Word: iacocca
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...witty and savage satire. It has not spared our proprietor, Time Warner, nor most other major American institutions. Have we unleashed a bomb thrower? Not to worry. Andersen, a man of very many talents, is a former writer in TIME's Nation section who wrote cover stores on Lee Iacocca, Jesse Helms and the death penalty. He is committed to our straight-news mission, although he promises, in the TIME tradition going back to Henry Luce, "a certain amount of sass when appropriate...
...managers, Delta chairman Ronald Allen conceded that layoffs and pay cuts may be necessary at his carrier too. Perhaps the most dramatic evidence of the industry's deepening distress is TWA's decision in effect to call in the cavalry. Chrysler chairman Lee Iacocca, who will retire at the end of this month from the company he once saved, is considering taking on the resurrection of TWA as his next big challenge...
...trying to persuade executives that it's in their best interest to exercise their options and avoid the tax hit next year," says William Wilson, a senior tax planner for the accounting firm Crowe Chizek in South Bend, Indiana. The rush started early at some companies. Chrysler chairman Lee Iacocca and two fellow officers pocketed $5.5 million by cashing in stock options in October, when a Clinton victory seemed almost certain. Iacocca, who plans to retire at the end of the year, earned nearly $2.9 million on his options...
...Iacocca plans to retire in January, at age 68, but he will leave behind a noticeably happy family at Chrysler. Last spring he chose as his successor Robert Eaton, the chief of GM's successful European operations, which rankled some Chrysler insiders at first but has produced a smoothly working triumvirate that includes the former heir apparent, president Robert Lutz. Iacocca sees the upheaval as a positive force. "We do run better scared," he says. "When we have trouble, we're used to that. That has been the beauty of Chrysler for 50 years." While Chrysler still has $15.9 billion...
...changes in GM's bottom line were nothing compared with the changes at the top. After months of bitter skirmishing with GM's board of directors, chairman and CEO Robert Stempel finally quit. It was Detroit's bloodiest boardroom drama since Henry Ford fired Lee Iacocca in 1978, and it marked a turning point for the once mighty U.S. manufacturer now struggling to reinvent itself...