American Decades
Murphy, Thomas 1915-
EXECUTIVE, GENERAL MOTORS
Difficult Times.
Thomas Aquinas Murphy was chairman and chief executive officer of General Motors (GM) from 1974 to 1980, arguably one of the most difficult times in the company's history.
Lifetime of Preparation.
Beginning his career with GM in 1938, Murphy worked his way up the corporate ladder through the financial department. An accountant by training, Murphy was chosen in 1959 by then-chairman Frederick C. Donner as a possible future chairman. His subsequent positions—controller, treasurer, vice-president and group executive of the car and truck division, vice-chairman—were expected promotions for a man intended to lead the company.
Immediate Problems.
When Murphy took the helm in 1974, replacing Richard Gerstenberg, GM was reeling from the Arab oil embargo of 1973 and the ensuing economic slowdown. The heart of the product line, the profitable big cars, were...
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1970's Business and the Economy
