Columbia and Its Revolving-Door Policy

Presidents of Columbia Pictures have been marching in and out the studio’s gates for the past several years. After Frank Price, the president from April 1979 to November 1983, who was responsible for such movies as “Ghostbusters” and “The Karate Kid,” came one of his proteges, Guy McElwaine.

McElwaine was Columbia’s chief executive from 1983-1986. Under McElwaine, the studio produced “Stand By Me,” “White Nights” and “Roxanne,” but was plagued with financial problems and enjoyed few commercial successes.

Then came British producer David Puttnam, who was expected to give the studio a new direction. Puttnam lasted 15 months, resigning after the Coca-Cola Co. combined its entertainment holdings--which included Columbia Pictures since 1982 and a stake in Tri-Star Pictures, in one company under Tri-Star Chairman Victor A. Kaufman. After Puttnam, Dawn Steel took over as president of Columbia in November, 1987.