Commentary on Kirk Kerkorian

Here is a roundup of comments about Kirk Kerkorian’s impact on the U.S. auto industry from a variety of published reports. Kerkorian died Monday at age 98.Former Chrysler President Tom Stallkamp said the news that Kerkorian was working with Iacocca was resented by many in Chrysler management.“When [Kerkorian] came at Chrysler, it was a little ill-timed and when he teamed up with Iacocca, it was not viewed as welcome within the company,” Stallkamp said in an interview with Automotive News. “But he shook the place up…“No public company can exist in a vacuum, and that’s what Kirk showed. I think he shook up these companies and boards that thought no one could come after [them],” Stallkamp said. “In the big picture he was the beginning of the idea that companies can’t exist in a vacuum.” "Anyone who knew and worked with Kirk appreciated his sense of fairness. His low-key, almost shy demeanor belied a warm and caring individual whose basic decency often was overshadowed by images of the mega deal-maker," former Chrysler Chairman Lee Iacocca said in a statement Tuesday. "Kirk was always inspiring to be around, because his eye was always cast on the future. For all his success, he never lost his regard for people around him, shareholders, employees and business associates alike. Likewise, anyone dealing with Kirk knew you were in the presence of someone with a keen mind, uncanny vision and a no nonsense tolerance. He was one of the most generous people I’ve ever met, and one of the quietest about it. Kirk never sought attention for any of his countless major gifts to charitable organizations or institutions and indeed these were almost always anonymous. But his unwavering commitment to the Armenian people and a variety of medical causes will have a tremendously positive impact for generations to come ... and that will be the cornerstone of his legacy."Anthony Mandekic, the CEO of Kerkorian’s investment company, Tracinda Corp., commented on the billionaire’s vision in a report on the Los Angeles Times website today. “He was the most brilliant person I’ve ever run across, and so respectful to everyone,” Mandekic told the Los Angeles Times. “We have lost such a great icon. He was truly something special.”“Kirk Kerkorian’s two attempts to take over Chrysler and another for General Motors demonstrated the auto industry is no different than other industries in that they are vulnerable to activist investors, a trend continuing today,” Michelle Krebs, senior analyst at Autotrader, told the Detroit News.Kelley Blue Book senior analyst Karl Brauer told the Detroit News that while Kerkorian didn’t control the automotive industry, his money was influential. “I think he was quick to acknowledge the problem the manufacturers were suffering and wanted to do something to keep the companies from going out of business,” he told the Detroit News.MGM Resort Chairman Jim Murren remembered Kerkorian’s impressive and sometimes misunderstood business instincts in a statement today. “Mr. Kerkorian combined brilliant business insight with steadfast integrity to become one of the most reputable and influential financiers of our time,” Murren said.Neal E. Boudette and Reuters contributed to this report.

Commentary on Kirk Kerkorian

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