Wagoner resigns

[Dari]

This is a good start. I'm not sure where this will lead but a smaller, more efficient GM would be good.

link

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.

 

[CADsortaGUY]

Originally posted by: Dari
This is a good start. I'm not sure where this will lead but a smaller, more efficient GM would be good.

link

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.

:thumbsdown: Seems BHO "demanded" he step down. THAT IMO is not his job to demand. As much as the management has sucked at GM and some other companies - it is no worse than the gov't.

 

[Dari]

Originally posted by: CADsortaGUY

Originally posted by: Dari
This is a good start. I'm not sure where this will lead but a smaller, more efficient GM would be good.

link

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.

:thumbsdown: Seems BHO "demanded" he step down. THAT IMO is not his job to demand. As much as the management has sucked at GM and some other companies - it is no worse than the gov't.

Yeah but it's the government that has the money and beggers can't be choosers. If he wanted to, he could've taken his broke company to the capital market and asked for some change.

 

[Cattlegod]

wow

 

[IamDavid]

Doesn't matter who's in charge. they should fail. And they would if Obama had any brains.. Or maybe he does, can you imagine what the unions would say and do if he allowed them to fail.

Rick Wagoner was a pampas ass. Hope everyone learned from GM's mistakes.

 

[her209]

Originally posted by: Dari

Originally posted by: CADsortaGUY
:thumbsdown: Seems BHO "demanded" he step down. THAT IMO is not his job to demand. As much as the management has sucked at GM and some other companies - it is no worse than the gov't.

Yeah but it's the government that has the money and beggers can't be choosers. If he wanted to, he could've taken his broke company to the capital market and asked for some change.

Exactly.

 

[BrownTown]

I don't see how this could be interpreted any way but negatively...

 

[Craig234]

Originally posted by: CADsortaGUY
:thumbsdown: Seems BHO "demanded" he step down. THAT IMO is not his job to demand. As much as the management has sucked at GM and some other companies - it is no worse than the gov't.

It's worse than Obama's government and the Democratic Congress.

I don't want the government getting involved much in demanding CEO's step down, but this is a pretty unique situation, given the companies needing the government to save them. In this exception, I'd prefer the president do more than less to fix the situation - and to try to put in place changes so that the government can stay out of it in the future.

If bad management is blocking the recovery of firms the US is saving, fix it.

A little accountability following a culture of a lack of it and people running things into the ground while profiting well is a nice breath of fresh air. And it is 'a little'.

If it helps your ideology, don't think of it as Obama demanding he step down, think of it as Obama deciding not to spend tax dollars because it didn't make sense with that CEO.

And then they chose to replace the CEO so it would be a better investment for the government to make.

 

[Dari]

Dirigiste FTW

 

[CADsortaGUY]

Originally posted by: Dari

Originally posted by: CADsortaGUY

Originally posted by: Dari
This is a good start. I'm not sure where this will lead but a smaller, more efficient GM would be good.

link

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.

:thumbsdown: Seems BHO "demanded" he step down. THAT IMO is not his job to demand. As much as the management has sucked at GM and some other companies - it is no worse than the gov't.

Yeah but it's the government that has the money and beggers can't be choosers. If he wanted to, he could've taken his broke company to the capital market and asked for some change.

Yes, it's the tax payers money (despite your suggestion it was the gov't's money) but that doesn't give BHO the right to force the guy to quit. It's not his place to do that.


I wouldn't be surprised that he quit due to the gov't trying to force too many things on the company regardless of BHO's "demand" he quit. The gov't has ZERO business telling the car industry how to run itself - hell, the gov't can't even run itself well, what makes them think they can "fix" the car industry?

 

[Dari]

Originally posted by: CADsortaGUY

Originally posted by: Dari

Originally posted by: CADsortaGUY

Originally posted by: Dari
This is a good start. I'm not sure where this will lead but a smaller, more efficient GM would be good.

link

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.

:thumbsdown: Seems BHO "demanded" he step down. THAT IMO is not his job to demand. As much as the management has sucked at GM and some other companies - it is no worse than the gov't.

Yeah but it's the government that has the money and beggers can't be choosers. If he wanted to, he could've taken his broke company to the capital market and asked for some change.

Yes, it's the tax payers money (despite your suggestion it was the gov't's money) but that doesn't give BHO the right to force the guy to quit. It's not his place to do that.


I wouldn't be surprised that he quit due to the gov't trying to force too many things on the company regardless of BHO's "demand" he quit. The gov't has ZERO business telling the car industry how to run itself - hell, the gov't can't even run itself well, what makes them think they can "fix" the car industry?

Your opinions are cute but inpertinent at the moment. Me thinks GM, its shareholders, and Obama disagree with you.

 

[charrison]

Originally posted by: Dari
This is a good start. I'm not sure where this will lead but a smaller, more efficient GM would be good.

[/quote]

I am not so sure this a good start. Wagoner started with a big mess when he became CEO of GM. He did manage to implement a significant amount of change at GM, but unfortunately the money ran out before all the needed changes were made. A new ceo at this point could very well could end in liquidation(new CEO new priorities, right or wrong)

 

[alphatarget1]

This guy should've resigned a long time ago. Why is it that the Ford CEO can run the company so that they don't require bailouts whereas Wagoner who has been in the industry so long can run GM into the ground and not have consequences?

 

[charrison]

Originally posted by: alphatarget1
This guy should've resigned a long time ago. Why is it that the Ford CEO can run the company so that they don't require bailouts whereas Wagoner who has been in the industry so long can run GM into the ground and not have consequences?

Ford leveraged itself to the hilt before credit became an issue. If car sales dont pick up in the next year, ford will be in the same place. FOrd is well positioned once the car market picks back up.

 

[XZeroII]

Originally posted by: alphatarget1
This guy should've resigned a long time ago. Why is it that the Ford CEO can run the company so that they don't require bailouts whereas Wagoner who has been in the industry so long can run GM into the ground and not have consequences?

Because Ford aquired a line of credit by mortaging their company to the hill before the credit freeze. It has nothing at all to do with how the companies were run.

 

[Corn]

First Lutz leaves, now Wagoner is gone. Under the watch of these 2 "car guys", GM has produced the best product in over 30 years. If Obama demanded that Wagoner quit then his well deserved legacy will be of bumbling incompetence that put the final nail in the coffin of the American automobile industry. How can a team who lacks any experience in the automotive manufacturing business will be able "fix" our automotive industry? Hell, 20% of his "automotive task force" is staffed by people who don't even own an automobile (Text).

Only 3 months into the Obama presidency and already its a disaster of epic proportions. Good job Obamie!

 

[frostedflakes]

Originally posted by: charrison

Originally posted by: alphatarget1
This guy should've resigned a long time ago. Why is it that the Ford CEO can run the company so that they don't require bailouts whereas Wagoner who has been in the industry so long can run GM into the ground and not have consequences?

Ford leveraged itself to the hilt before credit became an issue. If car sales dont pick up in the next year, ford will be in the same place. FOrd is well positioned once the car market picks back up.

Yup. Ford took a big risk that may or may not work out for them. Really depends on how long the slump in sales lasts, if things pick up pretty quickly they'll be alright.

Wagoner's resignation really comes as a surprise to me. I don't think he's a bad guy, IIRC GM was on the path to becoming profitable again before $4/gal gas and then the credit crisis. These two things really hammered the domestic auto industry, though.

 

[WaTaGuMp]

One idiot CEO down, how many to go?

 

[miketheidiot]

dumb idea, wagoner had made alot of progress toward fixing gm :thumbsdown:

 

[smack Down]

So instead of any real reform we get a token jester way to go Obama.

What next make the new CEO ride his bike to work?

 

[MaxisOne]

Originally posted by: Dari

Originally posted by: CADsortaGUY

Originally posted by: Dari
This is a good start. I'm not sure where this will lead but a smaller, more efficient GM would be good.

link

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.

:thumbsdown: Seems BHO "demanded" he step down. THAT IMO is not his job to demand. As much as the management has sucked at GM and some other companies - it is no worse than the gov't.

Yeah but it's the government that has the money and beggers can't be choosers. If he wanted to, he could've taken his broke company to the capital market and asked for some change.

Well said..

You come begging for public funds twice and expect the people saving your company to not make some demands ?:disgust:

 

[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?

 

[misle]

Originally posted by: Dari

Your opinions are cute but inpertinent at the moment. Me thinks GM, its shareholders, and Obama disagree with you.

We'll find out tomorrow when the market opens....

 

[MovingTarget]

Originally posted by: IamDavid
Doesn't matter who's in charge. they should fail. And they would if Obama had any brains.. Or maybe he does, can you imagine what the unions would say and do if he allowed them to fail.

Rick Wagoner was a pampas ass. Hope everyone learned from GM's mistakes.

Wow, way to incite the union boogeyman. Perhaps Obama doesn't want a huge section of our industrial workforce to suddenly find itself unemployed during the middle of a recession just to suit the blind free-market idealogy of those that have been proven wrong time and time again.

I don't know the specifics of why he was asked to step down, but I have a feeling that it was more about preception than it was his management. Wagoner may be an ass at times, but GM has really started cranking out quality product on his watch. Hopefully his replacement will do a better job.

 

[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.