Chrysler Says No to Kerkorian, Appoints John Neff to Board

02/09/96

Reuters Reported that Chrysler Corporation Rejected billionaire Kirk Kerkorian's bid to put his top strategist and former Chrysler Chief Financial Officer Jerome York on the board. They passed over York and appointed former managing director of Wellington Management Co., John Neff to the position that former Kmart Corp CEO Joseph Antonini vacated late last year.

Kerkorian had criticized Chrysler for not having a major stockholder on it's board and asked them, through his investment company, Tracinda Corp., to appoint York. York, if appointed, would have pressed for more share buy-backs.

Chrysler stated that it would continue its corporate governance review, which it began after Kerkorian proposed changes to Chrysler's bylaws. The statement made no mention of Kerkorian or his Tracinda Corp.

Paul Dever -- The Auto Channel