Word: detroiters
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Dates: during 1980-1989
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When Chrysler announced early this month that it will close the aging Detroit plant where workers assemble the last of the Dodge Omni and Plymouth Horizon models, the situation had ominous parallels to the calamitous early 1980s. Only six years after its fabled turnaround, here was Chrysler embattled again, posting losses on its North American operations for the first time since 1982. Amid persistent auto-industry speculation that Chrysler might be forced to merge with a foreign partner, here was Chairman Lee Iacocca declaring that for the company to survive, it must cut at least $1 billion...
...unprecedented 600 models on the scene, and with ten Japanese "transplant" factories in North America expected to help create an excess carmaking capacity of 2.7 million autos by 1991, the marketplace is certain to be littered with casualties. A leading indicator of the struggle was the dismal performance of Detroit's Big Three during the July-September quarter, in which they all lost money on their North American operations and posted a 27.5% decline in total earnings...
...same stressful time, Detroit's automakers will be going through a major changing of the guard: all three companies are expected to get new chief executives in the space of two years. Late last week Ford Chairman Donald Petersen, 63, who helped engineer that company's heroic comeback, said he will turn over the posts of chairman and CEO on March 1 to Harold Poling, 64, a vice chairman...
...utterly different place. American carmakers have made huge strides in improving production, quality and design. But they face a competitive threat that would have been unimaginable back then. The Japanese transplants account for 14.7% of all passenger cars sold in America, up from 8.9% two years ago. Detroit, which has seen its U.S. market share plunge from 84% in 1978 to 68% this year, is likely to lose another 8 percentage points by 1994, according to a study by the research firms J.D. Power & Associates and Data Resources...
...magician at parties and played drums and bass guitar in a couple of groups. He started college at Ohio University and finished at Kent State, where he majored in speech communication and played the lead in the musical Purlie Victorious. After graduation, Hall went to work in Detroit for Noxell, the makers of Noxema skin cream. But one evening after tuning in to a Tonight show segment, he decided the moment had come "to do what I'd been dreaming about." He quit his job the next...