Lee Iacocca in favor of keeping Detroit 3 CEOs

Filed under: Government/Legal, Hirings/Firings/Layoffs, Chrysler, LLC., Ford, GM

If there's anyone out there who's qualified to opine on what it takes to turn around a struggling automaker, it's Lee Iacocca. Those old enough to remember life in the late '70s can recall Iacocca's first stint at the head of Chrysler, way before the automaker was ever purchased by Daimler and its subsequent sale to Cerberus. The situation in which the beleaguered automakers currently find themselves bears a striking similarity to that of Chrysler's in 1979, except that Chrysler was the only one of the Big 3 that needed Federal help back then and the total loan offered to Chrysler was just $1.5 billion.

Today Lee Iacocaa has finally offered his take on what should happen to Detroit's current execs. "Having been there, I do not agree with the sentiment now coming out of Congress that the management should be changed as a condition of granting loans to the Detroit automakers. You don't change coaches in the middle of a game, especially when things are so volatile." He adds, "They're by far the best shot we have for success."

To many, Iacocca is the man most responsible for righting the ship at Chrysler back in the early '80s, creating the venerable K-car and fast-tracking the first minivan, so his opinions should carry a bit more weight than others. But is he right?

[Source: AP via Google]

Lee Iacocca in favor of keeping Detroit 3 CEOs originally appeared on Autoblog on Tue, 09 Dec 2008 15:00:00 EST. Please see our terms for use of feeds.

Read |  |  | 

Related posts:

• Would you buy one of these luxury cars if the price was right?
• Weekend dreamin’: Long-gone deals on Jensens, Lancias, Packards and Willyseses
• Gumpert Apollo: More pictures!
• GM is making Design a Priority Again; at least for the Volt
• Sexy Convertibles

Related posts:

• Nissan Forum Concept Aims to Revolutionize the Family Transport
• Caption Contest: This Week’s Winner!
• Bugatti Veyron 16.4 Grand Sport enters production
• Production Volkswagen up! may go front wheel drive instead, optional ER-EV
• NAIAS 2008 TRIP …Part 4