Gerstenberg, Richard C.
Richard C. Gerstenberg was the eighth chairman of the Board of Directors of General Motors. He served in that capacity and as chief executive officer from January 1, 1972 until his retirement on November 30, 1974. Gerstenberg continued as a member of the GM Board of Directors and as a member of the Finance and Bonus and Salary Committees through May 1980.
Prior to his election as chairman, Gerstenberg was vice chairman of the Board of Directors and the chairman of the Finance Committee, with responsibility over the Corporation's financial affairs and general jurisdiction over GM's Overseas Operations, since April 6, 1970.
Born November 24, 1909, at Little Falls, New York, Gerstenberg attended high school at Mohawk, New York. He graduated from The University of Michigan with a Bachelor of Arts degree in 1931.
Gerstenberg joined GM in 1932 as a timekeeper with Frigidaire Division in Dayton, Ohio, was transferred to the Fisher Body Division, Detroit, in 1934, and to General Motors Central Office in 1936. In 1949, he was named assistant comptroller and in April, 1956, became treasurer of the Corporation.
He was elected vice president in charge of the Financial Staff in 1960, and was elected executive vice president-Finance and a member of the Board of Directors on November 1, 1967.
When James Roche retired the chairmanship in 1971, Gerstenberg was elected to that post. His main rival for the position was GM President Ed Cole. Cole was a "car guy" with a background in engineering and production and was seen as the logical heir from the traditionalist view point. However, Gerstenberg was chosen by the board because his strengths as a money manager and an articulate defender of the increasingly criticized auto industry were viewed as necessary to handle the problems GM looked to face in the coming years.
Richard Gerstenberg chaired GM through the first couple years of the turbulent 1970s as the corporation attempted to cope with the changing environmental consciousness of the country and an influx of small, more fuel efficient imported cars. In 1974, he stepped down per under provisions of the Corporation's retirement program and another former GM financial executive Thomas A. Murphy took over the position.
Gerstenberg died July 11, 2002 at his home in Paradise Valley, Arizona. He was 92.
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