Jim Casbar, president of UAW Local 889 - Lubbock Avalanche-Journal - April 16 1975 page 12-A
12-A—LUBBOCK AVALANCHE-JOURNAL~W«dnesday Morning, April 16, 1975 Chrysler Executives Retain Jobs Despite Criticisms •~Y"\T? l 'l*Wrtrl''^ ~f1 T.WTS—•—•••^iftr-ivJ i'j* «% , (\1 A vu*...i .•*.«.«. i. n f it.«. «U »« n . .._i „_ __ __._ «i x ._ _ ...._ ^^fc* * •'_.. . .,. . f •» > • and ii a '¥&! ink culis for ll'ieir resignations, Chrysler Coi'- poration's top executives i-e- tauted their jobs -Tuesday during a stormy three-hour shareholders meeting. Their vole of support, however, wasn't as great as in the past. The 20 directors received 93.4 per cent of the shares voted, compared with 98.4 per cent a year ago. There were repeated calls for the resignations of Chairman Lynn Townsentl and President John Riccardo. They were charged with heading a management team that had "the poorest, most inadequate performance of any major Ameri- can company." Jim Casbar, president of United Auto Workers Locnl 889 and the osvner of 32G Chrysler shares, said he leaved the com- puny might go the way of the almost forgotten Hudson and Packard auto companies. He said Townsend and Riccardo had to be replaced. "Thousands of retirees and widows have their life savings invested In this corporation," Casbar said. "How long can Chrysler .stay in business showing these huge deficits?" Despite a record loss in the final quarter of 1974 and an expected $90 million loss in the first three months of 1975, Townsend and the No. 3 automaker is moving ahead with new programs. Chrysler reported a 573.5 million loss an the final three months of 1974 and is expected later this month to report an even greater loss in the first quarter of 1975. Wall Street analysts said it could be as high as $90 million. Townsend, however, said the company was in sound financial shape and should become profitable again by the end of the year. He said the 35 per cent quarterly dividend, eliminated following the fourth quarter, loss, would be resumed when the company is in the black. Despite the financial setbacks, Townsend and Riccardo asid Chrysler is embarked on a series of new programs. Chrysler will introduce two new luxury compacts this fall, the Plymouth Votare : and Dodge Aspen; a,'new imported Japanese built sub-compact, the Plymouth Arrow; a new computer controlled engine that operates without catalytic converters; and is beginning work on. its first sub-compact car model.