Kerkorian Presses Chrysler On Wider Role for Iacocca

Los Angeles billionaire Kirk Kerkorian, Chrysler's largest shareholder and a friend of Mr. Iacocca's, is seeking a meeting with Chrysler's directors to assure a continued major role for Mr. Iacocca. If the board insists on paring back Mr. Iacocca's influence, Mr. Kerkorian indica...

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Bibliographic Details
Published inWall Street journal. Europe
Main Author By Bradley A. Stertz and Pauline Yoshihashi
Format Newspaper Article
LanguageEnglish
Published Brussels Dow Jones & Company Inc 10.08.1992
EditionEurope
Subjects
Boards of directors
Chairman of the board
Executives
Proxy statements
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Summary:Los Angeles billionaire Kirk Kerkorian, Chrysler's largest shareholder and a friend of Mr. Iacocca's, is seeking a meeting with Chrysler's directors to assure a continued major role for Mr. Iacocca. If the board insists on paring back Mr. Iacocca's influence, Mr. Kerkorian indicated in a Securities and Exchange Commission filing, he may demand representation for himself on the board. Some persons close to the situation believe Mr. Kerkorian may be acting at the direct or implied request of Mr. Iacocca. The two men recently visited Barcelona, Spain, aboard Mr. Kerkorian's yacht to attend the Olympic Games. What's more, Mr. Kerkorian's action comes just weeks after Mr. Iacocca told Chrysler's directors that he wanted to remain as chairman of the company's powerful executive committee into the mid-1990s. The directors retorted that for Mr. Iacocca to stay so long was out of the question. And since then, Mr. Iacocca has complained to friends that he is being treated shabbily by the board.
ISSN:0921-9986