Word: chrysler
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Dates: during 1970-1979
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Chairman John Riccardo and President Lee lacocca temporarily waived their annual salaries of $360,000 in exchange for cash or credits tied to the value of Chrysler stock. If two years from now the stock price is unchanged from the August closing average of around $8, each executive will get back all his deferred pay; if the stock doubles, each will receive double, and if it halves, each will get only half. Meanwhile, the company also announced salary reductions of up to 10% for about 1,700 executives...
...Chrysler is expected to lose perhaps $700 million this year after a deficit of $204.6 million last year. United Auto Workers leaders, who earlier rejected lacocca's plea for a two-year wage freeze, now concede that they will have to make considerable concessions to Chrysler.* Fortunately, the company's rebate program seems to be off to a strong start...
...hard to turn on a television set or radio without hearing Joe Garagiola, the baseball catcher turned pitchman, importuning customers to come in and collect $400 price rebates on all Chrysler models except for the most popular small cars like the Omni and Horizon. The company's advertising agency, Kenyon & Eckhardt, and some 25 other suppliers and service agents are giving additional rebates of $100 to $500 to any of their employees who buy Chryslers. In addition, Chrysler since May has been granting its dealers special discounts that now range from $325 to $1,500 per auto. These cuts...
Business leaders in other fields cheer Chrysler's off-the-mat selling drive, but many oppose federal aid. True, a number agree with Zenith Chairman John Nevin, who argues, "I don't think you can casually stand aside and watch a company the size of Chrysler go down. You have to calculate the cost of Chrysler going under and ask if it is worth something to prevent that." But many more echo Clarence Barksdale, chairman of the First National Bank in St. Louis: "If you have any belief in the free-enterprise system, you have to let weak...
David Jones, chairman of Humana Inc., complains that Chrysler's previous management made bad decisions, "and now they expect somebody else to pick up the bill." Pertec Computer Chairman Ryal Poppa warns, "Soon the Government will be asking us why we complain when they want to regulate our businesses if we're so willing to accept their help when we are in trouble." Economist Alan Greenspan finds a Government bailout wrong on principle, wrong because it would be granted not to any troubled company but only to a large one, and wrong because it would not protect jobs...