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Gm Ceo Rick Wagoner To Step Down Immediately

fbachman

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fbachman Senior Enthusiast

fbachman

Posted
Posted

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

 

We will now see what results when government tries to run a car company....be scared... be very scared.

 

 

DETROIT — General Motors Corp. Chairman and CEO Rick Wagoner will step down immediately at the request of the White House, administration officials said Sunday.

 

The news comes as President Obama prepares to unveil additional restructuring efforts designed to save the domestic auto industry.

 

The officials asked not to be identified because details of the restructuring plan have not yet been made public. On Monday, Obama is to announce plans to restructure GM and Chrysler LLC in exchange for additional government loans. The companies have been living on $17.4 billion in government aid and have requested $21.6 billion more.

 

Wagoner, 56, joined the company in 1977, serving in several capacities in the U.S., Brazil and Europe. He has been chairman and chief executive since May 1, 2003.

 

Obama said Sunday that GM and Chrysler and all those with a stake in their survival need to take more hard steps to help the struggling automakers restructure for the future.

 

In an interview with CBS' "Face the Nation" broadcast Sunday, Obama said the companies must do more to receive additional financial aid from the government.

 

"They're not there yet," he said.

 

A person familiar with Obama's plans said last week they would go deeper than what the Bush administration demanded when it approved the initial loans last year.

 

Wagoner's departure indicates that more management changes may be part of the deal. Wagoner has repeatedly said he felt it was better for the company if he led it through the crisis.

 

Wagoner, in an interview with The Associated Press in December, declined to speculate on suggestions from some members of Congress that GM's leadership team should step down as part of any rescue package.

 

"I'm doing what I do because it adds a lot of value to the company," Wagoner said in a Dec. 4 interview as GM sought federal aid from the Bush administration. "It's not clear to me that experience in this industry should be viewed as a negative but I'm going to do what's right for the company and I'll do it in consultation with the (GM) board (of directors)."

Sierra in the Sand Enthusiast

Sierra in the Sand

Posted
Posted

I hope the next leadership is as capable and moves more quickly. Let's face it, the government cant even run the government. It won't be pretty to taxpayers when they try to run car businesses.

dogzapper Enthusiast

dogzapper

Posted
Posted

Well now we have a KING.

 

The ACORN folks must be proud.

 

As far as most of the folks in "flyover America" are concerned, they can keep the change.

 

Steve

ffmedic74 Enthusiast

ffmedic74

Posted
Posted

I agree that wagner should step down, but not because the white house is forcing the issue. It seems that everyone on wall street and the banking industry is only allowed to make $500k or so per year if they have received federal bailout money. So how come this isnt the case for everyone else that receives federal money. A great example is NCAA basketball coaches making $5million per year in which the schools are receiving both state and federal money???? Just seems perplexing to me!

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