Word: lacocca
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Dates: during 1970-1979
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...Chairman Lee lacocca had some good news for his 16 fellow Chrysler directors. Before they gathered for their regular monthly meeting, he had received a call from Treasury Secretary G. William Miller, who told him that the suffering No. 3 automaker was going to get the Government aid that it had been seeking since August. Nor would the assistance be chintzy. The Carter Administration had decided to back a federal loan guarantee of $1.5 billion, which was twice what Miller had indicated he would support only last September and a full $500 million more than the company had asked...
...limitations. Even so, the news cheered Chrysler's management, which is counting on a line of fuel-efficient, front-wheel-drive cars due to appear next year to spearhead a reversal of the company's decade-long slide and return it to solid profitability by 1981. Said lacocca after the Administration's announcement: "It's a vote of confidence we needed." Added Auto Workers Chief Douglas Fraser, who is joining Chrysler's board as part of a deal struck by his union to help the firm: "The Government is taking a very positive step, assuring...
...October 25, The United Auto Workers(UAW) and the Chrysler Corporation reached agreement on a new three-year contract. On the same day, Chrysler chairman Lee A. lacocca announced that Chrysler will nominate UAW president Douglas A. Fraser for election to the company's board of directors at the May 1980 annual meeting...
Historically, Chrysler has played weak sister to General Motors and Ford, suffering from a combination of financial mismanagement and lack of foresight. Chrysler still has not quite admitted that the Age of the Big Car has ended. This fall, Lee lacocca, chairman of Chrysler, insisted that the auto industry's biggest profits were to be found not in small, but in intermediate-sized luxury cars, loaded with special options...
...labyrinth of Government regulation has not only shifted research from new products to the "defensive research" necessary to comply with burgeoning environmental and safety rules, but has also increased the cost of bringing out new developments. Says Chrysler Chairman Lee lacocca: "I never invent anything any more. Everything I do is to meet a law." In the early '60s it cost $1 million and took up to five years to bring a drug through the Federal Drug Administration's regulatory maze. It now costs $18 million and can take ten years. As a result, the number...