GM CEO Wagoner to Step Down
2010 Camaro Moderator/Disciple
Joined: Mar 2000
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From: Chester, NY
The President requested Wagoner to step down. Is he also going to "suggest" his replacement? It could be he wants a new CEO and a new team at the top, not just the head guy step down, and the guy behind him moving up.
We need to see how this plays out tomorrow when the Administration unveils their plan.
Treasury Secretary Geithner was on one of the National news programs this morning and refused to comment at all pending tommorow's annoncement.
We need to see how this plays out tomorrow when the Administration unveils their plan.
Treasury Secretary Geithner was on one of the National news programs this morning and refused to comment at all pending tommorow's annoncement.
Last edited by ChrisL; Mar 29, 2009 at 06:40 PM.
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Joined: Dec 2000
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From: Ohio
Wow, I can understand the govt having some say in things like ridiculous spending in the cases of AIG bonuses, and parties, etc.... when bailout money is taken by that company but... "asking" the CEO to quit... I think that is a step too far, when there is not obvious corruption involved.
*Wonders if Obama will rip off his mask and reveal his true identity of Buickman...
*
*Wonders if Obama will rip off his mask and reveal his true identity of Buickman...
*
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Joined: Jul 2004
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From: Roseville, MI, USA
Plenty need to go at the top, including Wagoner.
Here's a quick newsflash. Lutz' didnt retire because he felt it was time. He saw the writing on the wall. And I'm a HUGE supporter of Lutz, but there's a time when you look at what's happening and when the Government gets involved it's never going to turn out good.
With that said, Wagoner absolutely had to go. He made so many poor decisions the Obama Administration had no choice but to request his departure.
Here's a quick newsflash. Lutz' didnt retire because he felt it was time. He saw the writing on the wall. And I'm a HUGE supporter of Lutz, but there's a time when you look at what's happening and when the Government gets involved it's never going to turn out good.
With that said, Wagoner absolutely had to go. He made so many poor decisions the Obama Administration had no choice but to request his departure.
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From: Roseville, MI, USA
And he should be RIGHT behind Wagoner out of the Ren Cen too.
I'm guessing that once GM got the cash they wanted last year the new Administration had access to GM's books and saw somethings they didn't like. Many things they didn't like and had a lot to do with what we have going on here.
Just my opinion but I don't think Fritz makes the cut. He shouldn't because in 2006 he said he was in "crisis mode." Boy...three years later and this is what "crisis mode" gets us.
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From: USA
If GM is allowed to hire the best for the job this is great. However if it is just a way for the Obama administration to make GM a cog in their "green economy" it will be the end. No automaker will survive with restrictions on what they can make...when everyone else who did not take government money can build what people really want.
What's funny is..if this ends up getting some outside greenie in the CEO seat..responsibility really falls on the GM board. Has they canned Waggoner earlier (like before the government gave them money)..they could have chose the successor and he would have had some time.
Also, I don't think Fritz will be getting it...he does not qualify for the magic "change" word.
http://money.cnn.com/2009/03/29/news...lout/index.htm
What's funny is..if this ends up getting some outside greenie in the CEO seat..responsibility really falls on the GM board. Has they canned Waggoner earlier (like before the government gave them money)..they could have chose the successor and he would have had some time.
Also, I don't think Fritz will be getting it...he does not qualify for the magic "change" word.
A senior GM official official told CNN that the White House and its auto task force had "sent very clear signals" that the key to more help was "new leadership" and something that would help the administration see real change.
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From: O-Town
Why does everyone that thinks Wagoner should have gotten the boot a long time ago think he was the one responsible for it all? How often did we hear about Lutz having to fight to do what was needed for the new GM vehicles that came through during his tenure? Was not Wagoner the one who brought Lutz in?
I think Wagoner saw the struggle he was up against when he got to GM and hired Lutz to help get certain things done that needed to be done years ago. Its not Wagoner that needs to go, but the ideology at GM that is call the culture and those on the board that support it. Bill Ford saw the need for change at Ford. He hired in Mulally and backed him a 100% and look now where Ford is in comparison to GM.
I think Wagoner saw the struggle he was up against when he got to GM and hired Lutz to help get certain things done that needed to be done years ago. Its not Wagoner that needs to go, but the ideology at GM that is call the culture and those on the board that support it. Bill Ford saw the need for change at Ford. He hired in Mulally and backed him a 100% and look now where Ford is in comparison to GM.
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From: CNY
Yeah, I'm not so sure getting rid of Wagoner is the right thing to do.
At the very least, that act is not going to save GM.
It seems to be more of a PR thing more than anything else.
The question is, who will replace him? And will his replacement have the necessary expertise and power to REALLY change GM?
I hope the task force tackles the real problems at GM, and that's their decision making problems and their top heavy management.
At the very least, that act is not going to save GM.
It seems to be more of a PR thing more than anything else.
The question is, who will replace him? And will his replacement have the necessary expertise and power to REALLY change GM?
I hope the task force tackles the real problems at GM, and that's their decision making problems and their top heavy management.
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Dave posted this over on Chirpthird...
The former head of the CAW said this is not good news...these are his coments below..
Responding to the news, former Canadian Auto Workers boss Buzz Hargrove said that Wagoner's departure is a serious loss for the automaker and the industry as a whole.
"I'm shocked," he told CTV Newsnet Sunday evening.
Hargrove said that Wagoner would have been integral to a successful restructuring because of his vast knowledge and experience in the auto industry
"This is not good news," Hargrove said.
"Rick Wagoner is the one leader of all the companies that has incredible knowledge of the industry, of the company, and if there's a turnaround to be had, Rick Wagoner is the guy to lead it."
Hargrove said that Wagoner's departure indicates that the White House is now dictating demands "that will not be beneficial to GM.
"This shows an incredible frustration, I believe, on (Wagoner's) part with the demands ... by the committee set up by the Obama administration."
Hargrove noted that Obama and the White House should rethink their auto bailout strategy and let the experts sort the problems out themselves.
"They have to allow the people who know the industry (and) know the business make the changes - nobody knows the business like Rick Wagoner," he said.
Responding to the news, former Canadian Auto Workers boss Buzz Hargrove said that Wagoner's departure is a serious loss for the automaker and the industry as a whole.
"I'm shocked," he told CTV Newsnet Sunday evening.
Hargrove said that Wagoner would have been integral to a successful restructuring because of his vast knowledge and experience in the auto industry
"This is not good news," Hargrove said.
"Rick Wagoner is the one leader of all the companies that has incredible knowledge of the industry, of the company, and if there's a turnaround to be had, Rick Wagoner is the guy to lead it."
Hargrove said that Wagoner's departure indicates that the White House is now dictating demands "that will not be beneficial to GM.
"This shows an incredible frustration, I believe, on (Wagoner's) part with the demands ... by the committee set up by the Obama administration."
Hargrove noted that Obama and the White House should rethink their auto bailout strategy and let the experts sort the problems out themselves.
"They have to allow the people who know the industry (and) know the business make the changes - nobody knows the business like Rick Wagoner," he said.
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From: Melbourne, Australia
Why does everyone that thinks Wagoner should have gotten the boot a long time ago think he was the one responsible for it all? How often did we hear about Lutz having to fight to do what was needed for the new GM vehicles that came through during his tenure? Was not Wagoner the one who brought Lutz in?
Would you trust any leader in that position, going forward?
Don't forget, Wagoner has been there for 30 years. During that time, GM has largely failed to establish itself as the premier car company as distinct to the biggest car company.
Yes, the GM of today is vastly better than the GM of the 70s, 80s etc... but that's hardly huge praise. Not when the competition is gaining a larger share of the domestic auto market.