Word: nonauto
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...remarkable is that it happened so fast. To be sure, the housing and auto industries turned down sharply last year. But only weeks ago there were still no conclusive signs that the weakness had spread to the rest of the economy. In the steel industry, for example, buying by nonauto customers kept sales and production fairly high until March. Says Donald Barnett, chief economist of the American Iron and Steel Institute: "Orders dropped 40% within a week...
...industry. Iacocca's conversation is pure stream of consciousness, leaping from topic to topic at machine-gun speed; it is also refreshingly blunt and unencumbered by modesty. Excerpts: ON WHY HE CHOSE HIS NEW EMPLOYER: I had many offers to be chief executive of big [nonauto] companies. But when I was 14 decided to go into the auto business. [At Princeton University] I went for a master's degree in engineering and I built an automatic transmission, a torque converter, by hand; that was my thesis. [At Ford] I got pretty damn good, just through the passage...
Blocked Promotion. The record clearly belongs to Bunkie* Knudsen, 55. After 29 years as a G.M. executive, he was earning some $481,000 a year as boss of domestic nonauto and all over seas operations. But he was keenly disappointed at his failure to win G.M.'s presidency last fall. Instead, his only obvious rival, Edward N. Cole, 58, won the job that Knudsen had coveted and courted for most of his life. Cole's ascension meant not only that Knudsen's road to promotion was blocked for at least another four years; it also meant that...
...have all of Roche's former responsibilities. He will concentrate primarily on the U.S. automobile business; Executive Vice President Semon E. ("Bunky") Knudsen, 55, who heads G.M.'s growing international operations and was considered Cole's chief rival, will also take charge of defense and nonauto business in the U.S. and report directly to Roche...
...large and small, seeking out their advice and complaints-and in the process, building the auto industry's strongest dealer network. He also moved G.M. overseas, buying such subsidiaries as Britain's Vauxhall and Germany's Opel, and he diversified General Motors into the manufacture of nonauto products ranging from refrigerators to diesel locomotives...