Word: riccardo
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Like an auto company showing off its new cars, the beleaguered Chrysler Corp. last week unveiled its shining new 1980 model management. Lee Iacocca, 54, the razzmatazz marketing whiz and former Ford president who joined Chrysler only last November, was elected chairman to replace John Riccardo, 55, who surprisingly retired, citing as a cause his recent heart trouble. Joining Iacocca at the top were several cronies from his 32 years at Ford. J. Paul Bergmoser, 63, former purchasing vice president at Ford, takes over as president; the new executive vice president for finance is Gerald Greenwald, 44, once president...
...even with the bank borrowings lined up by Chairman John Riccardo and cost-cutting measures that have already saved $650 million, Chrysler will still face a cash shortage of $2.1 billion between now and 1982. The company has "some confidence," the report says, that it can raise $900 million, probably through further sales of assets and some breaks on wages, prices, and loans from its unions, suppliers and banks. But the remaining $1.2 billion will have to come from the Government in the form of an immediate loan guarantee of $500 million and a $700 million "contingency" loan guarantee because...
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...
...When Riccardo took over in 1975, the public was demanding smaller, more fuel-efficient cars, but Chrysler, unlike GM and Ford, lacked the money to retool and redesign quickly. With smaller sales than the other two automakers, Chrysler had to spend nearly twice as much per vehicle to meet Government rules. Pressed for cash, the company had to slash its budget for plant modernization...
...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...