• GM's Rick Wagoner to step down ASAP
  • GM's Rick Wagoner to step down ASAP
  • GM's Rick Wagoner to step down ASAP
  • GM's Rick Wagoner to step down ASAP

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  1. #1
    Member killain's Avatar
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    Thumbs down GM's Rick Wagoner to step down ASAP

    I just read that General Motors CEO Rick Wagoner is planing on resigning ASAP, and that makes tomorrows meeting with the Obama admin. 'Auto Task Force' that much in doubt. I'm worrying the the plans for restruction are both not done or too promising. But perhaps a 'new' captain at the helm would give a sunny morning landscape in DC ?

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    Moderator catbert's Avatar
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    Rick is the face of GM in this time of overall concern for the viability of GM. Being the face of a corporation in trouble usually doesn't translate into job security UNLESS you are also seen as the one person to lead the company out of trouble - like Iacocca back in the day. Rick now knows first hand how tens of thousands of other people felt on the way out. At least he has the millions in salary plus bonuses he has accumulated over the years. Change is painful.

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    GM's Rick Wagoner to step down ASAP vett boy's Avatar
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    So maybe A community organizer will be able take charge.

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    Quote Originally Posted by vett boy View Post
    So maybe A community organizer will be able take charge.

  5. #5
    Member Kid_Again's Avatar
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    Look, I'm not a fan of ANY politician but it's about time that Wagoner's out on his ass. How in the world could you expect a guy who came up through the ranks be the guy who could make the tough decisions? Too many favors owed.

    I agree that he made more fundamental changes than any GM CEO in history but he's not the guy for the long term. Why? Unfortunately, it hits close to home - take the ZR1 as an example. It's like Nero fiddling while Rome burned. Only an idiot would put the engineering talent into that kind of anachronism and let the rest of the Corporation go to hell in a hand basket. I don't care if only took a few MIT engineering interns to fit a blower onto a small block. Wrong, wrong, wrong.

    Sure, I like performance Corvettes but it's only a halo brand, not the investment of the future. An all electric car? That's REALLY pushing the technology envelope and now that gas is "cheap" again, the gas mizers like the Prius are sitting unsold on dealer's lots. He never forced fundamental long term investments - he was purely reactive. Yet another example that Wagoner doesn't have clue.

    Blue Devil my ass.

    Do I have all the answers? No. But neither did Rick nor does Fritz. Fire the Board and put Ralph Nader in charge. I don't think you can do worse.

    Hey, either that or the new CEO will be a yellow man.

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    Member njlouc's Avatar
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    Rumor has it that he was told to step down or no dough for GM.
    WOW was I wrong I thought that he was a jerk, but I never realized how bad!
    They said that under his "rule" from 2000, that Gm has not been profitable in those primo years.

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    Member njlouc's Avatar
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    BTW last year the Feds gave GM ~ $25billion to develop an "electric" car. Talk about being out of touch!! you could buy 1million Prius - They already exist. Does GM think that they will beat toyota/honda??

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    Site Administrator Rob's Avatar
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    FOR RELEASE: 2009-03-30

    GM Statement on Officer and Board Announcements

    Detroit, MI

    GM is announcing the following changes in the corporate officers and the board of directors:

    Rick Wagoner is stepping down as chairman and CEO, effective immediately. Wagoner, 56, was named president and CEO in 2000, and assumed the role of chairman in 2003.

    Fritz Henderson, GM president and chief operating officer, will serve as CEO. Henderson, 50, was named to his current position in 2008. He was previously vice chairman and chief financial officer.

    Kent Kresa, chairman emeritus, Northrop Grumman Corporation, has been named interim non-executive chairman of the board of directors. Kresa became a GM director in 2003

    GM is awaiting further announcements by the President and the Task Force on Automotive Reconstruction, and we will have additional comments at that time.

    GM Board of Directors statement, attributable to Kent Kresa, Chairman

    “The Board has recognized for some time that the Company’s restructuring will likely cause a significant change in the stockholders of the Company and create the need for new directors with additional skills and experience. The Board intends to work to nominate a slate of directors for the next annual meeting that will include a majority of new directors taking into account the addition of new directors, retirement, and decisions by individual directors not to stand for re-election, although the specific individuals who will be nominated or choose not to run or leave the board are not yet known.”

    CONTACT(S):
    Renee Rashid-Merem
    313-665-3128 (o)
    313-701-8560 (c)
    renee.rashid-merem@gm.com
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  9. #9
    Site Administrator Rob's Avatar
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    FOR RELEASE: 2009-03-30

    GM Message from Rick Wagoner

    On Friday I was in Washington for a meeting with Administration officials. In the course of that meeting, they requested that I “step aside” as CEO of GM, and so I have.

    Fritz Henderson is an excellent choice to be the next CEO of GM. Having worked closely with Fritz for many years, I know that he is the ideal person to lead the company through the completion of our restructuring efforts. His knowledge of the global industry and the company are exceptional, and he has the intellect, energy, and support among GM’ers worldwide to succeed. I wish him well, and I stand ready to support him, and interim Non-Executive Chairman Kent Kresa, in every way possible.

    I also want to extend my sincerest thanks to everyone who supported GM and me during my time as CEO. I deeply appreciate the excellent counsel and commitment of the GM Board and the strong support of our many partners including our terrific dealers, suppliers, and community leaders. I am grateful as well to the union leaders with whom I have had the chance to work closely to implement numerous tough but necessary restructuring agreements.

    Most important of all I want to express my deepest appreciation to the extraordinary team of GM employees around the world. You have been a tremendous source of inspiration and pride to me, and I will be forever grateful for the courage and commitment you have shown as we have confronted the unprecedented challenges of the past few years. GM is a great company with a storied history. Ignore the doubters because I know it is also a company with a great future.

    CONTACT(S):
    Renee Rashid-Merem
    313-665-3128 (o)
    313-701-8560 (c)
    renee.rashid-merem@gm.com

    Tom Wilkinson
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  10. #10
    Administrator Mac's Avatar
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    I don't know about Wagoner's fiddle playing skills but his term as CEO saw GM's market share plummet and their stock drop like a stone. Yes, it's unfair to blame the boss when everything goes wrong but the bitter reality is Wagoner was out there making statements about how he was the best man to guide the company during these troubled times... He had to go.

    -Mac

  11. #11
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    America has become a deceptive country. Too much fine print, too much corporate greed, too much arrogant elite-ness. If your looking for the truth, you won't find it in the US. While our goverment (past and present) preaches rightousness to the rest of the world, we screw over each in the name of profit, some make enough money for 100 life times and that's not illegal, but is immoral and unethical. There is no conscious, just greed. The greatest financial minds in the world have turned out to be basic thieves. I hope they get the Genie back in the bottle, but I feel it's bigger than any one man or group of men.......

  12. #12
    GM's Rick Wagoner to step down ASAP Patrick's Avatar
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    Whether or not Wagoner's departure is a good thing for GM, I'm more than a little concerned about the precedent being set here: the occupant of the White House can dictate to a private company who gets to keep their job. Isn't this what a Board of Directors is for?

    Or have we finally shed all pretense of still being a free market, capitalistic society, and decided to just nationalize the auto industry as one step on the march toward a community organizer's socialist utopia?

  13. #13
    Member Kid_Again's Avatar
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    Well, America, you got what you wanted. An administration that has no problems nationalizing any industry it wants to.

    Whether GM can survive ( I really think it should seek a structured bankrutpcy) will roll out in the next few weeks. But just think about some career government employee making the decision about which cars GM will sell. Any color, as long as you like white (to save the taxpayers money). Any engine option above 1.5L will be taxed into oblivion. Your auto loan will come from a state-controlled bank and rates will not be negotiable (OR you can spend days filling out the paperwork to appeal the government's decision and wait years for a decision).

    Just one step away from the government controlling the price.

    We'll wind up just like the UK where everybody works for the government.

    You know, we'll all look good driving Trabants.

  14. #14
    Member jrose7004's Avatar
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    As good of a job the US government does governing the country, I'm sure they'll do an outstanding job running an auto manufacturer!

  15. #15
    Member Kid_Again's Avatar
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    At least Obama says (let's see what he'll do) that bankruptcy is an option for GM. That great former Leader Of The Western World, Dubbya, didn't have the guts to do that.

    I wonder how GM would feel if their headquarters were moved to Guongdong Province? "More noodles, Mr. Henderson?"

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