GM CEO Rick Wagoner to resign

[mutual_master]

http://www.motorauthority.com/report-gm-ceo-rick-wagoner-to-step-down-at-obamas-request.html

"GM has lost more than $82 billion and seen its share price tumble 95% since Rick Wagoner was appointed CEO" - nuff said.

[chevypower]

And the replacement is: Barack Obama. He will also run Ford, Chrysler, AIG, and every other company out there. At least he will try, as his socialistic venture moves forward.

[Black_Utester]

http://www.motorauthority.com/report-gm-ceo-rick-wagoner-to-step-down-at-obamas-request.html

"GM has lost more than $82 billion and seen its share price tumble 95% since Rick Wagoner was appointed CEO" - nuff said.

That's a bit narrow minded!

You can not say that an CEO can be attributed to all the blame for the company's doings if it relies on part of the world's economy.

That doesn't wash with me bud. Then you would say K Rudd stuffed up Australia. Hardly, since this country is in a better position economic wise than most countries in the world considering the state the world economy is in.

[SCiFiRE]

I dont think he is totally to blame for GMs troubles,
But i do think he had a major part in it. Wagoner has been GM boss since 2000, and was chief money man back to 1992. Thats a long time taken that he should've been trying to turn things around, but he didnt'. Infact a great deal of that time he was trumpeting that there wasn't a problem and that GM is still the best in the business. Head in the sand maybe.

[Holden Man]

At last :bravo:. Probably won't make a difference but at least the right heads are starting to roll.

Too many big guys (not just automakers) avoiding their responsibilty in this whole mess.

[banarcus]

Where does this leave GMH? Obama going to sell Holden to the Australian Government or will a Chinese/Indian company buy it off GM?

[SCiFiRE]

Where does this leave GMH? Obama going to sell Holden to the Australian Government or will a Chinese/Indian company buy it off GM?

Well it will be a restructuring, not a dissolve. I'd say Holden will probably be kept with GM. But thats an uneducated guess. It would be a good looking purchase for an up-and-coming car company... But even they dont have bucketsloads of $$$ right now.

[BossV8]

And the replacement is: Barack Obama. He will also run Ford, Chrysler, AIG, and every other company out there. At least he will try, as his socialistic venture moves forward.

lol...it was said that in some video posted last week (here I think) where the new world order have orchestrated the whole economic crisis in order to get their people where they want them. Which in this case might be ceo of GM

Personally I think they're too dumb to have orchestrated the whole thing

[GODSMACK]

Nice little payout too!!!

GENERAL Motors boss Rick Wagoner will leave the company with around $US20 million ($29 million) in retirement benefits and other compensation.

"It's not a severance package," GM spokeswoman Renee Rashid-Mereem said after Mr Wagoner agreed to step down under pressure from the White House as it hardens conditions for new aid to the troubled auto giant.

"It's pension benefits and other deferred compensation that he's accrued as of December 31 during his 32 years at General Motors."

Ms Rashid-Mereem said Mr Wagoner was also eligible for other post-retirement benefits.

"That hasn't been sorted out yet," she said.

Mr Wagoner, 56, joined GM in 1977 after studying at Duke University and getting an MBA from Harvard University.

He rose through the ranks in posts including executive vice president and president of GM North America, and GM president and chief operating officer, before becoming CEO in 2000.

[Ghia351]

Nice little payout too!!!

[B] GENERAL Motors boss Rick Wagoner will leave the company with around $US20 million ($29 million) in retirement benefits and other compensation.

Wonder what his payout would be if GM filed for bankruptcy and then he resigned?...yes I'm cynical.

[lowriding]

Wonder what his payout would be if GM filed for bankruptcy and then he resigned?...yes I'm cynical.


I dont think thats cynical at all , i think your spot on .He has inside knowledge maybe ? Under US laws bankruptcy would be a good way out for GM , its worked for many of the airlines over there . Bankruptcy would be no option for FoMoCo though as they have a mountain of secured private debt .

[Martin_D]

And the replacement is: Barack Obama. He will also run Ford, Chrysler, AIG, and every other company out there. At least he will try, as his socialistic venture moves forward.

Wagoner is an idiot. If he only gave every American $900 it wouldnt matter how bankrupt the company was and how much taxpayers money needed to support it. He missed the boat there :lol:

[pagey]

You have to be a tad embarassed when the President fires you :rofl:

[Vulture]

And the replacement is: Barack Obama. He will also run Ford, Chrysler, AIG, and every other company out there. At least he will try, as his socialistic venture moves forward.

Agreed. That Obama is up to some worrying stuff. Since when did governments ever make good business decisions?

[pah]

And the replacement is: Barack Obama. He will also run Ford, Chrysler, AIG, and every other company out there. At least he will try, as his socialistic venture moves forward.

Socialist venture?

Who's kicking who's door down and begging for tax payers $?

Some of the Co's after gov't handouts have been caught paying upper execs millions! FOR WHAT??

Companies that can stand on their own 2 feet have the right to tell the gov't to sod off. Those that need gov't support forfeit a fair amount of that right.




PAH

[ti0350]

Looks like not everybody is Happy with the way things have gone..
A quote from one of the local papers in the States..
"What does President Obama, a Harvard lawyer five years out of the Illinois state senate, know about making cars?
Apparently everything.
But of course, when he was a U.S. senator he saw no problem with the economy because he accomplished nothing to head off the current crisis. He's never owned and operated a popsicle stand -- or any business -- but now he's boldly meddling in business where no president has meddled before.
The president gave Rick Wagoner no credit for keeping GM afloat in an economy ruined by bankers and lax federal regulation of bankers. Instead, Obama went for a political scalp.
In an interview with Matt Lauer, Gov. Jennifer Granholm called Wagoner a "sacrificial lamb." But she didn't call on Obama to stop playing politics by using Michigan executives as scapegoats."

[V-Car]

Looks like not everybody is Happy with the way things have gone..[/I]

By far, the majority do though.

This fool typifies everything that is wrong with big business management today.
He stood by with not a clue for years when GM were going under.


Since becoming head of North American Operations in 1994, Richard Wagoner is responsible for a 30% drop in market share and a loss of over $50 billion in shareholder value since becoming CEO in 2000.

And yet he can still walk away with over $20mil is retirement benefits?

This article was written over three years ago!
http://www.dealer-magazine.com/index.asp?article=208

Jim Dollinger (Buickman) and many others, have been trying to get rid of him for years
http://www.generalwatch.com/editorials/index.cfm