GM CEO Rick Wagoner to resign

[glimmerman]

http://www.motorauthority.com/...at-obamas-request.html

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

Good riddance!

 

[Pocatello]

GM has designed a lot of nice cars under Wagoner, too little too late. Who would want to buy a car from a company from a verge of bankruptcy? Toyota and Honda are making good cars, they are not going to close shop in the middle of the night.

 

[zerocool84]

He's probably getting more money by leaving than he would have by staying as it is with pretty much any CEO.

 

[Elixer]

Originally posted by: Pocatello
GM has designed a lot of nice cars under Wagoner, too little too late. Who would want to buy a car from a company from a verge of bankruptcy? Toyota and Honda are making good cars, they are not going to close shop in the middle of the night.

It don't really matter if they go under or not, people will buy cars, IF, the price is right.

 

[punjabiplaya]

Camaro SS = 33k for 426hp. Sounds right to me. People don't care about the price, they care about the badge. Although, thanks to financial crisis, I think people are starting to get some fking sense back and realizing that it's better to have an ok car and some money, than to drive a snobmobile and be broke.

 

[iamwiz82]

It sounds bad, but had another person been CEO the company wouldn't have even survived. Wagoner did much to envigorate the company, IMHO.

 

[Fenixgoon]

Originally posted by: iamwiz82
It sounds bad, but had another person been CEO the company wouldn't have even survived. Wagoner did much to envigorate the company, IMHO.

GM is really churning out fantastic cars now. My realistic dream cars are both GM's - Camaro SS and G8 GT/GXP

I hope they survive in some capacity or another.

 

[LOUISSSSS]

who would want to be CEO of GM now? (lets not talk about wages) but does that person really think he can pick up the biggest money losing auto company in the US? damn that sounds bad, especially GM = US)

 

[Fenixgoon]

Originally posted by: LOUISSSSS
who would want to be CEO of GM now? (lets not talk about wages)but does that person really think he can pick up the biggest money losing auto company in the US? damn that sounds bad, especially GM = US)

well, if you're in the running for a CEO position of such a large company like GM, chances are you don't need the money to begin with.

but yeah, it's going to take a hell of a lot of skilled people to dig out GM from the grave, so to speak

 

[Bignate603]

Originally posted by: LOUISSSSS
who would want to be CEO of GM now? (lets not talk about wages) but does that person really think he can pick up the biggest money losing auto company in the US? damn that sounds bad, especially GM = US)

Didn't take you long to find this thread...

And yes, there are plenty of people that will want to give it a shot. It's a gamble but if they pull through it will pay off big. The vehicles that have started to come out while Wagoner was there were what GM needed to make. Unfortunately they were in the middle of their transition and trying to win consumers back over to their brands when the economy collapsed. I think they could have weathered one problem or the other, but they're struggling to deal with both.

 

[Arkaign]

Originally posted by: punjabiplaya
Camaro SS = 33k for 426hp. Sounds right to me. People don't care about the price, they care about the badge. Although, thanks to financial crisis, I think people are starting to get some fking sense back and realizing that it's better to have an ok car and some money, than to drive a snobmobile and be broke.

Imagine if the Camaro was ~3000lbs instead of a rolling block of cement

 

[randay]

Originally posted by: Arkaign

Originally posted by: punjabiplaya
Camaro SS = 33k for 426hp. Sounds right to me. People don't care about the price, they care about the badge. Although, thanks to financial crisis, I think people are starting to get some fking sense back and realizing that it's better to have an ok car and some money, than to drive a snobmobile and be broke.

Imagine if the Camaro was a 4 cylinder sub-compact instead of an american muscle car

fixed

 

[Strk]

Originally posted by: Arkaign

Originally posted by: punjabiplaya
Camaro SS = 33k for 426hp. Sounds right to me. People don't care about the price, they care about the badge. Although, thanks to financial crisis, I think people are starting to get some fking sense back and realizing that it's better to have an ok car and some money, than to drive a snobmobile and be broke.

Imagine if the Camaro was ~3000lbs instead of a rolling block of cement

That would be awesome considering that that block of cement is already faster than anything in its class.

I don't think there's a car that can beat it without spending quite a bit more. Maybe an Evo or an STI, but those aren't exactly competing cars.

 

[Mermaidman]

Somewhat OT, but why is the stock market tanking this morning because of fears that GM will BK? I thought that all you people wantGM to BK.

 

[Ktulu]

Originally posted by: randay

Originally posted by: Arkaign

Originally posted by: punjabiplaya
Camaro SS = 33k for 426hp. Sounds right to me. People don't care about the price, they care about the badge. Although, thanks to financial crisis, I think people are starting to get some fking sense back and realizing that it's better to have an ok car and some money, than to drive a snobmobile and be broke.

Imagine if the Camaro was a 4 cylinder sub-compact instead of an american muscle car

fixed

It's called the Cobalt SS. (yes i know it's not RWD, put just look at it's performance numbers)

 

[punjabiplaya]

The Camaro is ~3800. Mustang GT is ~3500. The 370z and C6 are ~3200. So not bad IMHO, it could be better, but come on , for the price I think it's a fantastic deal + 100k mile warranty. To get to 3000, you'd have to go towards a Cayman and that's $70k

 

[BW86]

yeah, I heard this on the radio this morning.

 

[SparkyJJO]

I'm going to send a nasty letter to obama and his cronies. Someone needs to draw the line, the POTUS has no business firing any CEO of any company (basically what he's doing).

And GM's stock was slowly inching upwards, but after this news it sure took a dive :disgust:

 

[GTaudiophile]

The American car companies "simply" need to build cars without built-in obsolescence. Screw the dealers.

As soon as they do that and start producing cars that can go relatively maintenance free over 7-10 years / 200,000 miles, then they will start to win back from Toyota/Honda.

The "let's build cheap printers and then gouge for ink" approach no longer works for American car companies.

 

[LTC8K6]

Wagoner gets a $20M retirement package after all the crying about bonuses, and now Obama is going to warranty GM and Chrysler cars.

Wonderful...

 

[punjabiplaya]

I like the printer analogy. It fits so well.

 

[InflatableBuddha]

Originally posted by: Fenixgoon

Originally posted by: iamwiz82
It sounds bad, but had another person been CEO the company wouldn't have even survived. Wagoner did much to envigorate the company, IMHO.

GM is really churning out fantastic cars now. My realistic dream cars are both GM's - Camaro SS and G8 GT/GXP

I hope they survive in some capacity or another.

Those two, plus the Corvette, are some excellent GM models. However, they are a relatively small portion of GM sales, so they alone can't support the company.

 

[StageLeft]

Their muscle cars are very attractive but the market isn't huge for them, and $4 gallon gas is a recent memory. Plus with gas going up again, even if it doesn't hit $4 any time soon it's a hard sell buying a brutally fast but gas hungry car right now. Then, in this particular economic time, it's a pure luxury purchase of no practical value.

 

[Fenixgoon]

Originally posted by: InflatableBuddha

Originally posted by: Fenixgoon

Originally posted by: iamwiz82
It sounds bad, but had another person been CEO the company wouldn't have even survived. Wagoner did much to envigorate the company, IMHO.

GM is really churning out fantastic cars now. My realistic dream cars are both GM's - Camaro SS and G8 GT/GXP

I hope they survive in some capacity or another.

Those two, plus the Corvette, are some excellent GM models. However, they are a relatively small portion of GM sales, so they alone can't support the company.

very true

 

[LTC8K6]

President Obama didn?t want any advice from Congress on the decision to ask GM CEO Rick Wagoner to resign, according to Carl Levin (D), Michigan?s senior senator.

?He didn?t ask us about it, he informed us,? Levin told reporters in a conference call Monday afternoon. ?The president said he?d already decided.?