General Motors’ vice-chairman Bob Lutz voiced his support for GM CEO Rick Wagoner earlier this week, and now Lee Iacocca – the man that was in charge of Chrysler during its bailout in 1979 – has chimed in with his support for the entire management team of the Big Three.
In an interview with CNBC, Iacocca said that these turbulent times are not ideal for a change at the top, contradicting earlier statements by Senate Banking Committee Chairman Chris Dodd. “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,” Iacocca said. “You don’t change coaches in the middle of a game, especially when things are so volatile.”
In a weekend statement Dodd said GM CEO Rick Wagoner “has to move on”, but failed to specifically mention Chrysler CEO Bob Nardelli of Ford CEO Alan Mulally. Wagoner has been CEO of GM since 2000, while Nardelli has only been at the reigns of Chrysler since 2007. Mulally took over as Ford CEO in 2006.
Additionally, Iaocca added that the Big Three CEOs are the only ones that have a true understanding of how the car business really works. “They’re by far the best shot we have for success,” Iacocca said in closing.
