April 2, 1875 – Walter Chrysler is born

After a long stint as a mechanic and machinist who worked his way up in rank in the railroad industry Walter Chrysler, born on this day in 1875, caught the eye of GM executive James J. Storrow in 1911. Following a meeting with Buick president Charles Nash Chrysler resigned from the railroad industry to become works manager at Buick in order to reduce the cost of production. When William Durant retook over GM in 1916 Chrysler put in his resignation as a show of camaraderie with the bankers who lost control of the company. Durant visited Chrysler in person and offered him an incredible salary of US $10,000 (US $165,000 adjusted for inflation) a month for three years, with a US $500,000 bonus at the end of each year, or US $500,000 in stock in order to run Buick. In shock, Chrysler had Durant repeat the offer, which he accepted immediately. Following the three years Chrysler resigned and was paid $10 million for his stock. He started at Buick making $6,000 per year and left one of the richest men in America. He used his capital to acquire Maxwell Motor Company, which he reorganized into Chrysler Corporation on June 6, 1925. Walter Chrysler during a White House visit 19371925 Chrysler ad

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