Word: chryslers
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...Pictures, then turned into such a litigious nightmare that Columbia bought his stake for a 50% premium, a settlement that Fay Vincent, then CEO of Columbia, called "greenmail" (a characterization disputed by a Kerkorian spokesman). In the '90s Kerkorian was at the center of a gear-grinding saga with Chrysler. After buying a big stake and standing by for a few years, he launched a hostile takeover bid with Lee Iacocca in '95, finagled board representation and, most recently, wound up in a federal court in Delaware, arguing that he had been duped by management into supporting Chrysler's merger...
...Chrysler's top negotiator, Thomas Miner, pronounced the company "pleased" at the settlement. The strike, which began Oct. 16, had been costing the company an estimated $17 million a day. While the price tag on the new contract will be a daunting $1 billion over the next three years, the company was in no position this time to play tough with its workers. Morale has suffered because blue-collar employees felt they were missing their share of the company's bounty. The firm last year had profits of $2.4 billion, and is expected this week to announce hefty third-quarter...
...Chrysler officials had hoped, though, to win significant changes in work rules. They wanted to boost productivity by reducing job categories from some 500 to half a dozen, thus requiring employees to perform a wider variety of tasks. The U.A.W. rebuffed that concept, but it acquiesced on another issue. The union agreed to a three-year contract instead of the two-year agreement it had proposed. The U.A.W. had aimed for the shorter term because its Ford and G.M. contracts will expire in 1987, and the union wanted to bargain with all three automakers at once, a strategy that tends...
...Chrysler Chairman Lee Iacocca was best known for persuading Congress to put up $1.2 billion to bail out his ailing car company. My, how things have changed. Instead of begging for dollars, Iacocca has become a best-selling author, and Chrysler has racked up eight quarters of record profits. Last week Iacocca offered further proof of Chrysler's comeback by announcing a reorganization that will allow for greater flexibility and future expansion. The company will be split into four parts: autos, finance, technology and aerospace. An umbrella organization, headed by Iacocca, will oversee all operations and is expected...
Relocating to New York City would put Chrysler closer to the banking and financial communities. It would also put Iacocca in the same city as his fiancée Peggy Johnson and the Statue of Liberty renovation project, which he chairs. Iacocca already spends much of his time at his New York office. Furthermore, despite his denials, Iacocca is rumored to be considering a run for the presidency, and a move to the East Coast would place him nearer the center of national political action. SEVERANCE PAY Bergerac's Golden Parachute...