Word: iacocca
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Dates: during 1980-1989
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During the past two weeks, Chrysler Chairman Lee Iacocca conceived and put together the latest rescue plan with the precision of a Swiss clockmaker piecing together a masterwork. Iacocca boldly asked every one of Chrysler's associates for another substantial financial concession to keep the company alive. The elements of the newest rescue package...
...cost of living increases and a slight reduction in fringe benefits. This would mean that a Chrysler worker would earn $17.31 an hour in 1981, rather than $20.45, and $17.52 an hour in 1982, rather than $22.11. The concessions would be worth approximately $600 million to the company. Iacocca last week bluntly told the United Auto Workers, "It's freeze time, boys. Chrysler's got good jobs available at $17.30 an hour. We don't have them...
...Chrysler itself will cut operating expenditures by reducing its white-collar payroll by another 2,200 people, to 21,800. The company will also scrap plans to enlarge its front-wheel-drive production capacity for 1984. Iacocca said that these measures alone would cut costs next year by $575 million...
Chrysler's 20,000 suppliers are the most complicated problem. One steel company told Iacocca, in his words, to "drop dead." Said the president of another longtime supplier: "A lot of us will not go along. There is not 5% of profit for us left in Chrysler business...
...reason Iacocca decided to take the gamble of going once more to the well at this time was that he was uncertain about the possibility of getting additional assistance after Jan. 20, when the Reagan Administration takes power in Washington. Reagan opposed the original Chrysler bailout package, and after Inauguration Day his aides will sit on the board that will determine federal aid. G. William Miller, the outgoing Treasury Secretary, last week held meetings of the Loan Guarantee Board and said he thinks it is "in the national interest" to keep Chrysler alive. The board was expected to consider...