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After Congress's approval in December 1979 of loan guarantees covering $1.5 billion of Chrysler's borrowings?money it would need to survive?lacocca's hard est task began. Congress made the guarantees contingent on Chrysler's winning about $2 billion of concessions on its own: from the United Auto Workers, suppliers, state and local governments and 446 lenders. Those negotiations took six months and were concluded just as the company was days away from declaring formal bankruptcy...

Author: /time Magazine | Title: Iacocca's Tightrope Act | 3/21/1983 | See Source »

...money alone could not solve Chrysler's problems. When lacocca arrived, he found management in disarray. Executive responsibilities were ill defined, and there were few of the sophisticated financial tools needed to keep track of operations. The quickest fix lacocca knew was to hire people who understood the same system he did: other Ford executives. Some were called out of retirement, others were wooed away and enlisted with lacocca for the challenge of engineering a turnaround. Today the four top officers are Ford alumni: lacocca; Vice Chairman Gerald Greenwald; Harold Sperlich, president of North American automotive operations; and Executive Vice...

Author: /time Magazine | Title: Iacocca's Tightrope Act | 3/21/1983 | See Source »

...swept out the old management, lacocca also axed some bad business practices. The most insidious was a device known as the sales bank. Unlike other automakers, which build few cars except those ordered by dealers either for customers or showroom stock, Chrysler turned out a lot of cars that simply sat in inventory. Although theoretically this meant that production lines could be kept running efficiently, the sales bank became a tool to hide mistakes. Managers ordered tens of thousands of cars built so that they could boost production figures, as well as their bonuses. Most of the vehicles were eventually...

Author: /time Magazine | Title: Iacocca's Tightrope Act | 3/21/1983 | See Source »

...lacocca's next task was to convince car buyers that Chrysler was indeed alive, even if it was not exactly well. Again he turned to his old employer and wooed away Kenyon & Eckhardt, the New York City advertising agency that had represented Ford for 34 years. lacocca's carrot was a $140 million account, the second largest (after Chevrolet) in the auto industry. The agency decided the most sensible way to spend the money was to market the chairman himself...

Author: /time Magazine | Title: Iacocca's Tightrope Act | 3/21/1983 | See Source »

Kenyon Chief Leo Kelmenson began to find himself on the phone with lacocca at all hours...

Author: /time Magazine | Title: Iacocca's Tightrope Act | 3/21/1983 | See Source »

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