The top managers running Gillette Safety Razor Co. at the time of development of the New Blade and the New Razor are shown above. These are also the guys who primarily made the decisions to buy AutoStrop. Frank J Fahey even though his title was Vice President and General Manager, he was the big boss and running the show. King Camp Gillette was old, lived in California, was sick and died in July of 1932; K C Gillette was President but basically he was a figurehead. Same thing is true of William E Nickerson who had the title of Vice President; Nickerson died in June of 1930. The old guard was still tottering around but it was really Fahey, Pelham and Thompson in charge, but mostly Fahey and Pelham. Fahey ran things and was a financial wizard. Pelham was the sales and legal guru and Thompson was the inventor-manufacturing guy. Gillette was enriching these guys for years. In addition to their salaries it was discovered that they also voted themselves bonuses on the order of $40,000 per year each. These guys only oversight was the board of directors headed by a banker John E Aldred. But, Aldred was more of a financial piggy bank for Gillette and he and the board left every thing up to the team pictured above and provided only the most basic oversight for their directors fees. Aldred traded shares of Gillette stock and made profit off of his inside knowledge of the goings on at Gillette. Fahey was responsible for preparation of the books (which were audited by accountants but such scrutiny was limited). It turns out that Fahey was transferring product manufactured in the US to the overseas subsidiaries and booking those transfers as sales and profits when in fact those products were unsold and just sitting in overseas warehouses. In the 5 year period between 1925 and 1929 Fahey told people and share holders that total profits were about $70 million of that it was later charged that $19 million of that was fictitious. Falsely high earnings made the managers seem better, pumped up stock prices and allowed for high salaries and bonuses to management. When all this came to light the New York Stock Exchange said on November 17, 1931 if you don't fire Fahey and Pelham then the stock will be de-listed on the exchange. Fahey and Pelham refused to resign and Fahey, Pelham and Thompson were all promptly fired by the board of directors. Fahey, Pelham and Thompson were forced in a lawsuit (August 18, 1932) to disgorge what the judge considered their ill gotten payments and in doing so they escaped criminal prosecution. They were able to move on and find jobs elsewhere and live their lives. Gaisman was made chairman of the board on May 5, 1932 and he saw to it the King C Gillette resigned as president and Gaisman named Gerald B. Lambert as the new president of Gillette.