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Canadian Poncho Homepage -> Canadian Poncho -> The Lounge -> GM CEO WAGONER 'STEPS DOWN'
Post Info TOPIC: GM CEO WAGONER 'STEPS DOWN'
2drpost


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GM CEO WAGONER 'STEPS DOWN'
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myself, i think this is good news for gm's possible future.
saw him about 2 weeks ago at a news conference, he spoke for the 10 mins i listened, basically saying nothing. ashamed
can't wait to hear what his severance might be. 

http://www.cnbc.com/id/29946309

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427carl


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Do you think he will be all right?   Will he have to go get welfare?

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CDN2PLS2


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Maybe have to pick up Bottles.

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427carl


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oh darn      maybe we could raise some money for himbiggrin

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73SC


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Barack does have some b@lls after all. thumbsup.gif

-- Edited by 73SC on Sunday 29th of March 2009 06:14:18 PM

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eeluddy


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Trying to find someone qualified to take over is going to be a problem. Emphasis on QUALIFIED.
Wagoner has made a mess of the situation for sure, but he had plenty of help from both the management and the unions. He can probably go to China and get a job!

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Canadian Poncho


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That's good news! Unfortunately I don't think there is anyone who knows the car business to take over..

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Velle Addict


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I guess his "paycut" of 10 Million this year was too much to handle. Can I use one of you guys as a reference if I apply for the job? LOL

Seriously, Who is next in line for the job?

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2drpost


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under arrogant leaders it went from the most powerful company in the world to near bankruptcy, shouldn't be too hard. maybe they can get lee out of retirement, he's worked for a dollar a year before.

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427carl


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I just read about him being forced/asked to step down  Seriously   How much will he take in a settlement????????????

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Astro Jet


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427carl wrote:

I just read about him being forced/asked to step down  Seriously   How much will he take in a settlement????????????


After the AIG bonus fiasco, I'm sure he will get the minimum allowed by law, either that or Obama will pass a new law just to tax it all back!

Seriously though, this move is long overdue.  GM needs a major housecleaning at the top levels and this is just the beginning.  Let's not forget that Wagoner has presided over GM losing over $80 billion over the last 5 years, why does anyone think that he can lead the turnaround?  When he first became President of GM in the mid 90's, they still had a 38% market share, that is now down to 18%.  He should have been gone a long time ago, any other CEO in any other industry that presided over that kind of a downfall would have been guillotined long before now.

 



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427carl


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I follow the hes got to go theme...  just hope he leaves a little something in the til..

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73SC


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There is no public appetite for any more CEO big payouts after AIG. We will never know but qudos to Barack for firing him.

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gparis7


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Buzz Hargrove, former head of the CAW, doesn't think it's a good thing that Wagoner is stepping down. I wonder why?

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Astro Jet


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gparis7 wrote:

Buzz Hargrove, former head of the CAW, doesn't think it's a good thing that Wagoner is stepping down. I wonder why?


Good observation John!  It's because the unions know that Wagoner and current management would be a relatively soft touch, I mean they did allow the wages and benefits to grow to where they are now in the first place didn't they?wink

I think all of GM's suppliers, dealers, unions, bondholders now wish they had managed to cut a deal with the former GM management, the new management that Obama is going to appoint is going to kick their collective teeth in because these guys still just don't get the message.  This is serious sh!t going on here boys!  Lewanza and the CAW think giving up a few days of their overly generous vacation is going to save their jobs?  Chrysler was told tonight to finalize their deal with Fiat by the end of April or else, there would be no more funding for them.  I think Chrysler is absolutely dead serious about pulling out of Canada if the CAW doesn't make the required concessions, they may have no choice.  Buzz said "they are just bluffing".  Wanna bet?  The administration has concluded that Chrysler cannot survive as a stand alone entity.  I wonder what they have planned for GM?  The money they have gotten to date is all gone and I imagine there are going to be some pretty drastic changes announced this week before they get a penny more

 



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