Word: kelmenson
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Dates: during 1979-1979
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...secret were the negotiations between Iacocca and K & E Chief Leo Kelmenson that Ford executives got the news less than an hour before the public did. K&E hand-delivered a letter resigning the $75 million account, which was roughly like kicking Ford out the door at 55 m.p.h. Meanwhile, Iacocca telephoned Chrysler's previous ad agencies-Young & Rubicam, BBDO and Ross Roy-to tell their bosses that they...
...seeds of the deal germinated last month over a dinner that Iacocca had with his longtime friend Kelmenson. By the time Kelmenson reached for the check, Iacocca had dangled before him a 26% increase in domestic billings and a five-year no-cut contract instead of the standard 90-day termination agreement...
...employees on Chrysler's planning and marketing committees-an unusual coup for an ad agency. Except for some relatively minor scraps, K&E will handle all of Chrysler's advertising, a departure from the usual auto industry practice of having different agencies for different product lines. Says Kelmenson: "It's my dream of total involvement...