One of the main reasons for the aged leadership of Packard was the company's lack of a pension plan for executives (the rank-and-file workers had a pension plan per their UAW contract). As a result, Packard executives were reluctant to retire and be left with no source of income other than a Social Security payment, thus blocking younger men from coming to power in the company. One of James Nance's first actions as president was creating a pension plan to induce Packard executives to retire. Nance worked to snag Korean War military contracts and turn around Packard's badly diluted image. He declared that from now on, Packard would cease producing midpriced cars and build only luxury models to compete with Cadillac. As part of this strategy, Nance unveiled a low-production (only 750 made) glamor model for 1953, the Caribbean convertible. Competing directly with the other novelty ragtops of that year (Buick Skylark, Oldsmobile Fiesta, and Cadillac Eldorado), it was equally well received, and outsold its competition. However, overall sales declined in 1953. While the limited edition luxury models as the Caribbean convertible and the Patrician 400 Sedan, and the Derham custom formal sedan brought back some of the lost prestige from better days, the "high pocket" styling that had looked new two years earlier was no longer bringing people into the showrooms for the bread and butter Packards. Packard's build quality, which had once been second-to-none, also began slipping during this period as employee morale decreased.