NO MORE POWER TRIPS FOR MR. IACOCCA
Your Aug. 24 "Commentary" says that I "upset the company's hard-won equilibrium in a last-ditch effort to stay in power" ("Mr. Iacocca, please go graciously," Top of the News, Aug. 24).
Phooey! I made my intention to step down as chairman and CEO of Chrysler perfectly clear on Sept. 5, 1991, and have reiterated that position repeatedly in the meantime. While I look forward to continuing my role as chairman of the executive committee of Chrysler's board of directors, I'm also relishing the opportunity to have some personal freedom and relaxation for the first time in 46 years. I am not "finagling for more power," as you write. I'm relishing more freedom.
During my 14 years at Chrysler, I've acquired ownership of approximately 1% of the company. For better or worse, my name and my reputation seem to be inextricably tied to it. If Chrysler wins, I win. Why would I do anything to get in the way of that?
I've had all the power trips any one man needs. I'm ready to "move graciously into the passenger seat," as your writer suggests. Coasting along in one of Chrysler's great new products sounds just about perfect to me these days.
Lee A. Iacocca
Chairman & CEO, Chrysler Corp.
Highland Park, Mich.