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  1. #1
    Unchained 5150jeff's Avatar
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    01.06.11 @ 05:09 PM
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    Default GM CEO Wagoner to step down

    DETROIT – General Motors Corp. Chairman and CEO Rick Wagoner will step down immediately at the request of the White House, administration officials said Sunday. The news comes as President Obama prepares to unveil additional restructuring efforts designed to save the domestic auto industry.

    The officials asked not to be identified because details of the restructuring plan have not yet been made public. On Monday, Obama is to announce plans to restructure GM and Chrysler LLC in exchange for additional government loans. The companies have been living on $17.4 billion in government aid and have requested $21.6 billion more.

    Wagoner's departure indicates that more management changes may be part of the deal. Wagoner, 56, has repeatedly said he felt it was better for the company if he led it through the crisis, but he has faced sharp criticism on Capitol Hill for what many lawmakers regard as years of missteps, mistakes and arrogance by the Big Three automakers.

    Wagoner joined GM in 1977, serving in several capacities in the U.S., Brazil and Europe. He became president and chief executive in 2000 and has served as chairman and CEO since May 2003.

    Obama said Sunday that GM and Chrysler and all those with a stake in their survival need to take more hard steps to help the struggling automakers restructure for the future. In an interview with CBS' "Face the Nation" broadcast Sunday, Obama said the companies must do more to receive additional financial aid from the government.

    "They're not there yet," he said.

    A person familiar with Obama's plans said last week they would go deeper than what the Bush administration demanded when it approved the initial loans last year.

    Wagoner, in an interview with The Associated Press in December, had declined to speculate on suggestions from some members of Congress that GM's leadership team should step down as part of any rescue package.

    "I'm doing what I do because it adds a lot of value to the company," Wagoner said in a Dec. 4 interview as GM sought federal aid from the Bush administration. "It's not clear to me that experience in this industry should be viewed as a negative but I'm going to do what's right for the company and I'll do it in consultation with the (GM) board (of directors)."

    Wagoner has been credited by auto industry analysts with doing more to restructure the giant, bureaucratic automaker than any other executive. But given that he has been at GM's helm for so long, many of his critics say he moved far too slowly to take on the United Auto Workers and shrink the company as its market share tumbled.

    While GM has improved its cars in the last two years, critics say the company relied for too long on sales of pickup trucks and sport utility vehicles for its profits and was unprepared for a drastic market shift when gasoline prices hit $4 per gallon last year.

    During the Congressional debate over whether to give GM and Chrysler loans last year, many lawmakers criticized Wagoner, including Sen. Chris Dodd, D-Conn., chairman of the Banking Committee.

    He accused automakers' top management of having a "head-in-the-sand" approach to problems and said Wagoner "has to move on" as part of a government-run restructuring that should be a condition of financial life support for the auto industry.
    http://news.yahoo.com/s/ap/20090329/..._ge/gm_wagoner
    It's about time!

  2. #2
    Baluchitherium Scott's Avatar
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    12.11.17 @ 09:08 AM
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    That's a hell of a public firing....something THAT humiliating must mean that he seriously fucked up at some point.
    Winners come and go; legends are forever.

  3. #3
    carpe damn diem billy007's Avatar
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    12.11.17 @ 09:09 AM
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    Well, I love my two Chevrolets, but you get signs of why they're in trouble. For instance, I got a notice in the mail dated a week or two ago that Bill Heard Chevrolet is no longer an authorised Chevrolet service centre. Well, no shit, Sherlock, the dealership declared bankruptcy and closed the doors in like, October!

  4. #4
    Sinner's Swing!
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    12.09.17 @ 08:19 PM
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    Even my brother, who is a semi-proud UAW shop-rat (ie. Wagoner's enemy), admitted that this is horrible.

    That doesn't mean GM won't "succeed", becuase as in all corporate environments, nobody is irreplaceable. But he was highly, highly educated, competent, level-headed, a fantastic listener, had a "wide-view lense", and did nothing BUT make GM better since he took over. He's been dealing with his predecessors' f*ckups for almost a decade now, but he takes the fall.

    Couldn't have happened to a more educated, nicer, less-corrupt guy. This is a shame. He's the OPPOSITE of any CEO General Motors has had in decades. In fact, he was a GIFT to GM.

    But, that's the way the cookie crumbles. These are indeed interesting times. They'll find someone else who is talented & capable, no doubt, but it seems like this was unnecessary. He's at least as good as Ford's Mullaly, who I have a lot of respect for.

  5. #5
    Hang 'Em High jetguy5150's Avatar
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    12.11.17 @ 10:52 AM
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    I am sure the severance package that Mr. Wagoner is departing with will take the sting out of the firing for him.

    There has to be a lot more to this than any of us will really know. Making changes at the top while asking the unions to take cuts is not a bad thing. I wonder if his relationship with the unions, good or bad, plays a part in this. The ability to move forward is the key factor in how these bailouts play out. Should be interesting to see how this unfolds. This shit is still just getting going.
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  6. #6
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    12.09.17 @ 08:19 PM
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    It's flat-out wrong, actually. It's against anything either Washington or Lincoln stood for. Whatever.

  7. #7
    Sinner's Swing! VH122's Avatar
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    12.10.17 @ 12:18 PM
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    Quote Originally Posted by Majestic View Post
    It's flat-out wrong, actually. It's against anything either Washington or Lincoln stood for. Whatever.
    I agree this is wrong.
    The northern states have got to unite and give the same types of tax breaks and incentives to the big three that southern states are giving foreign auto corporations.

  8. #8
    Unchained 5150jeff's Avatar
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    so i guess wagoner lost his job for nothing.
    http://news.yahoo.com/s/ap/20090330/...wh/obama_autos

  9. #9
    Eruption Naked Wake's Avatar
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    12.11.17 @ 12:57 PM
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    whenver the government meddles in things, those things get worse.

  10. #10
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    12.09.17 @ 08:19 PM
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    Hey, I'm not a "the sky is falling" type of guy when it comes to corporations, especially in the automotive industry, but to be sincere: Wagoner was one of the rare competent execs within GM who was built from the ground-up.

    Played collegiate basketball at Duke, wasn't a good ole' boy, didn't get drunk in the field every day, but wasn't laughing in his golden palace every night either. This is just lame. And yes, he leaves as a multi-millionaire, and will live beyond comfortably for the rest of his life.

    He was also the most competent exec in the auto industry for the last decade. And he spent most of the last decade trying to "un-do" the sins of his predecessors from the DECADES prior. Not an easy task, to be certain.

    The way this was handled just sucks, period.

  11. #11
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    11.03.17 @ 01:35 PM
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    I'd agree that he was competent, right up to the point where he let Lutz the putz call the shots on too many things.
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  12. #12
    Baluchitherium Scott's Avatar
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    [QUOTE=jetguy5150;1117556]I am sure the severance package that Mr. Wagoner is departing with will take the sting out of the firing for him.
    QUOTE]


    I doubt that he'll get a package....they're making an example of him. Obama et el don't want / need another AIG situation.
    Winners come and go; legends are forever.

  13. #13
    Hot sauce on everything Red's Avatar
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    12.06.17 @ 06:36 AM
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    Apparently, he is not eligible for severence under the terms of the initial bailout. But he is eligible for GM retirement on both the salaried-employee and executive levels (per GM's annual report, as reported this morning by the AP).

    As for being a Duke basketball player...he went farther than most Duke guys who "go pro".

  14. #14
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    I did not know that Obama was on the board of GM or majority shareholder.

  15. #15
    Hot sauce on everything Red's Avatar
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    Quote Originally Posted by entourage1998 View Post
    I did not know that Obama was on the board of GM or majority shareholder.
    Change has come to America.

 

 

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