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View Full Version : Rick Wagoner to Step down


okcarl
03-29-2009, 06:36 PM
It's all over the web that it looks like Wagoner is going to be forced to step down as a requirement for GM to get funds from the government. I wonder if this will also trickle down with the rest of the management team at GM as well as the board.

http://www.msnbc.msn.com/id/29946290/?gt1=43001

SHACOS
03-30-2009, 06:02 AM
Seems like a reasonable move to me, given his lack of success.

possum
03-30-2009, 06:38 AM
Was any CEO on Wall Street, CitiBank, Bank of America, etc, made to quit?

XDCX
03-30-2009, 11:45 AM
Was any CEO on Wall Street, CitiBank, Bank of America, etc, made to quit?

While there have been numerous Wall Street CEOs forced out of their jobs in the past year, it was done by their Board of Directors, not the government.

Although I've never been a fan of Rick Wagoner, he was a HUGE improvement over some of GM's recent CEOs, especially Roger Smith. The one area where I have to give Wagoner credit was his decision to hire Bob Lutz. It takes courage to hire a subordinate who's more talented than yourself - courage that Chrysler's Tom LaSorda never had.

To force Wagoner out at this point really doesn't make much sense. It's purely symbolic and illustrates what happens when you allow the political process to influence business decisions.

At this point I'm somewhat disappointed in President Obama's task force. Do they really think the American public is so stupid that they won't see that Wagoner's being used as a scapegoat?

danderson
04-14-2009, 12:13 PM
I know this post is a little old but haven't had the time to put my thoughts down. In my opinion, the government forcing Mr. Wagoner to step down is nothing but high level extorsion! Last time I checked, the only people that can make that happen is the board of directors which answer to the shareholders. Not the govenment. The government didn't ask any other CEO to "step" down (be fired!). I believe that the new CEO Fritz whatever his name is would not resist to a banruptcy so they made Wagoner go away since his stance all along was to avoid bankruptcy at all costs. Now they have "their" guy in position. And today I read something about the government trading debt for a piece of the company.....our fore fathers who wrote the Constitution are probably turning over in their graves right now. Whether or not Mr Wagoner needed to step down is not my issue here right now, it was the matter of how it happened. :confused:

XDCX
04-14-2009, 03:09 PM
.....our fore fathers who wrote the Constitution are probably turning over in their graves right now. Whether or not Mr Wagoner needed to step down is not my issue here right now, it was the matter of how it happened. :confused:

Wow, great post.

You're 100% correct that our Country is walking down a path the forefathers would have never believed possible. Essentially, President Obama and his Task Force are controlling GM and Chrysler. :(

I agree the issue isn't whether Wagoner should have been fired, the issue is who demanded he be fired and why they demanded it. We have a very clear answer to the first question, and I'm inclined to agree with your theory regarding the second question.

I'm also inclined to agree with another post on this forum that suggested Wagoner was fired to appease the UAW. The President's Task Force didn't just fire Wagoner, they humiliated him. To me it appeared to be part of a larger agenda and it's a sad comment on our times......

Thanks again for a great post.