Word: iacocca
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...after the 1974 oil embargo. Wealthy GM went ahead with a plan to scale down gradually its fleet of big cars and to introduce small, fuel-efficient models. But its executives publicly declared that Americans would always demand full-size cars. Despite pleas from then Ford President Lee A. Iacocca, Chairman Henry Ford II refused to give up the big profits in building big cars. As a consequence, Ford today has the fewest small economical models. Meanwhile, in order to boost quarterly sales figures, Chrysler during the '70s pushed questionable products onto the market on a near panic basis...
...models as "the American way to beat the pump" will be Chairman Lee A. Iacocca. With a savvy and pound-on-the-fender style learned during 34 years in the auto business, he hopes to sell every one of the 600,000 K-cars that the company can produce this model year. So far, the public's response is good. Even before the cars have moved into dealer showrooms, Chrysler has sold 45,000 to fleet buyers like Xerox and AT&T and another 45,000 to dealers and individuals...
...Iacocca brashly predicts that Chrysler will show a profit in the fourth quarter, but the company is still likely to lose more than $1 billion this year. Concludes the Chrysler Corp. Loan Guarantee Board that acts as a watchdog on the company: "The judgment [on Chrysler's viability] is now a more marginal...
Detroit and other businesses, however, must remember that the Government is not some new Magus who comes bearing gifts but never asks for anything in return. Chrysler Chairman Iacocca now serves two masters: his board of directors and the Chrysler Loan Guarantee Board in Washington, which, for example...
Detroit's auto leaders represent an American melting pot. General Motors Chairman Thomas Aquinas Murphy is of Irish descent; Ford Chairman Philip Caldwell has an English background; Chrysler Chairman Lee A. Iacocca's parents were Italian immigrants; and United Auto Workers President Douglas Fraser was born in Scotland. Just as various as their backgrounds are their strongly argued views about the current state of their industry and its future...