Yeutter Said to Discuss Job With Drexel
Drexel Burnham Lambert Inc., continuing efforts to improve the firm’s public image by hiring respected public figures, has held preliminary talks with U.S. Trade Representative Clayton K. Yeutter about a job at the firm.
Both Drexel and a spokeswoman for Yeutter declined to say, however, what type of job was being discussed.
Yeutter, 57, is widely expected to leave government service in January when the new Administration is sworn in in Washington.
Kelly Shipp, Yeutter’s spokeswoman, confirmed that “he has had exploratory, preliminary conversations with Drexel Burnham among others” in the private sector. She added that “there is no way of knowing whether it might develop into serious interest on either side.”
Drexel, beset with legal problems in the wake of criminal and civil investigations of securities fraud and insider trading, lately has been holding talks on hiring a number of well-known, respected public figures. As reported, the firm has held discussions with former senator and White House Chief of Staff Howard H. Baker Jr. about taking over as chairman. The current status of those talks is not known. But there has been speculation that Baker would accept that job if Drexel settles expected criminal charges.
Shipp confirmed that the Drexel job under consideration by Yeutter is not the chairmanship. Other sources said the job in question would not be in the top level of Drexel’s management.
Shipp refused to say what other job offers Yeutter is considering.
Yeutter is in Montreal, attending the meeting of trade ministers who will review the current round of global trade negotiations under the General Agreement on Tariffs and Trade. He was not available Monday for comment. Shipp said he “is too busy now with the midterm review of the (GATT) round to consider employment issues now.”
Yeutter, whose background is primarily in agricultural economics, served as an assistant secretary of agriculture before he was named trade representative by President Reagan in 1985. He is also a former president of the Chicago Mercantile Exchange.
