Word: lacocca
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...plan is intended to prove that Chrysler can be brought back to financial health and is thus eminently deserving of federal aid. The document outlines a five-year strategy. Although President Lee lacocca had said earlier that Chrysler's third-quarter deficit would be "at least double" the $207 million that it reported for the second quarter, bringing the cumulative red ink for the year to about $800 million, the report projected that the total 1979 loss would come to a truly scary $1.073 billion on revenues of $12.4 billion. The company expects to lose another $482 million next...
Chairman John Riccardo and President Lee lacocca temporarily waived their annual salaries of $360,000 in exchange for cash or credits tied to the value of Chrysler stock. If two years from now the stock price is unchanged from the August closing average of around $8, each executive will get back all his deferred pay; if the stock doubles, each will receive double, and if it halves, each will get only half. Meanwhile, the company also announced salary reductions of up to 10% for about 1,700 executives...
Chrysler is expected to lose perhaps $700 million this year after a deficit of $204.6 million last year. United Auto Workers leaders, who earlier rejected lacocca's plea for a two-year wage freeze, now concede that they will have to make considerable concessions to Chrysler.* Fortunately, the company's rebate program seems to be off to a strong start...
...company's three corporate jets. Bankers may have to accept deferred payment and lower interest. A committee representing Chrysler dealers has offered to lend the company $50 for every car they receive-a deal that ultimately could amount to an interest-free credit totaling $120 million. lacocca has already confirmed that certain suppliers have agreed to extend terms of payment. Chrysler has also asked some to cut prices by as much...
...Last year Riccardo earned $343,339. In 1979, his first full year at Chrysler, lacocca was supposed to earn $360,000, on top of a $1.5 million bonus, paid over 1979 and 1980, for joining the company...