Word: gm
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Dates: during 1970-1979
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...from the cold; the serious, spectacled accountant was named chairman and chief executive of General Motors, the most prestigious corporate post in the world. "Murph" will take office Dec. 1, a week after his predecessor, Richard C. Gerstenberg, who earned $923,000 in salary and bonus last year, reaches GM's mandatory retirement...
...vice chairman has been split between the cherubic financial vice president Oscar A. Lundin, 63, who will serve as chairman in Murphy's absence, and a soft-spoken "generalist," Richard L. Terrell, 55, who rose from messenger through a wide variety of jobs at GM to head the car, truck, body and assembly divisions. Terrell had been considered a candidate for president and chief operating officer, but that post went to a friendly rival, Elliott M. ("Pete") Estes, who replaces retiring president Edward N. Cole, an innovative engineer. Estes, 58, a jovial, mustachioed product engineer and auto-racing enthusiast...
Land Cruisers. The four-man team takes over as GM struggles to recover from its worst slump since the 1958 recession. In this year's first half, unit sales slid 26%, and profits dived 74%. Last winter's gasoline shortage and the public's quick shift to smaller cars jolted GM more severely than other automakers. Traditionally committed to large luxury-studded land cruisers, the firm was forced to lay off more than 160,000 workers while retooling to produce small cars. At financial analysts' meetings this summer, top GM executives soberly predicted that sales...
...GM watchers foresee no radical departures by the new management from an emphasis on full-size, annually changed cars. Even as gas lines snaked half a mile last winter, the firm's analysts predicted that small car sales would drop back below 50% of the U.S. market; indeed, they now account for 47% of all cars sold in the U.S. But GM is nonetheless active in the small-car market. This fall's lineup sports four new subcompacts (Chevrolet Monza, Buick Skyhawk, Pontiac Astre and Oldsmobile Starfire...
...Year. Stein and Rush were not happy; the increase would be the sixth for the company since September 1973, and the third since April, when price controls were lifted. But they confined themselves to general talk about the need for price restraint; "I neither approved nor disapproved" of GM's specific plans, says Rush. If Rush had voiced any explicit criticism, says a GM source, then some 13,000 letters that went out later that day announcing the increase to GM dealers might not have been mailed. "The board," he says, "would have had a decision to make about...