Word: chryslers
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...more than a decade now, Lee Iacocca has been synonymous with Chrysler Corp. -- for good and for ill. Almost singlehandedly he persuaded Congress in 1979 to bail out the ailing car company with a $1.5 billion loan guarantee, then paid back the money seven years ahead of schedule. After two best-selling autobiographies and 11 years of hawking his cars on TV, he became a household fixture...
Back at the Highland Park, Mich., headquarters of America's third largest automaker, platoons of loyal lieutenants toiled in his broad shadow, the best of them hoping to inherit the Chrysler crown one day. Yet, as the years passed, Iacocca led an elaborate executive-suite game of musical chairs. Somehow, every time the music stopped, Lee was still in the chair -- and eventually no fewer than five leading contenders for his job were left standing idly on the sidelines...
...seemed like deja vu all over again when Chrysler's beleaguered directors last week plucked Robert Eaton, 52, from his post as president of General Motors' profitable European business to become Iacocca's latest heir apparent. No sooner had Eaton arrived than insiders began to speculate privately about his departure. "Eaton's biggest problem is that he's probably a nice guy, and nice guys won't last long," predicted a senior executive. "Lee will kill...
...time for a smooth transition to the post-Iacocca era may finally have come. Chrysler directors chose Eaton during a 12-hour weekend showdown in which they apparently called the chairman on his two-year-old promise to step down. The compromise deal, which muscled aside Chrysler's respected president, Robert Lutz, brought Eaton into the company as vice chairman and chief operating officer. If all goes as planned, he will succeed Iacocca as chairman and chief executive when the latter retires Dec. 31. Iacocca, who had sought to stay on as chairman past that date, will take the lesser...
...done that throughout his career. When he was in U.S. Senate, Tsongas stood up to bipartisan opposition and voted to bail out the Chrysler Corporation--an effort that saved 250,000 jobs...