General Motors Chief Rick Wagoner Said to Step Down

[ellives]

Bloomberg article

By Doron Levin and Jeff Green

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. Wagoner said as recently as April 19 that he didn’t plan to resign.

To contact the reporters on this story: Doron Levin in Southfield, Michigan, at [email protected]; Jeff Green in Southfield, Michigan at [email protected]

[Z-06]

Bloomberg article

By Doron Levin and Jeff Green

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. Wagoner said as recently as April 19 that he didn't plan to resign.

To contact the reporters on this story: Doron Levin in Southfield, Michigan, at [email protected]; Jeff Green in Southfield, Michigan at [email protected]

Is this an article for the future?

[Croc]

IT'S ABOUT FRACKING TIME!!

[Northstar]

Is this an article for the future?

The link has fixed the article to say March 19.

Perhaps this will give a bit more support for GM to get more bailout money. That said, Wagoner has acted too slowly too many times and should have been out quite a while ago.

[regfootball]

buickman's fantasy has come to a climax.

[turbo200]

april fools!

haha, just kidding.

[ocnblu]

Damn Bob Lutz and his advanced age (on paper).

[Chris_Doane]

Finally.

[ocnblu]

* bites fingernails * OK who is in line for the job?

[longtooth]

End of an era.

Eras end every day.

"If Rome be weak where shall strength be found?"

- variations attributed to Saint Jerome circa 409 A.D.

[Camino LS6]

Comes as no surprise...

[gm4life]

This could be good or bad... Hmmm very interesting...

[Intrepidation]

AB is reporting it:

http://www.autoblog.com/2009/03/29/breakin...gm-immediately/

[hyperv6]

Some how I am not suprised that the Obama admin asked for this. Time will show it is the system and not one man that is the problem.

So who do we put in charge Barney Frank or Chris Dodd?

I would liked to have seen the Obama admin have a plan to correct the probems with in the auto building system and credit problems vs making a scape goat of Wag. I wonder who they will blaime when this does not work out or will they just create a new distration like they did with the AIG bonuses?

Just wait as see what happens if the tillion dollars they put into the Fed Res does not work.

Now that they have even pisses off the honest Wall Street people who is going to help advise out of this mess. Gephardt or Biden? They both have so much Detroit experience.

Obama have better have a rabbit in the hat on Monday like putting Roger Penskie or Lee I in charge of righting GM. GM needs someone with a respected background to come in and knows the industry.

If your going to make a change you had better have a good plan!

[vonVeezelsnider]

Well I don't know how to look at this... On the one hand he needed to go but on the other I don't want some Barney Frank or Tim Geithner running General Motors... The timing of his resignation announcement after President Obama's remarks seems to suggest that General Motors has got some sort of advance look at what the Government is going to do, for all we know Obama asked him to resign, or perhaps he's getting out and selling his stock options because Barry's decision is going to lead to the death of GM

[2QuickZ's]

Obviously his resignation was required to secure further funding. That doesn't really bother me that much. What does bother me is that the government is going to pick his successor. That has failure written all over it. The government (regardless if led by Republican or Democrat) has proven time and time again that they are completely out of touch with reality when it comes to the auto industry. At the end of this, plan on GM shrinking considerably in size and specializing in "green" cars. This is going to be a major cluster f@#k.

[Drew Dowdell]

Obviously his resignation was required.... period. Not for political reasons.... but for 8 years of GM stumbling.

The political comments will stop now.

Iaccoca basically volunteered to do it.

[gm4life]

I am changing my mind, this cannot be good. Goverment should never get involved to "booting" people out of private buisness. I think Chris Dodd would also do a wonderful job of running GM into the ground. This is my problem with goverment and the "Union Bailout" started under Bush and keeps going under Obama just great. Damn it, I am almost ready to say screw it-- I am buying a Ford or Honda, no kidding. Nor should goverment select who will run the company from here on out...

Edited March 29, 2009 by gm4life

[Drew Dowdell]

Would you just calm down? Wagoneer had to go. It became painfully obvious over the past 12 months that his time as CEO needed to end. The shareholders were obviously not voting in their financial best interest when they kept him in charge.

You're not going to see Barney Frank or Chris Dodd at the helm... so just calm down about it.

[turbo200]

it's a good move. image-based first and then we will see who can be produced to potentially make broad based systematic changes--alan mullaly can you give up your life to inherit both gm and ford operations?

[gm4life]

Would you just calm down? Wagoneer had to go. It became painfully obvious over the past 12 months that his time as CEO needed to end. The shareholders were obviously not voting in their financial best interest when they kept him in charge.

You're not going to see Barney Frank or Chris Dodd at the helm... so just calm down about it.

I am just very scared for GM at this point. I don't want any republican in the congress running this joint either. I just hope GM picks someone and not the task force. I just am scared very scared, I hope I am not seeing the start of the end of GM... I hope whomever gets the job will do a good job, then again I always like Wagoner so I am biased. I am just concerned about too much goverment getting into this. It needs to be GM's choice because after they file chapter 11 or get through this tough patch they will be stuck with this new person, I just hope the CEO is the right one.

Edited March 29, 2009 by gm4life

[Chris_Doane]

If anyone really thinks that the administration will install someone from Congress to run GM.....well.....you should be getting fitted for your tin foil hat.

[Intrepidation]

I can't say that I'm sad to see him go. He made lots of promises but failed to deliver far too many of them. I hope they replace him with someone like Allen Mulally. Someone with determination, directions, and doesn't put up with bull$h! and internal bickering.

[vonVeezelsnider]

it's a good move. image-based first and then we will see who can be produced to potentially make broad based systematic changes--alan mullaly can you give up your life to inherit both gm and ford operations?

+1

Alan Mullaly seems to have a good grasp on running Ford.

[gm4life]

If anyone really thinks that the administration will install someone from Congress to run GM.....well.....you should be getting fitted for your tin foil hat.

Chris I certainly hope not. It just is scaring me all of it...

[Croc]

Chris I certainly hope not. It just is scaring me all of it...

Why? I'm much less worried now that Red Ink Rick is gone. Hopefully we will get an outsider to GM, but someone who is familiar with the auto business--that would be ideal.

And get a grip on your "fear"--it's pretty ridiculous, honestly. Either make peace with the unknown and yourself, or start reading a lot more and gaining information--those are the only productive ways of dealing with fear. Going off into fantasy land with these complex conspiracy theories that would make Rube Goldberg confused as hell is NOT optimal or rational.

Edited March 29, 2009 by Croc

[BigPontiac]

Wall Street Journal is reporting it now too...

[Satty]

Hooray for irrational "fear"

Seriously, there probably aren't many people alive who would do worse than Rick has over the years.

[gm4life]

Why? I'm much less worried now that Red Ink Rick is gone. Hopefully we will get an outsider to GM, but someone who is familiar with the auto business--that would be ideal.

And get a grip on your "fear"--it's pretty ridiculous, honestly. Either make peace with the unknown and yourself, or start reading a lot more and gaining information--those are the only productive ways of dealing with fear. Going off into fantasy land with these complex conspiracy theories that would make Rube Goldberg confused as hell is NOT optimal or rational.

I agree an outsider to GM would be fine but someone who understands the auto biz. No I don't find it ridiculous what I find ridiculous is GM taking the bailouts and giving goverment this kind of power over a company up until a few months ago was owned only by stock-holders not goverment. Doesn't someone saying to you "get out" especially Uncle Sam scare you? Then again I look at the role of goverment different and maybe inside Rick was tried of all this dog and pony show b.s. I just hope good can come from this. Still I have many doubts...

[Croc]

Hooray for irrational "fear"

Seriously, there probably aren't many people alive who would do worse than Rick has over the years.

I know, right? Unleash the chimpanzees with dart boards and finger paint, and I think some better decisions would have been made. The man truly has abysmal instincts.

[longtooth]

I agree an outsider to GM would be fine but someone who understands the auto biz. No I don't find it ridiculous what I find ridiculous is GM taking the bailouts and giving goverment this kind of power over a company up until a few months ago was owned only by stock-holders not goverment. Doesn't someone saying to you "get out" especially Uncle Sam scare you? Then again I look at the role of goverment different and maybe inside Rick was tried of all this dog and pony show b.s. I just hope good can come from this. Still I have many doubts...

Roger Penske, age 72, would do well as an interim Chair.

Provided he wanted to and his health permitted.

[Croc]

GM taking the bailouts and giving goverment this kind of power over a company up until a few months ago was owned only by stock-holders not goverment. Doesn't someone saying to you "get out" especially Uncle Sam scare you? Then again I look at the role of goverment different and maybe inside Rick was tried of all this dog and pony show b.s. I just hope good can come from this. Still I have many doubts...

1. The government has very little power over the company. The government is just acting like a bank and looking over GM's business case and viability plan to determine if they should invest. That's basically it.

2. In the case of Rick Wagoner, I'm shocked that the level of incompetence inside GM extends to the Board of Directors, and that it took government intervention to get Red Ink Rick out. So no, Uncle Sam forcing my resignation is not a scary thought to me because unlike RIR, I'm not an incompetent fool who has pissed away billions over the past 8 years.

3. Maybe RIR just realized the jig was up and he's better off pursuing something corresponding to his skill set, like flipping burgers and pouring softserve at the local Dairy Queen--if he can pass his ServSafe certification, that is.

[hyperv6]

I know damn well Frank and Dodd will not run it. My point is it is not the goverments call to who leads a large corperation.

First off no political appointee should be put in place Dem or Repub. This is a choice for the Corperate Board of Directors to make for the share holders not some creap in DC. If the goverment wants to add their opinion that is fine but GM get the choice.

I know Rick was smart enough to know he needed to hang on till they had things ready for him to step down and someone to take up for him. the question is were they ready before Obama asked for him to leave so they could get more funding.

What is next is Obama going to dictate what products they have to sell?

What if Obama said GM has to stop selling SUV?

What if they were told to stop making V8 engines?

What if they were told to stop all performance vehicles?

What if they were told they could not sell anything under 25 MPG?

I am not saying that any of this will come to pass but when you realize many of the backers of the Democratic party and Obama are heavy hitting eviromentalist things like this could happen. Mightn not now but in the future.

Theses are the same people who are loaning money to companies in trouble but also are looking to passing emission laws that will cost some of these companies 14 Billion dollars to meet. Hmm Not very smart planning to me.

There are those in his cabinet already wanting to go to a smart gride that could control your heat and AC. Obama already commented during the election on home tempertures.

I an not an alarmist but I have been seeing thing happen of late that cause me to be concerned. I Find it dangerous for the goverment to call for leader changes in a company. If they want to request it fine but do not hold them at ransom fo funding. It they get away with this where do they stop?

If GM can find a new leader to come in that could make changes and a differance other than a PR move I say fine let do it. But if all they are doing is a PR move at the request of the president and just put Fritz in then why bother?

It will be interesting to see what GM has in the change in leadership If it is nothing but a PR move that will be sad. I also am waiting on the other shoe as Obama keep saying he wants changes at GM. Some will be painful. Rick leaving is not painful. What does he have in mind? If he calls for some radical unresonable changes I hope GM tells him to stuff it and files Chapter 11 to remove the goverment from their company. The last capitalistic goverment to run a auto industry was the British. Look at how they faired.

The state of things are this the auto industry in America has been poorly run for years and I can only think of one other thing more poorly run. Yes the goverment who is not wanting to tell the auto industry how to do their work.

If Obama has not pissed of Wall Street he might have gotten some more help. There are people there that could be doing wonders at the treasury. Honest people do work on Wall Street but are smart enough not to get into the middle of this. Note none are willing to work as a under secretary in the treasury that should tell you womething stinks.

I say we will give them Rick if they give us Tim Guitner. But then again who would you replace him with?

At least Rick pays his taxes!

[gm4life]

I know, right? Unleash the chimpanzees with dart boards and finger paint, and I think some better decisions would have been made. The man truly has abysmal instincts.

The great part is you can react whatever way you want. I am very fearful for GM amoung many other things. Look at the history of how government has been run by both parties and then ask yourself is more of "that" what GM needs or is to go to the school of tough luck and start with a fresh slate? Just asking, and that is why I am very scared, and if you like General Motors and believe in this once great American company you might actually realize where I am coming from. Goverment with CAFE, emissions standards and now this has created lots of "new" and recent problems for GM instead of letting consumers demand from them. Then the tax payers feed them billions of billions of dollars, to solve nothing but get the CEO canned. Chapter 11 is sounding better to me as every second passes. I hope GM doesn't get the money tomorrow and they file chapter 11 and tell all parties involved including white and blue collar works to get real, and accept there problems that currently make them un-profitable. Believe if or not GM has alot going for them on the product end, but on this end they need work and the only way it will happen and its become clear to me is Chapter 11. So GM do it for your own good. I see how well goverment has been run and how well GM has been run and mix the two together you have a perfect storm, what possibly could be the end of another Great American Car maker... This doesn't scare you?

Edited March 29, 2009 by gm4life

[Robert Hall]

I agree an outsider to GM would be fine but someone who understands the auto biz. No I don't find it ridiculous what I find ridiculous is GM taking the bailouts and giving goverment this kind of power over a company up until a few months ago was owned only by stock-holders not goverment. Doesn't someone saying to you "get out" especially Uncle Sam scare you? Then again I look at the role of goverment different and maybe inside Rick was tried of all this dog and pony show b.s. I just hope good can come from this. Still I have many doubts...

Well, if GM is going to get more loan guarantees from the government, then it's reasonable to expect the government to request that GM get rid of the deadwood. Rick has proven incapable of running the company profitably. He's incompetent and part of the problem, not the solution.

Ford is doing pretty well a leader than came from outside the auto industry. GM has been hurting for so long by having the same old, same old lifers running the company with no vision outside of the gray, dying Detroit area.

Edited March 29, 2009 by moltar

[gm4life]

I know damn well Frank and Dodd will not run it. My point is it is not the goverments call to who leads a large corperation.

First off no political appointee should be put in place Dem or Repub. This is a choice for the Corperate Board of Directors to make for the share holders not some creap in DC. If the goverment wants to add their opinion that is fine but GM get the choice.

I know Rick was smart enough to know he needed to hang on till they had things ready for him to step down and someone to take up for him. the question is were they ready before Obama asked for him to leave so they could get more funding.

What is next is Obama going to dictate what products they have to sell?

What if Obama said GM has to stop selling SUV?

What if they were told to stop making V8 engines?

What if they were told to stop all performance vehicles?

What if they were told they could not sell anything under 25 MPG?

I am not saying that any of this will come to pass but when you realize many of the backers of the Democratic party and Obama are heavy hitting eviromentalist things like this could happen. Mightn not now but in the future.

Theses are the same people who are loaning money to companies in trouble but also are looking to passing emission laws that will cost some of these companies 14 Billion dollars to meet. Hmm Not very smart planning to me.

There are those in his cabinet already wanting to go to a smart gride that could control your heat and AC. Obama already commented during the election on home tempertures.

I an not an alarmist but I have been seeing thing happen of late that cause me to be concerned. I Find it dangerous for the goverment to call for leader changes in a company. If they want to request it fine but do not hold them at ransom fo funding. It they get away with this where do they stop?

If GM can find a new leader to come in that could make changes and a differance other than a PR move I say fine let do it. But if all they are doing is a PR move at the request of the president and just put Fritz in then why bother?

It will be interesting to see what GM has in the change in leadership If it is nothing but a PR move that will be sad. I also am waiting on the other shoe as Obama keep saying he wants changes at GM. Some will be painful. Rick leaving is not painful. What does he have in mind? If he calls for some radical unresonable changes I hope GM tells him to stuff it and files Chapter 11 to remove the goverment from their company. The last capitalistic goverment to run a auto industry was the British. Look at how they faired.

The state of things are this the auto industry in America has been poorly run for years and I can only think of one other thing more poorly run. Yes the goverment who is not wanting to tell the auto industry how to do their work.

If Obama has not pissed of Wall Street he might have gotten some more help. There are people there that could be doing wonders at the treasury. Honest people do work on Wall Street but are smart enough not to get into the middle of this. Note none are willing to work as a under secretary in the treasury that should tell you womething stinks.

I say we will give them Rick if they give us Tim Guitner. But then again who would you replace him with?

At least Rick pays his taxes!

Thank you! I agree with nearly everything you said about being concerned about goverment power, and killing V8's and SUV's. You have taken the words right out of my mouth, and GM should tell the goverment to stick it and go it alone like you said, but not later NOW. Maybe my next V8 powered car will come sooner rather than later, it scares me what else they could "do" to GM. Cars like the G8, Solstice, Corvette, CTS, Camaro all could be heading for the chopping block because if goverment can kick Wagoner out what is stopping them from doing this?

Edited March 29, 2009 by gm4life

[Drew Dowdell]

You think Obama has the time to run GM and the rest of the country?

Again, you're so far down the slippery slope your pictures are already available at the concession stand near the exit.

Worst case scenario here is that Obama pointed out the bleedin obvious.

[mustang84]

Another surprise from the General, and another moment where I'm not sure if I should celebrate or be weary.

I know Rick needed to go, but ousting the man in the middle of turmoil is going to make it much more difficult to attract a suitable replacement. This should have been done two years ago, not now.

[Drew Dowdell]

Ok guys, time to take off your tinfoil hats.

Looks like it's going to be GM COO Fritz Henderson

[hyperv6]

1. The government has very little power over the company. The government is just acting like a bank and looking over GM's business case and viability plan to determine if they should invest. That's basically it.

2. In the case of Rick Wagoner, I'm shocked that the level of incompetence inside GM extends to the Board of Directors, and that it took government intervention to get Red Ink Rick out. So no, Uncle Sam forcing my resignation is not a scary thought to me because unlike RIR, I'm not an incompetent fool who has pissed away billions over the past 8 years.

3. Maybe RIR just realized the jig was up and he's better off pursuing something corresponding to his skill set, like flipping burgers and pouring softserve at the local Dairy Queen--if he can pass his ServSafe certification, that is.

1 you underestimate the Goverments abilities with a company in need of money. Wait for Obamas other demads and see if you still thing they do not have a upper hand.

2 There is plenty of incompetence in GM but much of it was there before Rick and at this point there is still much that needs to change but it is better now than under past leaders.

3 You underestimate Rick. He may have made mistakes but he has done more right than many of the past 6 leaders combined.

4 Even if GM brought in Alan Mullaly things would not be much better. Fords problems were much smaller than GM. Ford is a much smaller company with less problems, brands and products to rehash. Besides the biggest problem Ford has always had was some one names Ford running the company. After Henry came out with the Model T only Edsel Ford I did anything to benifit Ford Motor company and then he dies before he really could do much to help them.

GM is a large corperate comapny where Ford is mostly a large Family buisness. A lot less internal poltics involved.

[hyperv6]

Ok guys, time to take off your tinfoil hats.

Looks like it's going to be GM COO Fritz Henderson

Change for change sake. Why bother?

[mustang84]

Ok guys, time to take off your tinfoil hats.

Looks like it's going to be GM COO Fritz Henderson

Anybody have any background on the guy? I don't really know anything about him.

[gm4life]

Ok guys, time to take off your tinfoil hats.

Looks like it's going to be GM COO Fritz Henderson

I read that too, this wouldn't be their worst choice.

[gm4life]

Change for change sake. Why bother?

To the mainstream media and the folks it "looks" good. Like GM is finally changing, I just hope Fritz knows his sh*t and if he is CEO I hope he finds a balance between efficent cars and performance ones.

[gm4life]

Just another GM lifer, I think..same old, same old.. was previously CFO, like Wagoner.

Fritz

Well then its change for changes sake. Maybe it'll help PR seriously or not...

[hyperv6]

Well then its change for changes sake. Maybe it'll help PR seriously or not...

The better move would have been goverment support to make many of the sweeping changes needed to fix GM's problems and they block they face fixing the way they have to do buisness.

Many of the things with labor and dealers are not able to be address due to goverment rules and regulations.

[ocnblu]

This computer chair critic is going to sit down and shut up until I hear more information. I especially want to read about Fritz and hear the president's plan.

[Z-06]

Now when is the Board Of Directors going? High time for the ones there to step down too.

[Satty]

Hopefully a temp move until GM can attract someone who isn't old-school GM, like Ford did when they got Mulally.

[frogger]

Hopefully a temp move until GM can attract someone who isn't old-school GM, like Ford did when they got Mulally.

++