2 Quit at Wheeling-Pittsburgh

In a new round of board room tremors at Wheeling-Pittsburgh Steel, the ailing concern said Thursday that its president and general counsel both resigned in a dispute over what the chairman implied might be unauthorized pay raises.

Van Nuys businessman Lloyd C. Lubensky, chairman of the big Pittsburgh-based steel manufacturer, said in a statement that the resignations stem from “a disagreement with the board concerning procedures used in granting certain increases in executive compensation several months ago without full board approval.”

Resigning were John D. Fry, 41, who was president and chief operating officer, and Francis P. Massco, vice president, secretary and general counsel.

The company said it named Richard E. Stoll interim chief operating officer. He was previously vice president and general manager of the company’s Steubenville operations, which make up the bulk of Wheeling-Pitt’s business.

Fry’s pay in 1985 was $129,458, according to Wheeling-Pitt’s April 22, 1986, proxy. Massco’s wasn’t listed. Wheeling-Pitt is reorganizing under federal bankruptcy protection and has had a continuing management shake-up this year, which included the resignation of Vice Chairman and CEO George A. Ferris last month. Lubensky took over as chairman on March 17.