Word: lacocca
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...executives get older and more mature, Cronin says, they gain confidence and perspective, along with a little humor. Chrysler Chairman Lee lacocca, whose job is hardly a barrel of laughs these days, quipped when a shareholder asked him to comment on his self-imposed $1 a year salary: "Oh, don't worry. I spend it very carefully." Says Cronin: "From what I've seen of him, Iacocca has a sense of humor. God help him if he doesn't." Cronin believes that young executives who show no humor are missing an important lesson. Success in any field...
...innards were those of a utilitarian Ford Falcon, but its shell was sleek and jaunty enough to make it the only auto ever to win a design award from Tiffany & Co. Not even Lee lacocca, the Mustang's chief progenitor and now chairman of Chrysler Corp., expected it to be the most popular new car of the decade. The first weekend the Mustang went on sale, 4 million people visited Ford showrooms. Over the next two years, the company built 1.28 million Mustangs. Young people snapped them up because they looked racy, yet cost as little...
...into souped-up Shelby Mustangs. Price of the new Shelbys: $40,000. Detroit cannot keep its hands off a winner, though, and the classic Mustang died after 1968-of obesity. Ford gradually fattened the car, boosting its size, adding 584 Ibs. to its weight by 1971. Sales slowed, prompting lacocca to confess, "The original Mustang buyer is still there, still wanting a good little car. We walked away from the market...
Like a man waiting for a bad headache to go away, Detroit is stuck with its undesirable cars while looking forward to the new generation of fuel-thrifty cars due to begin arriving on dealer lots this fall. In describing the new Chrysler autos, lacocca says: "We're going to be building three types-small cars, smaller cars and smallest cars." Both Ford and GM will introduce front-wheel drive, so-called world cars, which may be the industry's best prospect for future profits. These will be small, economical vehicles assembled from parts made in several countries...
...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...