Word: gm
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Dates: during 1990-1999
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Lloyd Reuss, 55, was demoted from president to executive vice president (his successor: John F. Smith Jr., 54, head of GM's profitable foreign operations); Robert T. O'Connell, 53, was bumped from executive V.P. and chief financial officer to senior V.P. Those moves had been expected since late last year, when outside directors began grousing about GM's inability to halt its slide. Last year the company's U.S. operations lost $7 billion, forcing GM to close 21 plants and eliminate 74,000 jobs...
Eaton, by contrast, is a rumpled, low-key executive who arrives free of entangling alliances and is willing to wait nearly a year to take Iacocca's job. While Eaton was not the architect of GM's European turnaround, he maintained the momentum of that business after becoming president in 1988. Last year he helped make GM-Europe the most profitable car firm on the Continent, offering its $1.96 billion in earnings as an offset to GM's staggering $8.7 billion loss in North America. "Bob was a very high-energy, direct and pragmatic manager," notes John Smith, vice-president...
...lobbyist for NYNEX, she sought assurance from the House ethics committee that her job would not interfere with his voting on communications legislation. When Debbie Dingell, a lobbyist for General Motors, married Energy and Commerce Committee Chairman John Dingell, she switched to an administrative position. "Fortunately," she says, "GM is large enough that I could change jobs...
General Motors finally dropped the other shoe. Two months after announcing that it planned to eliminate 74,000 jobs and shut down 21 plants, the leading U.S. automaker offered some details. At the same time, GM reported a $4.5 billion loss in 1991, an all-time record for any company...
While chairman Robert Stempel's downsizing scheme was designed to assuage Wall Street, it drew fire from the company's unions and the communities whose futures are now very much in doubt. The most emotionally charged reactions came from Michigan. GM's home base is targeted for half of the first round of 17,000 cutbacks and the closing of an engine plant in Flint and an assembly line in Willow Run in favor of an assembly line in Arlington, Texas. Michigan U.A.W. leaders raised the threat of strikes against further actions. Most industry analysts agree that GM needs...