Obama asks GM CEO to step down in order to get further aid. He acquiesces

[FenwickHockey65]

http://www.bloomberg.com/apps/news?p...HgA&refer=home

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 March 19 that he didn’t plan to resign.

[Justin]

:-(. This is not good. Not good at all.

[Supermans]

He's still young too..

[FenwickHockey65]

Looks like it's true.

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

General Motors Chairman and CEO Rick Wagoner is stepping down as head of the embattled automaker CNBC has learned Sunday.

Wagoner's resignation comes as the company awaits president Barack Obama's reports on efforts to save GM [GM 3.62 0.21 (+6.16%) ]

and Chrysler.

It is unclear if Wagoner's resignation is one of the stipulations for the federal government to lend billions more to GM. But sources close to the talks say tough conditions will be attached to any future aid.

President Obama will update the public on the Treasury Department’s next step in helping GM and Chrysler on Monday afternoon.

A sneior White House official did not deny to CNBC that the Obama administration influenced Wagoner's departure.

Asked if the administration forced him out, the senior official replied, "'forced' is a little strong."

Wagoner has served as CEO since 2000. Under his leadership, GM has steadily lost market share in North America while becoming the dominant automaker in China, where it is currently number one.

For all of Wagoner's international success, his inability to cut losses and make GM profitable in North America is ultimately the cause of his downfall. Vice Chairman and President Fritz Henderson is expected to step in upon Wagoner's departure.

[AZCamaroFan]

Looks like Obama forced him out as a condition.

[Zabo]

And could be putting a puppet in his place. Greeeeeat~

March 19, 2014
AP release

"In a press release today the interim head of GM stated that the Camaro, Traverse, and other cash draining projects of the Wagoner era were suspended and retired due to what they believed to be a long sales slump since the inception of the vehicles in 2010. The company, which had recently sold off it's Buick brand to China and shuttered it's Pontiac brand, now plans to shutter the GMC brand due to what they see as '...a redundant brand name that cuts into Chevrolet sales.'

Several dealerships are set to be closed, and many have already been snatched up by Chery and BYD motors as they continue to install new dealerships to extend their vastly expanding US market presence. GM stocks continue to hover just about 1.35, up by .89 over the past 5 months. Analysts say that the incurred 1.5T debt from floating the company was the cause of much of the breakdown with relations in many southern states between Washington and their state legislatures; whom continue to receive grants and funding from the Chinese backed IMF in exchange for seats within the state legislatures.

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[PQ]

I've said it before. When you start............................................. .................................................. ............................................ @#$%^ &**(

Nevermind.

I just hope I get my Camaro before the Gov. gets too ....................

Rick Wagoner isn't the problem.

[Vash]

I think if he was forced out it was totally the wrong move.

The gentleman has done AWESOME stuff for GM.

GREAT Cars..

Malibu as good as Accord...
Camaro of course..

And Cobalt.

GM cars get good milage and have low emissions. Not to mention the Friggin Volt.

What other company is better responding than GM?

It's political pandering to make bad guys of people that are good.

Mr Wagoner thank you for the great work you have done for GM and Chevrolet.

[SQUALO]

It was reported on a Toronto news cast @ 6PM, that Rick Wagner is stepping down immediately...no further details were given, but I'm sure more will come.



I guess after cashing in all his BONUS cheques, he figures it's time to go!


I found a link to the story.
http://news.sympatico.msn.ctv.ca/abc...wagoner_090329

[cyberbro]

I'll take the Job!

[Scott@Bjorn3D]

Yeah Obama is goimg to make several heads roll to keep this companies going. To bad I kind of liked Mr Wagoner.

[Vash]

Originally Posted by Scott@Bjorn3D

Yeah Obama is got to make several heads roll to keep this companies going. To bad I kind of liked Mr Wagoner.

No all it is doing it creating bad guys instead of politicians... remember next year is congressional elections. So you need evil Camaro builders to bring down while you sign 1200 pages bills without reading them saying it's an emergency to sign then you take 4 days off vacation before signing and still don't read it. Then you fire a guy making a mass market zero emissions car (Volt) and say he's the bad guy.

[ddennis]

Maybe so but the heads at the financial institutions should have went before now. However it is dangerous for the government to be dictating this much to business, but I guess that is what our tax dollars are buying for Mr Obama.

[Vash]

Originally Posted by SQUALO

It was reported on a Toronto news cast @ 6PM, that Rick Wagner is stepping down immediately...no further details were given, but I'm sure more will come.



I guess after cashing in all his BONUS cheques, he figures it's time to go!

You mean the guy that without him there would be no camaro 5. And your happy?...

There is a thread on this in the off topic forum already btw.