Word: townsends
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...were reduced dramatically by a desperate, carnival-style rebate scheme that was reluctantly picked up by competitors. A furious cost-cutting program resulted in layoffs of 20,000 salaried employees, who joined an army of assembly-line workers already on furlough. Still, the losses mounted, and last summer Lynn Townsend resigned after nine years as chairman. In October, he was succeeded by John Riccardo, 51, an accountant by training...
Moderate View. At one time criticized for catering to an amorphous market, Chrysler now seems to have found its niche in intermediates and compacts. The Cordoba, introduced under Townsend last year, was an instant success; it was followed by Volare and Aspen, both aimed at small families. These cars now account for about half of Chrysler's sales, which were up 20% from a year earlier through the first 20 days of February. Next year the company will enter the subcompact field with a front-wheel-drive auto modeled after Chrysler France's highly praised Simca 1307/1308...
...future of Chrysler's troubled British subsidiary had long concerned both company officials in the U.S. and the Wilson government. Riccardo, who succeeded Lynn Townsend as Chrysler's chairman last October after the company reported heavy losses, was determined to solve the British "problem." Chrysler U.K. has lost $117 million over the past decade and was a record $36 million in the red by mid-1975. Among other things, the company has been hurt by indifferent management, continuing strikes and a lackluster model line...
...return of sustained double-digit inflation. That likelihood is not easy to gauge. The October leap in wholesale prices seems to have been partly a statistical fluke, caused by difficulty in calculating seasonal adjustments. M. Kathryn Eickhoff, vice president and treasurer of the New York economic consulting firm of Townsend-Greenspan, suggests that the real annual rate of increase may be only about half the 23.9% reported. Still, the October jump was disquieting: it involved not only metals and cars but also farm products, lumber, textiles, clothing, furniture and household durables, all of which climbed substantially in price...
Tough Decisions. Townsend's decision to retire even as a director on Oct. 1 caught the industry by surprise. At a Detroit press conference he rejected any suggestion that creditors or directors had hastened his departure. Later he expounded to TIME Correspondent Edward J. Boyer on the pressures of "14 stress-filled years" at the top: "I can't remember a day or week when I wasn't making decisions that would have an impact on this entire company. I never remember a period of relaxation when I wasn't concerned with some element of business...