GM Wagoner steps down

Discussion in 'Wall St. News' started by BlueStreek, Mar 29, 2009.

  1. Probably weigh on futures tonight.
  2. Wow, great timing.. :eek:
  3. Just read Peugeot CEO also gone. Europe autos also in disarray.
  4. Illum


    March 29 (Bloomberg) -- General Motors Corp. Chief Executive Officer Rick Wagoner will step down after more than eight years running the largest U.S. automaker, people familiar with the situation said.

    The people, who asked not to be named because the announcement hasn’t been made, didn’t give a reason why Wagoner, 56, is leaving the job. Wagoner said March 19 that he didn’t plan to resign.

    The departure of Wagoner comes as President Barack Obama prepares an address tomorrow morning on his plans for the future of the U.S. auto industry. GM is surviving on $13.4 billion in U.S. loans and is asking for as much as $16.6 billion in additional aid to survive.

    Wagoner, who has been lampooned in Saturday Night Live skits and vilified for his central role in the auto-industry collapse, said March 19 that the hadn’t been asked by the government or his own board to resign and his plan is to finish the restructuring.

    “I do it because it’s important and I feel like I have a responsibility to do it,” Wagoner said. “I plan to stay here until we get things well in shape and on track and beyond that, we’ll see.”
  5. Illum


    Whole thing could be a nasty whipsaw. He is stepping down but Government plan coming out tomorrow.
  6. GM = RMS Titanic .... Wagoner has just jumped into the last lifeboat......

    R.I.P. GM soon to be the new Federal Department of Automobiles.
  7. bit


    Didn't he agree to work for $1/yr? Fortunately, that's in addition to his golden parachute. Wonder if the next contestant will work for a buck?

  8. Do not buy a GM car.
  9. Illum


    From zero hedge

    Rick Wagoner Quits General Motors
    Posted by Tyler Durden at 5:20 PM

    Update: According to a White House official, Wagoner was asked to leave by the Obama administration. Scapegoating has begun.
  10. nxsux


    Just a matter of time before "the administration" starts asking other recipient CEO's to "step down"

    I guess the board of directors/shareholders have no powers anymore.

    Who's next? Pandit ? Lewis ?

    anyone care to throw out a guess?
    #10     Mar 29, 2009