Posted on 03/29/2009 6:05:01 PM PDT by 2ndDivisionVet
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 measures 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's departure indicates that more management changes may be part of the deal, but it is still unclear who will be put in charge of GM.
(Excerpt) Read more at news.yahoo.com ...
Now if he would make Charlie Rangel step down as Chairman of Ways and Means...
the royal douche GM CEO should have stepped down LONG ago. He’s a major reason why GM sucks worse than Obama trying to give an off the cuff speech. If Wagoner had any shame, he’d commit seppuku like any honorable Japanese exec would had he run his car company into the ground.
And I have to agree with the WH in asking for this. It’s the best decision the WH has made so far in this young administration.
We need more “Wagoner Leaving GM” threads.
yikes, many of you are having a knee jerk reaction to this move. Obama isn’t going to run this company. This admin obviously has seen how INEPT GM management is. This is a actually a good move.
Now we hired Obama November 4, 2008. Within 60 days o his "historical inauguration" he bankrupted this country. Now when can we FIRE OBAMA?
“As GM goes, so goes the nation”
This is particularly disturbing to me, as I’ve always driven GM cars and my 95 Buick Roadmaster has treated me o.k.
I guess my next car will be a Hyundai, I can’t imagine that a government run GM will produce anything I’d want to buy.
GM is now totally Government owned.
WE ARE NOW A SOCIALIST COUNTRY
We’re headed for a “dictatorship” Newt predicted this and it is coming to pass..
in this country, Comrade, that's been the prerogative of shareholders and boards. Or do you have precedents you can cite?
“But He came from tobacco, which is also an emotional, not rational purchase.”
He did a 2nd rate job; emotional, rational or otherwise.
Autos too risk averse. Lacking creatiity.
American business management has slipped, autos among the more obvious. Other obviously would be everything banks, financial, brokerage, insurance.
Too risky. Excessive creativity.
CPAs, lawyers, congress, rating agencies. Lacking basic morality—wrong s. right.
The government did so well with the banks, I cant wait to see the car Obama designs.
Now’s a great time to buy a Ford...
Compared to what?
Roger Smith, the previous CEO took GM from a 52% share to a 28% share and was given 100 Million Dollars, and a seat on the board, just to leave.
Considering the two Waggoner looks good!
article says he is 56 yo, started at GM in 1977. So, he was 24-25? How much tobacco corporate culture would be reflected in his management style 30 + years later?
LOL. Do you really think the shareholders are going to be upset over having Ricky step down? Can you tell me who is suppose to be the new CEO? Is it someone that Obama has hand picked or is it someone already part of the company? While I believe Obama is way over his head, some of you right leaning conspiracy believers are reading way too much into this. Besides, the gov has been dictating to Detroit for decades on how they should operate. I am sure you have heard about CAFE standards, no? Wagoner was inept but it seems you think he was doing an alright job.
Unfortunately, I don't like the idea of us taxpayers owning GM stock.
wait til you see the health care version of Trabant.
Lets see how long it takes before Sean Hannity is fired advertising General Motors on his show... I bet it stops tomorrow!!!!
AIG owns the moron.
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