Accordance of the Personal Rank of Ambassador to Nicolas Miklos Salgo While Serving as Chief of the United States Team for Property Negotiations With Bulgaria and China

The President today accorded Nicolas Miklos Salgo, of Florida, the personal rank of Ambassador in his capacity as Chief of the United States Negotiating Team for Property Negotiations with Bulgaria and with the People's Republic of China.

Mr. Salgo began his business career in Switzerland in 1938 as an export manager, becoming a director of Salvaj & Cie. in Geneva, 1939-1948. Between 1948-1954, he was owner and president of Indeco Corp., Coal Credit Corp., and Salvaj and Co. in New York. He was executive vice president of Webb and Knapp, Inc. in New York, 1950-1957; president and chief executive officer of the Norbute Corp. in Butte, MT, 1954-1960; and founder and owner of Nicolas Salgo and Co. in New York, 1959-1983. Between 1960-1974, he was vice chairman and chairman of Bangor Punta Corp. and its subsidiaries in Greenwich, CT. He was the founder and a limited partner of the Watergate Improvement Associates in Washington, DC, 1960-1977, and served as the chairman of the Watergate Companies, 1977-1983. He was consultant to the United States Information Agency, 1982-1983; Ambassador to Hungary, 1983-1986; and is presently assigned to the Department of State on special projects involving the Communist bloc.

Mr. Salgo graduated from the University of Budapest (LL.B., and Ph.D., 1937). He was born August 17, 1914, in Budapest, Hungary. Mr. Salgo is married, has two children, and resides in Washington, DC.