Bailey, Walter K.

Walter K. Bailey was a Cleveland, Ohio, businessman. A native of Cleveland and the son of L.A. Bailey, founder of the Bailey Company department store, Walter Bailey was raised in East Cleveland and graduated from Oberlin College in 1919. He went to work for the Warner & Swasey Company, a leading manufacturer of machine tools, especially turret lathes, and telescopes and optical equipment, in 1919. By 1928, the company was the world's leading manufacturer of turret lathes, and during World War II produced half of all the turret lathes made in the U.S. After learning the business on the shop floor, he joined the national sales force of Warner & Swasey in 1921, moving up in management and eventually becoming vice president of sales in 1942. During World War II he was in charge of manufacturing operations, and became vice president of the company in 1949. He was president and chief executive officer from 1955-1962, chairman of the board and chief executive officer from 1962-1964, and chairman of the board until his retirement in 1967. Under Bailey's leadership, Warner & Swasey diversified and acquired several smaller companies, growing into a major international producer of machine tools and related products. Bailey also was active in various philanthropic organizations in Cleveland, and served as a trustee of Oberlin College, the Musical Arts Association, and Fairmount Presbyterian Church.