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May 14, 1980 - Image 17

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Publication:
Michigan Daily, 1980-05-14

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The Michigan Daily-Wednesday, May 14, 1980-Page 17
CHR YSLER SHAR EHOLDERS APPROVE UA WPRESIDENT
Fraser on board of directors

ROCKFORD, Ill. (UPI) - Chrysler
Corp. shareholders elected United-Auto
Workers (UAW) President Douglas
Fraser to the company's board of direc-
tors yesterday, setting a precedent
Fraser predicted will be copied by
other U.S. unions.
Fraser becomes the first American
labor leader to penetrate top corporate
management. But he skipped his first
board meeting - immediately after the
voting - to return to detroit for a union
.executive board meeting.
THE ELECTION marked the second
time in four days Chrysler made U.S.
business history. On Saturday,
Chrysler won a life-saving $1.5 billion
federal loan guarantee in the nation's
largest corporate rescue.
At a news conference just before
Chrysler's annual stockholders meeting,
Fraser said the UAW would demand
representation on the boards of General
Motors Corp. and Ford Motor Co.
during 1982 contract talks.
"It's not enough for a union to go to
the bargaining table and argue about
decisions that are already made,"
Fraser said.
RESPONDING TO charges he will
not adequately represent all Chrysler
shareholders, Fraser said workers
"have more at stake than any officer of
the company, any shareholder and any -
union representative."
DO IT B

Fraser has pledged to bow out of
board discussions on contract talks
with the UAW and Chrysler Chairman
Lee Iacocca said he sees no conflict of
interest in Fraser's election to the
board.
"On the other hand, I do see a great
benefit to the corporation because of his-
experience, his strength of character,
and his breadth of vision about the
future of this industry," Iacocca said.
"FINALLY, I want it to be known
that I like Doug Fraser as a person. We
get along well and we can work
together."
Fraser was nominated to the board
last fall in exchange for union wage-
and-benefit concessions that will save
Chrysler about $430 million over the
next three years. Those union con-
cessions were demanded by Congress
as a condition for federal loan guaran-
tees.
The corporation did not release
specific vote totals on Fraser's election
but Chrysler executives said he
received less than one half of one per
cent fewer votes than the average
received by the other 19 directors elec-
ted.
Fraser acknowledged that controver-
sy in the UAW and other American
unions as to whether the traditional ad-
versary union-management relation-
ship was compromised by his election
to the board.

DOUGLAS FRASER, PRESIDENT o
over yesterday during a discussion at
appointment to the board of directors.
A nationwide study has concluded
that nearly one-half of children aged 6
to 14 fix their owl breakfast at least
twice a week.
0
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