(Here's a March 4, 1985, story from The Associated Press, under the headline: 'UPI Management Shakeup Told')
WASHINGTON (AP) -- United Press International told its clients today that its principal owners, Douglas Ruhe and William Geissler, are taking steps "to relinquish control of the news agency" and that the firm's president and financial consultant have been fired.
The wire service's account, made available to the Associated Press by UPI, said the move is part of "a program to recapitalize the company and to guarantee its future."
A replacement for president Luis G. Nogales will be named, the story said. The firm's financial consultant has been Ray Wechsler.
Ruhe and Geissler, in a joint statement quoted by UPI, said the company had ended a string of losses with an operating profit of $1.1 million in the fourth quarter of 1984.
"We are beginning the second phase of the company's recovery program; we are capitalizing the company," the statement said. "We want to guarantee the future of UPI by taking all the necessary steps to attract capital to what is now a viable company."