GM CEO Wagoner to step down immediately

[WoodPeckr]

GM's only hope is to let engineers run GM again. If Wagoner is replaced with yet another beancounter, GM has no hope.

GM CEO Wagoner to step down immediately

By TOM KRISHER, AP Auto Writer – 33 mins ago

DETROIT – A person with knowledge of General Motors' plans says Rick Wagoner will step down immediately as chairman and chief executive of the struggling Detroit automaker.

The person asked not to be identified because Wagoner's plans have not been formally announced.

The move comes on the eve of President Obama unveiling his plan to reinvigorate the U.S. auto industry. Obama and other administration officials have said they would demand deeper restructuring from General Motors Corp. and Chrysler LLC before they would get any more government loans.

Both companies are living on a total of $17.4 billion in federal aid.



Wagoner forced out at GM

General Motors Corp. Chairman and Chief Executive Officer Rick Wagoner is stepping down immediately after being asked by the government to give up his position at the helm of the largest U.S. automaker, people familiar with the situation said. - 5:47 pm

 

[papasmerf]

I tend to agree. Do you agree that if Philip rumor stepped down education in Buffalo would improve???

 

[WoodPeckr]

We're talking GM here .... not Buffalo anti-teacher, anti-union politics....

 

[Rockslinger]

General Motors Corp. Chairman and Chief Executive Officer Rick Wagoner is stepping down immediately after being asked by the government to give up his position

Did they also announce the size of his separation package? I'll hazard a guess and say $100MM.

 

[dcbogey]

Did they also announce the size of his separation package? I'll hazard a guess and say $100MM.

In this day and age, I highly doubt it - regardless of what his contract says.

 

[slowandeasy]

It's a start in the right direction??

How long has Wagoner been with GM?

 

[Rockslinger]

It's a start in the right direction??

Buzz Hargrove said this is bad news.

 

[papasmerf]

We're talking GM here .... not Buffalo anti-teacher, anti-union politics....

I am talking the same you are

What is best for the investors, just not in the myopic way you are.

 

[BottomsUp]

You can't fire the whole team so you fire the coach. Canning Wagoner will have absolutely zero impact on the GM outcome. Way too little and way too late.

 

[papasmerf]

GM makes some decent products but if they want to sell them they need to lower prices.

 

[_incubus_]

GM has made great leaps in improving it's line up and quality the last couple of years but like Ford and Chrysler are stilled handcuffed by the public's perception that domestic = bad; foreign = good. Can't really fault the public however after so many years of poor models in the 80s and 90s.

 

[mac]

In this day and age, I highly doubt it - regardless of what his contract says.

it will be large

 

[Kilgore Trout]

Obama administration has rejected turnaround plans of both Chrysler and GM saying that neither plan demonstrates viability that's partly why Wagoner's head needed to be chopped off. Plans are also underway to get rid of most of GM's directors.

Obama people want a much more sweeping restructuring plan under new leadership.

The U.S. auto industry is going into a crisis in the next 60 days that will shake it to the core. Some in auto task force are advocating for a quick and surgical bankruptcy of both Chrysler and GM.

http://www.msnbc.msn.com/id/29944834/

http://www.reuters.com/article/privateEquity/idUSSGR00000920090330

 

[WoodPeckr]

It's a start in the right direction??

How long has Wagoner been with GM?

He joined GM as an analyst in the treasurer's office In 1977.

Chairman & CEO of
General Motors (2000-2009)
During Wagoner's wildly unsuccessful tenure as CEO of General Motors, the market capitalization of GM has gone down by more than 90%.

 

[BottomsUp]

Did they also announce the size of his separation package? I'll hazard a guess and say $100MM.

Why should he get anything? He resigned.

However, I'm sure he worked out a favourable deal with the administration.

 

[slowandeasy]

He joined GM as an analyst in the treasurer's office In 1977.

Chairman & CEO of
General Motors (2000-2009)
During Wagoner's wildly unsuccessful tenure as CEO of General Motors, the market capitalization of GM has gone down by more than 90%.

Thanks woody.. I was too lazy to do the research.

So how the hell does the head of a company that was almost in bankruptcy keep his job and have to be forced out by the government????

I wonder if they have structured the Auto Bail out so that they can limit bonuses and compensation for fired employees????

 

[Malibook]

Obama to speak at 11:00 AM today on the auto makers' viability plans.

I wonder when he will speak about the US government's viability plans.

 

[slowandeasy]

Obama to speak at 11:00 AM today on the auto makers' viability plans.

I wonder when he will speak about the US government's viability plans

LOL.. Actually, I am now more interested in what the hell our politicians are doing?

Particularly, our Mayor and Premier.

 

[lookingforitallthetime]

I can tell you from personal experience, having an engineer in charge of a company is a much scarier thought than having an accountant. I've worked with engineers in this position over the years and have yet to meet one that had any clue about running a business. One of them drove a 100 year old company into the ground in less than 2 years.

Just stick a fork in GM, they're done.

 

[enduser1]

The U.S. auto industry is going into a crisis in the next 60 days that will shake it to the core. Some in auto task force are advocating for a quick and surgical bankruptcy of both Chrysler and GM.

http://www.msnbc.msn.com/id/29944834/

http://www.reuters.com/article/privateEquity/idUSSGR00000920090330

Lets hope so. Also AIG should be added to the bankruptcy list while they are at it.

EU