Forrest Shumway, the California executive nicknamed “Shum,” who ran Signal Oil and Gas from 1968 to 1985, died on Dec. 4 in La Jolla, Calif., at age 85. The cause was reportedly complications from cancer, his son Garrett Shumway told The New York Times.
Under Shumway’s leadership, Signal grew through acquisitions including Mack Trucks and the Garrett Corp., among other companies. He established a reputation as a “white knight” through those deals, saving both companies from hostile takeovers. In 1985, Shumway oversaw the merger of the Signal with Allied Corp., which later merged into Honeywell International Inc. (Nasdaq: HON).