Word: iacocca
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...included Greenwald, who left in 1990 to lead an aborted worker buyout of United Air Lines' parent company (after pocketing $9 million for his work on that deal, he landed as a managing director for investment banker Dillon Read); and Robert S. ("Steve") Miller, another vice chairman and prospective Iacocca heir, who quit in February to go to Wall Street after telling the board that the right management team for Chrysler would be Lutz as top man and Miller himself...
...Lutz, 60, on whom Iacocca held an effective blackball...
...Greenwald, 56, who had been courted by Iacocca but wanted assurances that he would get quick possession of the CEO's chair, a demand some directors saw as overplaying his hand...
...Iacocca himself, who at 67 wanted to remain chairman past his formal retirement date but was now an isolated faction...
Exasperated with Iacocca's failure to create a clear line of succession, the directors obviously wanted a change. Some were further irritated by his blustery anti-Japanese performance as a member of President Bush's trade mission to Tokyo in January. Yet the task of facing down Iacocca remained daunting to the board. "Lee could see the end, but he couldn't believe it," said a Chrysler insider. "This was not just his career and his company. It was his life and his creation. It was like trying to bring down a lion...