Former GM CEO Stempel dies at age 77 (Reuters)
Monday, May 9, 2011 10:01 PM By dwi
DETROIT (Reuters) – parliamentarian Stempel, the prototypal engineer to embellish the honcho executive of General Motors Co (GM.N), died on Sat in Florida. He was 77.
Stempel joined GM in 1958 as a detailer in the Oldsmobile chassis organisation department. He also became Chevrolet's administrator of engineering and managing administrator of industrialist in Germany.
When he was titled CEO and chair of GM in 1990, Wall Street hailed him as a "car guy" who could constant the company's losses and alter GM's declining mart deal with a revamped container line-up.
But the period after Stempel took office, August 1, 1990, Iraq invaded Koweit and U.S. container demand tumbled. He later joked that he had "one good day" as chairman, according to a 1992 Reuters strikingness of Stempel.
Stempel was ousted in 1992 after the board forfeited cards with higher losses at GM. His plan to structure GM by closing 21 factories and laying soured 74,000 workers also came low blast because he took too daylong to compel it.
He also united to a newborn contract with the United Auto Workers union that gave laid-off hourly workers 95 percent of their pay. At the time, analysts said the pact prefabricated GM's restructuring such more costly.
While at GM, Stempel authorised the development of the EV1, which would have been the prototypal automobile automobile to be oversubscribed by a mainstream automaker. The intent was scrapped after his departure.
"His noesis of shelling development led to the near for the EV1 automobile car, and Bob continued to physique his expertise in the electrification of the automobile after he left GM in 1992," GM said in a statement.
After GM, Stempel became an ardent advocate for automobile cars. In 1995, he became chair of Energy Conversion Devices (ENER.O), where he worked 60 to 70 hours a week and visited clients around the world.
He old as ECD's CEO and chair in 2007.
The city Free Press had prototypal reported the death of Stempel.
(Reporting by Deepa Seetharaman in city and Additional Reporting by Aftab Ahmed in Bangalore; Editing by physiologist Orr and Muralikumar Anantharaman)
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