Wagoner resigns

[miketheidiot]

Originally posted by: Craig234
For years, some in the public have said, 'who are these terrible auto execs who are continuing to focus on SUV's while Japan gets the edge on hybrids?'

Here's what one news report had to say about why the GM CEO was pushed to resign by the government:

the GM chief was tied more directly to the ill-fated decisions that that brought much of the American auto industry to the brink of collapse. Wagoner joined GM in 1977, has had a senior role in GM management since 1992, and became CEO of the company in 2000. He is considered responsible for increasing GM's focus on trucks and SUVs?at the expenses of the hybrids and fuel efficient cars that have become more popular in the last couple of years.

I can't say much about the overall situation, but it does seem to address SUV's.

god forbid that gm work on profitable parts of its business rather than dumping money in losing areas like hybrids.

 

[frostedflakes]

Exactly. And let's face it, trucks and SUVs are what a lot of Americans wanted, at least until gas prices started getting nuts last summer.

 

[StageLeft]

Well that won't be good for its stock.

Really, though, nobody on anandtech was able to explain, last year when the companies got their bailout cash, how anything but this kind of development was going to happen. The problem was predictably pushed off a few months.

Now GM is going to miss its deadline coming up on Tuesday and not surprisingly Wagoner doesn't want to be the one to break the news on Capitol Hill. Who can blame him? GM remains a lumpy turd and even the best artist can't do much with that.

 

[Corn]

Originally posted by: miketheidiot

Originally posted by: Craig234
For years, some in the public have said, 'who are these terrible auto execs who are continuing to focus on SUV's while Japan gets the edge on hybrids?'

Here's what one news report had to say about why the GM CEO was pushed to resign by the government:

the GM chief was tied more directly to the ill-fated decisions that that brought much of the American auto industry to the brink of collapse. Wagoner joined GM in 1977, has had a senior role in GM management since 1992, and became CEO of the company in 2000. He is considered responsible for increasing GM's focus on trucks and SUVs?at the expenses of the hybrids and fuel efficient cars that have become more popular in the last couple of years.

I can't say much about the overall situation, but it does seem to address SUV's.

god forbid that gm work on profitable parts of its business rather than dumping money in losing areas like hybrids.

Craig should take a little initiative and investigate which vehicles are actually selling in America (read that as which vehicles Americans want to buy). People aren't buying hybrids (enough so that Honda even quit making their version of the Accord hybrid). Craig, like Obama, has no clue what kinds of vehicles American's want to buy. American's don't want hybrid vehicles, otherwise they'd comprise more than 2.4% of vehicles sold.

 

[ProfJohn]

Originally posted by: Fear No Evil
Seems to me the Federal Government is losing a lot more money than GM.. maybe we need to demand Obama step down?

Glad someone said it. :thumbsup:

 

[Craig234]

Originally posted by: miketheidiot

Originally posted by: Craig234
For years, some in the public have said, 'who are these terrible auto execs who are continuing to focus on SUV's while Japan gets the edge on hybrids?'

Here's what one news report had to say about why the GM CEO was pushed to resign by the government:

the GM chief was tied more directly to the ill-fated decisions that that brought much of the American auto industry to the brink of collapse. Wagoner joined GM in 1977, has had a senior role in GM management since 1992, and became CEO of the company in 2000. He is considered responsible for increasing GM's focus on trucks and SUVs?at the expenses of the hybrids and fuel efficient cars that have become more popular in the last couple of years.

I can't say much about the overall situation, but it does seem to address SUV's.

god forbid that gm work on profitable parts of its business rather than dumping money in losing areas like hybrids.

To rebut your defense of Wagoner's abandonment of hybrids, I call as my first witness... Wagoner.

According to GM Chairman and CEO Rick Wagoner, his worst decision of his tenure at GM was "axing the EV1 electric-car program and not putting the right resources into hybrids....

But since I've somewhat discredited my own witness, I'll call another:

According to the March 13, 2007, issue of Newsweek, "GM R&D chief Larry Burns . . . now wishes GM hadn't killed the plug-in hybrid EV1 prototype his engineers had on the road a decade ago: 'If we could turn back the hands of time,' says Burns, 'we could have had the Chevy Volt 10 years earlier.'"

As for what a great idea it was to prioritize trucks and SUV's, my next witnesses:

it's obvious the shift in mix from full-size SUVs and pickup trucks is permanent," he said. "We can't wait for conditions to improve to ensure survival and success. It's time to react by going to where the customer is going and not where he just left."

With that, GM detailed plans Tuesday to cut costs in order to generate about $15 billion in cash through the end of 2009 to ensure ample liquidity to survive even if industry sales continue to slide and gas prices continue to rise.

GM said it has doubled the number of trucks and SUVs it will remove from production plans by the end of 2009, taking that number up to 300,000 units. GM wouldn't specify which plants will be affected until after it meets with the UAW.

"We're retreating from trucks but protecting cars and crossovers," GM vice chairman Bob Lutz said. "Our goal is to adopt technology to become the fuel-economy leader in every segment we participate in in the future."

So don't look for trucks or truck-based derivatives, but rather for high-mileage cars and car-based crossovers to fill showrooms.

How will GM make a profit selling low-priced economy cars rather than big SUVs and trucks?

"Why haven't we made money on small cars?" Lutz said. "Because with gas at $1.25 a gallon no one wants small, they want big cars with V-8s. But you'll see profits on small cars go up as volume goes up."

 

[Craig234]

Originally posted by: Corn

Craig should take a little initiative and investigate which vehicles are actually selling in America (read that as which vehicles Americans want to buy). People aren't buying hybrids (enough so that Honda even quit making their version of the Accord hybrid). Craig, like Obama, has no clue what kinds of vehicles American's want to buy. American's don't want hybrid vehicles, otherwise they'd comprise more than 2.4% of vehicles sold.

Corn should take a little initiative and investigate what even GM's are now saying si the right direction and what Wagoner calls his biggest mistake in my post above.

I didn't say they were completely wrong in where the market was, I said many question their preparing for the market shift that they themselves now acknowledge.

Note how the article refers to the overfocus on trucks and SUV's as 'a source of GM's problems', not as 'a great policy for profitability'.

 

[StageLeft]

Well that won't be good for its stock.

Really, though, nobody on anandtech was able to explain, last year when the companies got their bailout cash, how anything but this kind of development was going to happen. The problem was predictably pushed off a few months.

Now GM is going to miss its deadline coming up on Tuesday and not surprisingly Wagoner doesn't want to be the one to break the news on Capitol Hill. Who can blame him? GM remains a lumpy turd and even the best artist can't do much with that.

 

[Zedtom]

The Treasury secretary this morning was trying to express frustration with AIG executives chafing under the feds pressure. They want the money but don't want government overseer's micromanaging their decisions. So now we have GM's chief honcho basically telling the Obama team that if you think you can do better job, than you guys show us what to do.

 

[Fern]

Bailouts are getting harder to sell to the American people.

Obama's drive to demonize the AIG bonuses of $165 Mil brought us here.

I believe Obama asked him to step down in hopes that would help sell this bailout package.

I don't know if Wagoner deserves to be fired, but that's besides the point because this is 'politics'.

Fern

 

[MovingTarget]

I don't think it is that people don't want hybrids, but that they can't afford them. Hybrid tech has come a long way, and pure electric (or range extended EV) tech will one day be more cost-effective than current ICE powerplants. However, I think that may be a subject for The Garage.

 

[boomerang]

This is nothing but political posturing. Obama will announce more billions will be pumped into the domestic auto industry on Monday. It's an extremely unpopular choice with the majority of Americans. This is a transparent attempt to make it look like the administration is doing their due diligence. The spin will be put on the announcement of Wagoner stepping down at the urging of the administration to soften the blow.

Now having said that, GM will be no worse off with Wagoner gone. The only downside to this is that he will be drawing a pension from the corporation which means he will be nothing but a pure liability. He's an accountant. He worked his way up through the ranks to a position he was not suited for. He had no monopoly on that, as the company has not been run by anyone with business sense for three decades.

Car companies need to be run by "car guys". Wagoner is not a car guy. The car guy at the company right now is Lutz. The only man with enough savvy, smarts and horse sense to know that styling sells cars. People want cars that 'wow' them. He gets that and he's retiring.

Wagoner, with a background in accounting ran the company into the ground in recent history. Don't for a second think he's not to blame for the downfall of the company. If it weren't for people like Bob Lutz, the company would have gone under long before this. Wagoner will not be missed in the slightest.

Once again, having said that, we're sliding farther down into a form of government that is scary at it's best. As was said earlier in this thread, Government can't run itself efficiently and they are taking over more and more of the private sector. This is truly some scary shit.

A little tidbit to chew on. This comes from a long time good friend in relatively high place within GM. They're on the brink of not being able to pull out of this regardless of what happens. So many suppliers have shut down, closed down and filed for bankruptcy that there are car lines that cannot be built any longer. They're desperately trying to re-source components but the suppliers that could take on the work are reluctant to make the capital expenditures to take on work for what they feel is a company that cannot survive.

The suppliers that do want to take on the work cannot get the financing to do so. Many inside feel it is too late to turn things around.

Wagoner is getting out. The world may try to place the blame on him (IMO, rightfully so) but he's going to be able to tell them it didn't happen on his watch.

 

[Corn]

Originally posted by: Craig234

Originally posted by: Corn

Craig should take a little initiative and investigate which vehicles are actually selling in America (read that as which vehicles Americans want to buy). People aren't buying hybrids (enough so that Honda even quit making their version of the Accord hybrid). Craig, like Obama, has no clue what kinds of vehicles American's want to buy. American's don't want hybrid vehicles, otherwise they'd comprise more than 2.4% of vehicles sold.

Corn should take a little initiative and investigate what even GM's are now saying si the right direction and what Wagoner calls his biggest mistake in my post above.

I didn't say they were completely wrong in where the market was, I said many question their preparing for the market shift that they themselves now acknowledge.

Note how the article refers to the overfocus on trucks and SUV's as 'a source of GM's problems', not as 'a great policy for profitability'.

When you've got a gun to your head and the person with the finger on the trigger says you should build hybrids, what the hell do you think you would say in response? GM has spent considerable resources outside of the SUV/Light truck areas, even though light trucks significantly outsell smaller vehicles by orders of magnitude. GM has a full lineup of vehicles last time I checked. So they don't make the EV-1, big deal that vehicle didn't sell, just like the Accord hybrid.

 

[GuitarDaddy]

Originally posted by: Fern
I believe Obama asked him to step down in hopes that would help sell this bailout package.

I don't know if Wagoner deserves to be fired, but that's besides the point because this is 'politics'.

Fern

:thumbsup:

we have a weiner

 

[Fern]

GM CEO Rick Wagoner to resign

As troubled automaker appeals for federal help, Rick Wagoner gives up top spot following years of losses and declining U.S. market share.
By CNNMoney.com staff
Last Updated: March 29, 2009: 6:03 PM ET
NEW YORK (CNNMoney.com) -- General Motors Chief Executive Rick Wagoner will resign as part of the federal government's plan to bail out the struggling automaker, White House and GM officials told CNN Sunday.

Wagoner's departure comes the day before President Obama is expected to announce the latest details of the government's assistance plan for GM and Chrysler LLC.

A GM spokesman declined to comment, but a statement from the company said, "We are anticipating an announcement soon from the administration regarding the restructuring of the U.S. auto industry."

The two automakers face a Tuesday deadline to prove to the Treasury Department that they can be viable in the long term. Without such a finding, the government can recall the $13.4 billion it has already lent to GM (GM, Fortune 500) and the $4 billion it loaned to Chrysler.
A 32-year company veteran, Wagoner has been CEO of GM since 2000.

Does the above strike anybody else as odd?

So they've gotta prove Tuesdsay that they are viable or have their loans recalled (bankruptcy).

Yet today, as part of the plan he gets fired. What plan? The one they've gotta get pass on Tuesday?

Shouldn't they get past Tuesday, then when a new plan is approved they fire him under it?

Is Tuesday just a show, with the conclusion already reached?

Haha, I kinda laugh how they may pull funding from GM if they can't viability. How much money we gonna back after putting them in bankruptcy?

Fern

 

[JS80]

Originally posted by: Fern

GM CEO Rick Wagoner to resign

As troubled automaker appeals for federal help, Rick Wagoner gives up top spot following years of losses and declining U.S. market share.
By CNNMoney.com staff
Last Updated: March 29, 2009: 6:03 PM ET
NEW YORK (CNNMoney.com) -- General Motors Chief Executive Rick Wagoner will resign as part of the federal government's plan to bail out the struggling automaker, White House and GM officials told CNN Sunday.

Wagoner's departure comes the day before President Obama is expected to announce the latest details of the government's assistance plan for GM and Chrysler LLC.

A GM spokesman declined to comment, but a statement from the company said, "We are anticipating an announcement soon from the administration regarding the restructuring of the U.S. auto industry."

The two automakers face a Tuesday deadline to prove to the Treasury Department that they can be viable in the long term. Without such a finding, the government can recall the $13.4 billion it has already lent to GM (GM, Fortune 500) and the $4 billion it loaned to Chrysler.
A 32-year company veteran, Wagoner has been CEO of GM since 2000.

Does the above strike anybody else as odd?

So they've gotta prove Tuesdsay that they are viable or have their loans recalled (bankruptcy).

Yet today, as part of the plan he gets fired. What plan? The one they've gotta get pass on Tuesday?

Shouldn't they get past Tuesday, then when a new plan is approved they fire him under it?

Is Tuesday just a show, with the conclusion already reached?

Haha, I kinda laugh how they may pull funding from GM if they can't viability. How much money we gonna back after putting them in bankruptcy?

Fern

Sell off the pieces, take the cash, fuck the bondholders.

 

[MovingTarget]

Originally posted by: Corn

Originally posted by: Craig234

Originally posted by: Corn

Craig should take a little initiative and investigate which vehicles are actually selling in America (read that as which vehicles Americans want to buy). People aren't buying hybrids (enough so that Honda even quit making their version of the Accord hybrid). Craig, like Obama, has no clue what kinds of vehicles American's want to buy. American's don't want hybrid vehicles, otherwise they'd comprise more than 2.4% of vehicles sold.

Corn should take a little initiative and investigate what even GM's are now saying si the right direction and what Wagoner calls his biggest mistake in my post above.

I didn't say they were completely wrong in where the market was, I said many question their preparing for the market shift that they themselves now acknowledge.

Note how the article refers to the overfocus on trucks and SUV's as 'a source of GM's problems', not as 'a great policy for profitability'.

When you've got a gun to your head and the person with the finger on the trigger says you should build hybrids, what the hell do you think you would say in response? GM has spent considerable resources outside of the SUV/Light truck areas, even though light trucks significantly outsell smaller vehicles by orders of magnitude. GM has a full lineup of vehicles last time I checked. So they don't make the EV-1, big deal that vehicle didn't sell, just like the Accord hybrid.

Ummm...wasn't the EV-1 available via lease-only? Saying that it didn't sell doesn't quite add up.

 

[Craig234]

Originally posted by: Corn
When you've got a gun to your head and the person with the finger on the trigger says you should build hybrids, what the hell do you think you would say in response?

The comments go back long before the current crisis and 'gun to the head'.

 

[Corn]

Originally posted by: JS80

Originally posted by: Fern

GM CEO Rick Wagoner to resign

As troubled automaker appeals for federal help, Rick Wagoner gives up top spot following years of losses and declining U.S. market share.
By CNNMoney.com staff
Last Updated: March 29, 2009: 6:03 PM ET
NEW YORK (CNNMoney.com) -- General Motors Chief Executive Rick Wagoner will resign as part of the federal government's plan to bail out the struggling automaker, White House and GM officials told CNN Sunday.

Wagoner's departure comes the day before President Obama is expected to announce the latest details of the government's assistance plan for GM and Chrysler LLC.

A GM spokesman declined to comment, but a statement from the company said, "We are anticipating an announcement soon from the administration regarding the restructuring of the U.S. auto industry."

The two automakers face a Tuesday deadline to prove to the Treasury Department that they can be viable in the long term. Without such a finding, the government can recall the $13.4 billion it has already lent to GM (GM, Fortune 500) and the $4 billion it loaned to Chrysler.
A 32-year company veteran, Wagoner has been CEO of GM since 2000.

Does the above strike anybody else as odd?

So they've gotta prove Tuesdsay that they are viable or have their loans recalled (bankruptcy).

Yet today, as part of the plan he gets fired. What plan? The one they've gotta get pass on Tuesday?

Shouldn't they get past Tuesday, then when a new plan is approved they fire him under it?

Is Tuesday just a show, with the conclusion already reached?

Haha, I kinda laugh how they may pull funding from GM if they can't viability. How much money we gonna back after putting them in bankruptcy?

Fern

Sell off the pieces, take the cash, fuck the bondholders.

Sell the pieces to who exactly? Ford's been trying to sell an assembly and paint plant located 6 miles from my home for nearly 3 years. No takers yet. Betcha there will be no takers ever. GM going down will take the others with it and they won't be replaced by an American startup, guaranteed. People who want the Detroit 3 to liquidate are morons.

 

[JS80]

Originally posted by: Corn

Originally posted by: JS80

Originally posted by: Fern

GM CEO Rick Wagoner to resign

As troubled automaker appeals for federal help, Rick Wagoner gives up top spot following years of losses and declining U.S. market share.
By CNNMoney.com staff
Last Updated: March 29, 2009: 6:03 PM ET
NEW YORK (CNNMoney.com) -- General Motors Chief Executive Rick Wagoner will resign as part of the federal government's plan to bail out the struggling automaker, White House and GM officials told CNN Sunday.

Wagoner's departure comes the day before President Obama is expected to announce the latest details of the government's assistance plan for GM and Chrysler LLC.

A GM spokesman declined to comment, but a statement from the company said, "We are anticipating an announcement soon from the administration regarding the restructuring of the U.S. auto industry."

The two automakers face a Tuesday deadline to prove to the Treasury Department that they can be viable in the long term. Without such a finding, the government can recall the $13.4 billion it has already lent to GM (GM, Fortune 500) and the $4 billion it loaned to Chrysler.
A 32-year company veteran, Wagoner has been CEO of GM since 2000.

Does the above strike anybody else as odd?

So they've gotta prove Tuesdsay that they are viable or have their loans recalled (bankruptcy).

Yet today, as part of the plan he gets fired. What plan? The one they've gotta get pass on Tuesday?

Shouldn't they get past Tuesday, then when a new plan is approved they fire him under it?

Is Tuesday just a show, with the conclusion already reached?

Haha, I kinda laugh how they may pull funding from GM if they can't viability. How much money we gonna back after putting them in bankruptcy?

Fern

Sell off the pieces, take the cash, fuck the bondholders.

Sell the pieces to who exactly? Ford's been trying to sell an assembly and paint plant located 6 miles from my home for nearly 3 years. No takers yet. Betcha there will be no takers ever. GM going down will take the others with it and they won't be replaced by an American startup, guaranteed. People who want the Detroit 3 to liquidate are morons.

What do you do for a living? I need to know so I can know in which way to make fun of you.

 

[Corn]

Originally posted by: JS80

Originally posted by: Corn

Originally posted by: JS80

Originally posted by: Fern

GM CEO Rick Wagoner to resign

As troubled automaker appeals for federal help, Rick Wagoner gives up top spot following years of losses and declining U.S. market share.
By CNNMoney.com staff
Last Updated: March 29, 2009: 6:03 PM ET
NEW YORK (CNNMoney.com) -- General Motors Chief Executive Rick Wagoner will resign as part of the federal government's plan to bail out the struggling automaker, White House and GM officials told CNN Sunday.

Wagoner's departure comes the day before President Obama is expected to announce the latest details of the government's assistance plan for GM and Chrysler LLC.

A GM spokesman declined to comment, but a statement from the company said, "We are anticipating an announcement soon from the administration regarding the restructuring of the U.S. auto industry."

The two automakers face a Tuesday deadline to prove to the Treasury Department that they can be viable in the long term. Without such a finding, the government can recall the $13.4 billion it has already lent to GM (GM, Fortune 500) and the $4 billion it loaned to Chrysler.
A 32-year company veteran, Wagoner has been CEO of GM since 2000.

Does the above strike anybody else as odd?

So they've gotta prove Tuesdsay that they are viable or have their loans recalled (bankruptcy).

Yet today, as part of the plan he gets fired. What plan? The one they've gotta get pass on Tuesday?

Shouldn't they get past Tuesday, then when a new plan is approved they fire him under it?

Is Tuesday just a show, with the conclusion already reached?

Haha, I kinda laugh how they may pull funding from GM if they can't viability. How much money we gonna back after putting them in bankruptcy?

Fern

Sell off the pieces, take the cash, fuck the bondholders.

Sell the pieces to who exactly? Ford's been trying to sell an assembly and paint plant located 6 miles from my home for nearly 3 years. No takers yet. Betcha there will be no takers ever. GM going down will take the others with it and they won't be replaced by an American startup, guaranteed. People who want the Detroit 3 to liquidate are morons.

What do you do for a living? I need to know so I can know in which way to make fun of you.

Feel free to guess.

 

[ProfJohn]

Any idea on who is taking over???

After what happened to the AIG CEO who would want this crummy job?

 

[WaTaGuMp]

Originally posted by: ProfJohn
Any idea on who is taking over???

After what happened to the AIG CEO who would want this crummy job?

Same thing I was wondering.

 

[WaTaGuMp]

Here is a CEO who needs a job and has experience.

Text

 

[boomerang]

Originally posted by: ProfJohn
Any idea on who is taking over???

After what happened to the AIG CEO who would want this crummy job?

Fritz Henderson is next in line for the job internally.

It would not surprise me to see the administration appoint their "own" man. They would like to have the company under their complete control I'm certain. Dictate to them what they build, when they build it and who they sell it to.

It's of little consequence. Dead Corporation walking.