Word: gm
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Dates: during 1990-1999
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Following the Saturn example, the Oldsmobile division plans to produce some new models that will bear no mention of the Olds name or its rocket logo. The first will be Aurora, a full-size sedan that will go on sale in 1994. While GM may continue to de-emphasize the Oldsmobile nameplate, the company has no plans to shut down the division entirely, contrary to rumors that it might do so. In its new guise, Olds plans to concentrate on midsize cars to compete with the likes of the Ford Taurus and Toyota Camry, giving up most...
COVER: How GM Broke Down...
...attack of high blood pressure, board members did not bother to phone him get-well wishes. When rumors flew that Stempel was about to be ousted, the board issued a statement that conspicuously lacked a denial. Finally, Stempel, 59, bowed to a point-blank demand from a third-generation GM board member, who told him it was time to leave the post he had taken scarcely two years...
...resignation of Stempel, a popular "car guy" who was the first engineer since the 1950s to run the company, stunned employees who had heralded him not long ago as an automotive redeemer who would bring out the best in GM. Like soldiers in a conquered army, many roamed aimlessly last week along the corridors of the company's limestone-clad Detroit headquarters. The ouster shook even Stempel's union adversaries, who feared what life would be like after the boardroom coup led by John Smale, 65, the hard-charging retired chairman of Procter & Gamble. Smale has emerged as a possible...
Employees braced for a take-no-prisoners conquest. Together with president Jack Smith, 54, the former head of GM's profitable overseas operations, Smale and the board seemed poised to purge Stempel's top lieutenants and embark on a sweeping new round of layoffs to restructure the former flagship of American industry. "GM is spooked and in complete turmoil," said a longtime supplier. "It is faced with total upheaval caused by an outside force -- something that once was unthinkable...