I suspect reality lies somewhere in between total truth and total falsehood.
Acknowledgements: Some of the original sources are credited here.
Nick Lord writes a story for Finance Asia: "Rudi Pecker taking the head job and top slot at Misys".
In 1962, Binney & Smith replaced flesh with peach, in recognition of the wide variety of skin tones.
So, "morning latte" is when you wake up in the morning with an erection!
The word "break" means "destroy", so taking that "morning latte break" is destroying that erection. And orange is all over their trucks, collateral, etc.
More recently, in 1999, they changed indian red to chestnut.
The color was not named after Native Americans, it was actually named for a special pigment that came from India.