NATION
Frederick H. Joseph has been named vice chairman and chief executive of the New York securities firm Drexel Burnham Lambert.
He succeeds Robert E. Linton as chief executive. Linton, 60, will continue as chairman of the securities firm and of privately held Drexel Burnham Lambert Group, which owns it.
Joseph, 47, was previously senior executive vice president in charge of Drexel’s corporate finance department. Linton said the promotion would assure management continuity and “implement a major new effort to increase our stature as an important international investment bank.”
The Senate Banking Committee voted 10 to 3 to approve the controversial nomination of Federal Reserve Board member Martha Seger--who has been sitting on the board since last year--for a 14-year term. The full Senate is expected to take up the nomination next month.
Seger’s current tenure is the result of a controversial appointment made last year by President Reagan while the Senate was recessed. She would leave the board at the end of this year’s Senate session unless confirmed.
Democrats charged that Reagan dodged the normal nomination process to help a campaign supporter. Seger, 53, was an economics professor at Central Michigan University and had served as a state banking regulator.
The Limited Inc., Columbus, Ohio, named a new president for its recently acquired Lerner Stores chain. Limited Chairman Leslie H. Wexner, who had been acting as head of Lerner, said Robert C. Grayson, currently president of Limited Stores, would become president of Lerner Stores. The Limited acquired the chain of 800 budget-priced stores in April. CALIFORNIA
Travis Mullenix has been named president and chief executive of Tri-Valley Growers, San Francisco, one of the largest canning cooperatives in the nation. Mullenix, a former Ralston Purina executive, succeeds William F. Allewelt, who is retiring June 1. LOS ANGELES COUNTY
J. Edward Lundy, a retired executive vice president, chief financial officer and director of Ford Motor, has been elected a director of Litton Industries, Beverly Hills.
