Word: fords
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Dates: during 1970-1979
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Bankers and businessmen quickly hailed the measures, which many thought long overdue. "Superb!" exclaimed Robert Abboud, chairman of First National Bank of Chicago. "It is stiff medicine but very much needed medicine, and I applaud the Administration for having the courage to apply it." Ford Motor Co. Vice Chairman and President Philip Caldwell said the dollar-saving moves should "slow inflation and re-establish growth on a healthier basis." Richard Kjeldsen, senior international economist for Security Pacific National Bank in Los Angeles, asserted, "The President's economic package is drastic, abrupt and volatile?it's just what the doctor ordered...
...polls show substantial Labor gains, they also indicate strong Tory support, particularly in shifting Midlands districts where British elections can be won and lost. And Callaghan has problems ahead in persuading intransigent workers to accept the wisdom of his incomes policy. Last week 57,000 assembly-line workers at Ford Motor Co. Ltd., in the seventh week of a strike for higher pay, rejected a company offer of a 16.5% increase. Meanwhile, workers in the public sector, from teachers to trash men, are also pushing for raises of up to 40%. If Callaghan hangs tough and a winter of strikes...
...Johnny called me and said, 'Why don't you come over and give me a hand?' " So said former Ford President Lee Iacocca last week, talking about how he had just made one of the most spectacular moves in Detroit's long history of high-level executive swapping. Iacocca was appearing at a press conference in the Highland Park, Mich., headquarters of his new employer with his new boss, Chrysler Chairman John J. Riccardo, whom almost no one ever calls Johnny. But Riccardo did not seem to mind the unaccustomed familiarity. Speaking of the man just...
Iacocca's return was almost as startling as his departure. Only last July, one of Detroit's sharpest marketing men was abruptly ousted after 32 years at Ford, the last eight years as president. The precise reasons for Iacocca's downfall are still unclear, but at least one of the causes was a clash of wills with Chairman Henry Ford II. After his firing formally took effect in mid-October, Iacocca was relegated to a drab, linoleum-floored office in a spare-parts warehouse near Ford's headquarters in Dearborn, Mich...
...Ford executives say that Iacocca's new job "came as a surprise." Only 24 hours before, Ford had announced a severance agreement with Iacocca that granted him a termination payment of $400,000 plus a separation payment of $275,000; he also stood to get $1.1 million in additional payments, on condition he did not go to another auto company. No one at Chrysler would say what Iacocca would be paid now, but almost certainly he is not going to miss his forfeited Ford pay very much. According to some reports, he was guaranteed a salary package totaling more...