Word: smale
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Dates: during 1990-1999
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...board is expected to split Stempel's job in two, promoting president John Smith to CEO and installing as chairman John Smale, retired Procter & Gamble chairman and leader of the directors aligned against Stempel. But GM's problems go back to the free-spending 1980s, when the company invested billions in computer and aircraft firms rather than finding new ways to build better cars, and it will take more than a boardroom coup to turn that around. (See Cover Stories beginning on page...
...management shake-up was orchestrated by retired Procter & Gamble chairman John Smale. In a break with company tradition, Smale became chairman of the important executive committee, a job previously reserved for inside directors. His elevation left many around Detroit wondering how long Stempel, 58, would be at the wheel. Last Thursday Smale attempted to ease Stempel's humiliation by vowing that the chairman retained the "full support and confidence" of the board in his efforts to improve GM's North American operations. That will be no small trick: analysts estimate that GM lost up to $400 million in the first...