BizJournals Portfolio

Chrysler's Bumpy Ride

The long and winding road from one of the biggest bailouts in U.S. history to the largest takeover of an auto company by a private equity firm has had plenty of twists and turns.

Nardelli, Act 3 Nardelli, Act 3

The man picked to run Chrysler is not your average C.E.O. Read More
Chrysler

April 1980: After huge layoffs and losses in the millions, Chrysler barely averts bankruptcy by receiving $1.5 billion in government-backed aid.

August 1983: Chairman Lee Iacocca signs over a ceremonial check for $813,487,500 to pay off its last federally guaranteed loans.

November 1983: Chrysler introduces the Plymouth Voyager and Dodge Caravan, simultaneously inventing the minivan and the soccer mom.

August 1987: Chrysler buys American -Motors for $1.5 billion, -bringing another suburban staple, Jeep, onto the lot.

December 1990: Kirk Kerkorian gobbles up nearly 10 percent of Chrysler for about $270 million.

December 1992: Iacocca is forced out of Chrysler at age 68. Robert Eaton takes over.

April 1995: Kerkorian, with Iacocca at his side, attempts to take over Chrysler with a bid of $22.8 billion. They are unsuccessful.

November 17, 1998: DaimlerChrysler begins trading, six months after Daimler-Benz announced its $36 billion purchase of Chrysler. The companies claimed that it was a “merger of equals.”

November 2000: DaimlerChrysler sends Dieter Zetsche, formerly head of its commercial-vehicle division, to Detroit to oversee Chrysler.

April 2001: DaimlerChrysler posts its lowest quarterly operating numbers, showing a loss of $545.6 million.

August 2005: “Dodge trucks last as long as the d-o-double jizzle,” says Snoop Dogg in a TV spot with Lee “Mochacocca.”

January 2006: Zetsche ascends to the top spot at DaimlerChrysler.

May 2007:
Cerberus Capital agrees to buy Chrysler for $7.4 billion.


blog comments powered by Disqus
Real Business, Real Results

Did anyone at Microsoft ever watch the (gasp!) offensively funny show Family Guy?

Ex-Morgan Stanley exec Zoe Cruz is now heading her own hedge fund. Are Wall Street's leaders done?

Martha, Bernie and Skilling know that what you wear for court can go a long way in public perception.

spotlight on

Health Care

Bad to the Bone No More

Companies such as General Mills say they're stepping up efforts to change employees' bad behavior and promote healthier lifestyles. Read More