Word: chryslers
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Spurring the revolt is a ruling made earlier this year by the Securities and Exchange Commission, historically sympathetic to management on such issues, that made it easier for shareholders to challenge companies on CEO compensation through the proxy system. Shareholders at 43 companies, including Chrysler, IBM and Eastman Kodak, have submitted proposals seeking to curb executive pay. Next year the number could double. Says Ralph Whitworth, president of the United Shareholders Association: "What we're witnessing is a full-scale rebellion against corporate greed run amuck...
This is not to say the economy is headed for trouble. The recession ended on Feb. 25 (the day I bought a brand-new Chrysler LeBaron convertible), and there's reason to think business may boom in the year ahead (I have my eye on a new computer). But while that's good news for Main Street, it's almost surely already been discounted by the market. Could stocks have climbed so high without expectations the recession would end? And it also means interest rates may one day edge back...
Auto-industry critics have long complained that manufacturers, slavishly wedded to the status quo, have never given electric cars a chance. No longer. Chrysler says it will start rolling out electric-powered minivans this fall. Anyone wishing to own the first on the block must be prepared to shell out as much as $125,000, but utility companies are expected to buy the entire production...
...York Auto Show has a range of 100 miles per charge and can go from 0 to 60 in 25 seconds. With a top speed of 65 m.p.h., it can hold its own on the freeway. It is much more than a "glorified golf cart," as Chrysler chairman Lee Iacocca points out, adding, "You can get a speeding ticket in this...
Until battery technology improves dramatically, however, electric cars will continue to occupy the smallest of market niches. So Chrysler, Ford and GM are pooling their resources with government approval in a $260 million research effort to achieve a battery breakthrough. Some of the impetus comes from a deadline set by California: as of 2003, the state will require 10% of the new cars sold there each year to be emission-free...