GM CEO Rick Wagoner to Step Down Immediately

[DynoTom]

He is "outta there" !!!:goof




http://www.foxnews.com/story/0,2933,511338,00.html

[udlose98]

beat me to it.

[Prince Valiant]

pfft...I've known this for at least an hour.

[That_Guy]

ie obama wants gm to make hover crafts that run off of sunshine and rainbows..

[Reverend Cooper]

Won't make a difference just for show

[Rocket Power]

ie obama wants gm to make hover crafts that run off of sunshine and rainbows..
:rolf:rolf:rolf:rolf

[Karps TA]

Well hopefully Mr. Wagoner will be able to live off whatever golden parachute buyout they give him. It's really difficult for me to see guys like him, probably just barely making it by, lose their jobs. Especially when he's done such an amazing job with the company over the last 8 years. I'm sure historians will look back at the Wagoner years as the true Golden Ages of GM's existence.

[Prince Valiant]

GM's downfall was staged long before Wagoner assumed the helm.

[Karps TA]

Not saying it's his fault. But I have little to no compassion for CEO's losing their jobs when their companies are doing crappy. They get all the credit when they do good, they should take the blame when they go poorly. Not just shitcan all the lower level employees who are just following their commands.

I'm sure he'll be helming another company in a couple years without ever having to worry about money.

[Exitspeed]

GM's downfall was staged long before Wagoner assumed the helm.

Better him then Lutz though.

[07ROUSHSTG3]

pfft...I've known this for at least an hour.

was on fox 6 news at 10:00 last night :)

[Got Boost]

Well the bad part is Our President wanted him / forced him out .....More Government wonderful:chair:

[DRK]

He gets the boot and the AIG guys get bonuses, makes sense to me.

[Rocket Power]

Well the bad part is Our President wanted him / forced him out .....More Government wonderful:chair:I agree, he should be gone , but I don't like the pres pushing him out, I heard on the radio this morning that Saab won't get any gov't money from sweden. Are we becoming more socialist than them?

[Goat Roper]

I agree, he should be gone , but I don't like the pres pushing him out, I heard on the radio this morning that Saab won't get any gov't money from sweden. Are we becoming more socialist than them?

If we get their restaurant quality blonde babes with the package I think it would be a wash.

[wrath]

If we get their restaurant quality blonde babes with the package I think it would be a wash.

Eh? The restaurant quality blonds I see have crooked teeth, at least one blackened eye, and smell like cigarette smoke. Or do the Swedes breed them better than Wisconsin?

They need to get rid of all the Level 7s and up that don't do the right thing for the company as compared to the right thing for themselves. Wagoner was only as good as the people that worked for him.

[Karps TA]

Sweet he gets a $20 million retirement package. I wish I could run a company into the ground and get rewarded.

Perhaps they need to renegoiate their labor contracts with their upper management at the same time as the union.

[4eyedstang]

GM will now be known as Gubment Motors LLC complete with a federal warranty LOL.

[Nick]

I prefer hungarian women. Beautiful.

[British_Ben]

ie obama wants gm to make hover crafts that run off of sunshine and rainbows..

THAT made me laugh!

:rolf:rolf:rolf:rolf

[fivonut]

Sweet he gets a $20 million retirement package. I wish I could run a company into the ground and get rewarded.

Perhaps they need to renegoiate their labor contracts with their upper management at the same time as the union.

So which company are you CEO of???

[Karps TA]

So I'm assuming by your question you think he did a good job? That he deserves a nice retirement package? That taking a company that was $90 a share and bringing it down to $3 during his time in charge is worthy of a treat?

I'd never want to be a CEO of a company to be honest. I'd never be able to sleep at night knowing I made decisions that cost my employees their jobs, and most likely their lifestyles and homes etc. Not while I'm still collecting a huge salary.

There's good CEO's and bad ones. And Wagoner wasn't very good at his job. Granted it was a damn tough spot. And people want to complain about GM's labor rate in comparison to the asian makers. But you know what else isn't the same as the asian companies? Executive compensation. GM pays their execs way more then Toyota or Honda pay theirs.

[CATNHAT]

Just curious how many banking CEO's have been forced out after creating this mess?

As far as I am concerned, any bank that recieved federal money, should have a requirement to fire all their greedy bastard leaders!

Why is the auto industry taking such a beating and the banks and insurance giants getting away with theft and fraud?

Major disparity if you ask me!

Fuck the banks!

[88Nightmare]

I was just talking about this with some friends.


Granted Wagoner may not have done a good job, why weren't execs at AIG forced to resign after receiving bailout money?

[Prince Valiant]

Sweet he gets a $20 million retirement package. I wish I could run a company into the ground and get rewarded.

Perhaps they need to renegoiate their labor contracts with their upper management at the same time as the union.
per GM:

"He has worked for GM for nearly 32 years, and he would be entitled to certain vested awards, deferred compensation, and pension and other post-retirement benefits"

So again, this is something he earned. This isn't the dreaded "severance package." (though he's being forced out despite the "resignation", I think he's actually entitled to one). I you earn at a high rate, you're retirement account is quite likely to be quite sizable. Hell, my old job doled out 34,000 for me, despite only being there 4 years.

Better him then Lutz though. Lutz is gone by the end of the year. He's a non-starting has-been at this point. Even were he to stay on, and be as energized as ever, Lutz wouldn't....couldn't be the guy to save GM.

"Ah, but Lutz is a car guy!"

True...and in a perfect world, THAT's the kind of guy I'd want to run GM or chrysler, or ford...

BUT, GM is hardly a car company. True, it produces and sells cars...very true; but it does this only to support what it's really become...a healthcare and pension company.

I'm of the opinion that this probably wouldn't have happened were it not for Obama's gross mishandling of the AIG bonuses (instead of actually standing for the rule of law, he got the tar and feathers). This was to show that Obama and Geithner could actually stand up to corporations.

Wagoner didn't make the deals 50, 40, 30, 20, or even 15 years ago. But it's because of these deals they find themselves where they are today. How the hell does a company that does 200+ billion in business in 2005, only profit 3.5 billion?!? The structure of the corporation that allowed for something like this to happen didn't occur only from 2000 on. Whether it's the white collar deals or the blue collar deals, they were all bad.

They didn't leave them with enough money to put toward more effective research and development into new models...sure, the LS engines are great...but how long did they really need to keep around the 2.8/3.1/3.4 based 6's that were in most cars? Does the current monte carlo/impala really need to be riding on a chasis that's over 20 years old? Did they really need to pour BILLIONS into Saturn? A division they've only recently got right, just in time to necessarily kill it?

GM (actually, the big 3 as a whole) should have recognized LONG ago that their corporate structure was unsustainable. It committed too much money toward unproductive ends, and not enough to producing the best product it could.

[Prince Valiant]

So I'm assuming by your question you think he did a good job? That he deserves a nice retirement package? That taking a company that was $90 a share and bringing it down to $3 during his time in charge is worthy of a treat?Even at it's height of some 90/share, gm was only pulling in 5 billion in profits on 190 billion in business...I mean, a 2% profit margin is nothing to brag about.