presidency of White Motor Co., replacing Robert F. Black, 66, who continues as chairman and chief executive officer. "Nev" Bauman joined the truck manufacturer 34 years ago; with a master's degree in engineering from the University of Michigan, he worked a while as an engineer, then found his niche in sales. A relaxed, persuasive talker, he kept selling and rising, and when Black came in to revive the sick company in 1935, he made Bauman sales vice president. Together the two men hiked White's sales from $20 million to $180 million. Bauman traveled nearly 2,000,000 miles for the company, today is on first-name terms with some 5,000 of White's 25,000 fleet owners and operators.

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