GM's downward spiral: A timeline

4 of 9

Stempel resigns

Robert Stempel

1992

Chairman and CEO Robert Stempel takes over in 1990 just as the economy is plunged into a deep recession. Stempel promises plant closings and layoffs, but moves slowly; the board of directors, fearing GM's financial collapse, stages an historic coup and forces Stempel to resign.

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Last updated November 25 2008: 7:53 AM ET

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