Word: riccardo
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This perception is shared by many businessmen and economists. General Motors Chairman Thomas Aquinas Murphy regards the economy as "in the midst of a balanced expansion." Both Murphy and Chrysler Chairman John Riccardo, in fact, predict that the 1978 model year (running from October 1977 to September 1978) will bring record sales of more than 15 million cars and trucks. (The previous high, set in 1973, was 14 million.) Irwin Kellner, economist at New York's Manufacturers Hanover Bank, agrees that the economy is "in fine shape." Adds Economist Herbert Neil of Chicago's Harris Trust: "A solid...
Still, as Chrysler Corp. Chairman John Riccardo said last week: "Every time he [Carter] starts talking prenotification, we start thinking controls." Businessmen and labor leaders are acutely aware of the President's ability to marshal public opinion and exert psychological pressure. Just after Carter...
Last week a beaming Riccardo reported that he had restored some measure of health to the nation's third largest automaker. True enough, the company suffered a record net loss of $259 million for 1975, $27.7 million of it during the fourth quarter. But the last three months were in the red only because Chrysler incurred losses of $62.6 million on the sale of its Airtemp air-conditioner division. For the first time in five quarters, the company earned a profit (of $34.9 million) from its automotive operations. Riccardo predicted a net profit in each quarter...
There were solid underpinnings for the bullishness. Earlier in the week Chrysler completed the sale of Airtemp to Fedders Corp. Long a drag on profits, Airtemp had run up losses of about $35 million since 1971. The sale was the second coup pulled off by Riccardo and his deputy, President Eugene Cafiero. Last fall they threatened to close Chrysler's beleaguered British subsidiary and add to Britain's grim unemployment picture. Prime Minister Harold Wilson angrily complained that his government had "a pistol at its head." But he eventually came up with $325 million to rescue the subsidiary...
...Though Riccardo is confident that Chrysler has turned the corner, he is making only modest predictions about the future-and with good reason: Chrysler has long been a boom-and-bust company, and bankruptcy talk has been around before. Says the chairman: "The aim of this management group is to put ourselves in the kind of financial, operating and marketing shape so that as the industry goes through these cyclical fluctuations, we will be relatively no worse off than anyone else." For the industry, he foresees a return to 1973's record level of car sales (11.5 million...