Out of The Oil Pan . . . Iacocca's copilot takes wing

As vice chairman of Chrysler, Gerald Greenwald, 54, was considered the crown prince who would succeed Lee Iacocca as head of Detroit's No. 3 auto company. A quietly self-assured master of finance, Greenwald helped save Chrysler from bankruptcy in the 1970s by cutting production costs and lining up Government financing. But Greenwald stunned Detroit last week with his decision to quit the troubled automaker in order to lead the proposed $4.4 billion employee buyout of UAL, the parent company of United Air Lines.

Greenwald denied the widespread industry rumor that his decision was influenced by the apparent reluctance of Iacocca, 65,...

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