Posted on 03/30/2009 12:16:18 PM PDT by Lorianne
German work force at Opel applauded the abrupt departure of Rick Wagoner as chief executive, while Berlin signalled it needs more time to work on a plan to save the GM unit.
"The move was overdue," senior Opel labour leader Klaus Franz told Reuters on Monday, welcoming head of operations and former GM Europe president Fritz Henderson as Wagoner's replacement.
Henderson -- who oversaw a sweeping restructuring of Opel years ago that resulted in thousands of job cuts when he was head of GM Europe -- made a clear push for a carve out of GM's German brand, according to the Opel works council boss and member of its supervisory board.
Franz said the new GM CEO supports independence for Opel, which is searching for a new investor that could potentially take a majority stake, while Wagoner "personified the failed policy of a centralised system".
GM Europe has yet to comment on the change in GM's senior management in Detroit.
"This gives the German government another excuse to procrastinate and wait to see what the U.S. plan looks like, but Opel may run out of capital in the meantime," Warburton said.
Berlin's economics minister, Karl-Theodor zu Guttenberg, confirmed as much, saying that the 60-day extension should be used "to optimise and to clarify" whether it fulfils the criteria for state aid.
"The scrapping bonus has created some breathing room for Opel," said Stefan Bratzel, the head of the automotive research center at the Applied University of Bergisch Gladbach.
Guttenberg pointed out this sales boost could help provide Opel with additional liquidity while a solution is being sought. (Reporting by Angelika Gruber and Gernot Heller, additional reporting by Christiaan Hetzner and Patricia Gugau in Frankfurt; editing by Simon Jessop)
(Excerpt) Read more at reuters.com ...
Anyone know how to research Fritz’s political contributions? This smells a bit like he just bought a ‘hit’ on Wagoner.
Are they happy that Obama has decided that bankruptcy is the way to go?
Obama personally decided to axe Wagner on his own...
*****
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.”
Interesting thought. Follow the money
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.