On April 6, 1992, the GM board of directors demoted president Lloyd E. Royce (then 55) to the non-director position of executive vice president. He was replaced by vice president John F. “Jack” Smith, Jr. (54), architect of the successful reconstruction of GM Europe, who was also given the post of COO (chief operating officer). Chairman Robert C. Stempel (58) stayed on but was replaced as head of the Executive Committee by an outside director, John G Smale (64). Chief financial officer (CFO) Robert T. O’Connell (53) became chairman of GMAC, the sales and financing arm, and replaced as CFO by William E. Hoglund (57), previously in charge of the parts group. The abrupt announcement was described in the media as a coup d’etat by outside directors.
KeywordsWall Street Journal Vice President Competitive Strength Chief Financial Officer Auto Part
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