On this day in 1969, John DeLorean was named the top executive at Chevrolet. DeLorean had risen precipitously through the ranks at Pontiac, where he pioneered the successful GTO and Grand Prix models.

As the general manager of Chevrolet, DeLorean sold a record 3,000,000 cars and trucks in 1973. Poised as a top candidate for the presidency of General Motors (GM), DeLorean walked away from Chevrolet in late 1973 to start his own company. He brashly predicted he would "show [GM] how to make cars." DeLorean raised nearly $200 million to finance his new venture, the DeLorean Motor Company. He built a factory in Northern Ireland and began production on the sleek, futuristic DMC-12 car. Interest in the car was high, but the company ran into serious financial trouble. Refusing to abandon his project, DeLorean involved himself in racketeering and drug trafficking in a desperate attempt to make the money that would save his company.

In 1982, after being caught on film trying to broker a $24 million cocaine deal, DeLorean was arrested on charges of drug trafficking and money laundering. A federal jury later ruled that DeLorean had been the victim of entrapment, and he was acquitted of all charges. Nevertheless, DeLorean's career and reputation were ruined.