Word: chairman
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Dates: during 1990-1999
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...last time GM reorganized, in 1992, following a directors' revolt, chairman John F. (Jack) Smith Jr. was handed the wheel. Now the company that Smith heads is reeling. Profits fell 81% in the second quarter, to $389 million from $2.1 billion. Results would have been weak even without the strike...
...Fourth of July weekend, headquarters called Spring Hill to check on how many people were in the plant working on maintenance chores, accusing them of larding the payroll. "We're working on things, and they're calling down here saying we have too many people," gripes Mike Bennett, bargaining chairman of U.A.W. 1853. "You save a few hundred dollars in overtime, but you could lose millions down the road." If the line goes down, the dollars mount fast...
Senior GM executives have been criticized for sidestepping hard choices, focusing instead on building the company's business in China and South America despite meager returns. Chairman Smith's disengaged leadership style of leaving most labor and marketing decisions to subordinates doesn't help either...
Both Silverman and Cendant chairman Walter Forbes, (the former president of CUC) say they saw no hint of the fraud until very recently. Whether I believe them is less important than this: I had a chance to get out after the stock rallied on the first assurances, and I didn't. I wanted to be made whole--a costly impulse in these situations...
...economy will overheat soon," says TIME business reporter Bernard Baumohl. "But Greenspan has to maintain his role as captain of the economy. If he admits that the economy is on autopilot -- which it is right now -- the Fed loses its relevance." Usually such vocal vigilance from the Fed chairman portends a hike in interest rates. But Baumohl says Greenspan still hopes that a "soft landing" -- in which the U.S. economy, dulled by Asia's recession, "sort of taps its brakes and cools off on its own" -- will allow him to do nothing at all. Greenspan just can't say that...