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  1. #1
    Answers - 25 Cents Rogue's Avatar
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    GM CEO Fired By White House

    Talk about micromanagement.

    DETROIT – General Motors Corp. Chairman and CEO Rick Wagoner will step down immediately at the request of the White House, administration officials said Sunday. The news comes as President Obama prepares to unveil additional restructuring efforts designed to save the domestic auto industry.

    The officials asked not to be identified because details of the restructuring plan have not yet been made public. On Monday, Obama is to announce plans to restructure GM and Chrysler LLC in exchange for additional government loans. The companies have been living on $17.4 billion in government aid and have requested $21.6 billion more.

    Wagoner's departure indicates that more management changes may be part of the deal. Wagoner, 56, has repeatedly said he felt it was better for the company if he led it through the crisis, but he has faced sharp criticism on Capitol Hill for what many lawmakers regard as years of missteps, mistakes and arrogance by the Big Three automakers.

    Wagoner joined GM in 1977, serving in several capacities in the U.S., Brazil and Europe. He became president and chief executive in 2000 and has served as chairman and CEO since May 2003.

    Obama said Sunday that GM and Chrysler and all those with a stake in their survival need to take more hard steps to help the struggling automakers restructure for the future. In an interview with CBS' "Face the Nation" broadcast Sunday, Obama said the companies must do more to receive additional financial aid from the government.

    "They're not there yet," he said.

    A person familiar with Obama's plans said last week they would go deeper than what the Bush administration demanded when it approved the initial loans last year.

    Wagoner, in an interview with The Associated Press in December, had declined to speculate on suggestions from some members of Congress that GM's leadership team should step down as part of any rescue package.

    "I'm doing what I do because it adds a lot of value to the company," Wagoner said in a Dec. 4 interview as GM sought federal aid from the Bush administration. "It's not clear to me that experience in this industry should be viewed as a negative but I'm going to do what's right for the company and I'll do it in consultation with the (GM) board (of directors)."

    Wagoner has been credited by auto industry analysts with doing more to restructure the giant, bureaucratic automaker than any other executive. But given that he has been at GM's helm for so long, many of his critics say he moved far too slowly to take on the United Auto Workers and shrink the company as its market share tumbled.

    While GM has improved its cars in the last two years, critics say the company relied for too long on sales of pickup trucks and sport utility vehicles for its profits and was unprepared for a drastic market shift when gasoline prices hit $4 per gallon last year.

    During the Congressional debate over whether to give GM and Chrysler loans last year, many lawmakers criticized Wagoner, including Sen. Chris Dodd, D-Conn., chairman of the Banking Committee.

    He accused automakers' top management of having a "head-in-the-sand" approach to problems and said Wagoner "has to move on" as part of a government-run restructuring that should be a condition of financial life support for the auto industry.

    ___

    Associated Press Writer Ken Thomas reported from Washington, D.C.
    .
    Quote Originally Posted by olevetonahill
    You go Boy trying to follow your logic here Is like chasin a chicken .

  2. #2
    SoonerFans.com Elite Member Jerk's Avatar
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    Re: GM CEO Fired By White House

    Will they fire themselves after the bond market implodes?
    "When plunder becomes a way of life for a group of men living together in society, they create for themselves, in the course of time, a legal system that authorizes it and a moral code that glorifies it."
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  3. #3
    Sooner All-Big XII-2-1+1-1+1
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    Re: GM CEO Fired By White House

    Dang, I knew I should have bough some gm stock. Likely to shoot up tomorrow.

  4. #4
    SoonerFans.com Elite Member OUHOMER's Avatar
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    Re: GM CEO Fired By White House

    I dont know if this is good or not. GM (Wagoner) was leading this thru the union negotiations ,didnt see the light.
    Did Obama fire all the banking CEO's ?
    Posse Member hoping for middle manager, Yep , I dont know ****

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  5. #5
    SoonerFans.com Elite Member Jerk's Avatar
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    Re: GM CEO Fired By White House

    Well, at least the CEO's have another good reason to never come crawling to the gov't to suck on the public tit.
    "When plunder becomes a way of life for a group of men living together in society, they create for themselves, in the course of time, a legal system that authorizes it and a moral code that glorifies it."
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  6. #6
    Stayatworkdad yermom's Avatar
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    Re: GM CEO Fired By White House

    seems pretty odd.

    wonder what kinda severance he's getting

  7. #7
    SoonerFans.com Elite Member soonerhubs's Avatar
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    Re: GM CEO Fired By White House

    I'm not finding anything on the "state-run" website.

  8. #8
    Superbia in Proelio royalfan5's Avatar
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    Re: GM CEO Fired By White House

    If the GM Board of Directors would have done their ****ing job in the first place, this wouldn't have needed to happen.
    For the good old American lifestyle: For the money, for the glory, and for the fun... mostly for the money.

  9. #9
    Sooner All-World StoopTroup's Avatar
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    Re: GM CEO Fired By White House

    Quote Originally Posted by Jerk View Post
    Well, at least the CEO's have another good reason to never come crawling to the gov't to suck on the public tit.
    If the Board of Directors and Stock Holders in these Companies would demand the same thing...we wouldn't have needed to give them the money IMO. I'll never understand how these folks who run companies can sleep at night knowing they didn't make a profit and took bonuses. The idea of having a small salary loaded with incentives to operate an efficient company would fix a lot of this IMO.

    Same thing needs to happen on Capitol Hill too.

  10. #10
    I'm a shootist Curly Bill's Avatar
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    Re: GM CEO Fired By White House

    This guy proved so adept at managing GM my guess is he's now being considered for a spot on Brack's economic team.
    Behold the pale horse. The man who sat on him was death, and Hell followed with him.

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  11. #11
    Sooner All-World StoopTroup's Avatar
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    Re: GM CEO Fired By White House

    Ford will probably hire him.

    I'd like to see him on The Donald's next Apprentice.

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    Sooner All-World StoopTroup's Avatar
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    Re: GM CEO Fired By White House

    Matter of fact...wouldn't it be a great idea to get a bunch of Ex-CEOs on that show and watch them go at it?

    Get the guy from AIG, The GM guy and a few others...

    The winner gets to retire and the losers have to work at Walmart for a year as a greeter.

  13. #13
    party pooper
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    Re: GM CEO Fired By White House

    I'm not a huge fan of the gov't making decisions about who should manage a company....but on the other hand, I truly believe that anyone crawling up to capitol hill with their hand out should recognize that their job is also on the line.

  14. #14
    Stayatworkdad yermom's Avatar
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    Re: GM CEO Fired By White House

    Quote Originally Posted by StoopTroup View Post
    Matter of fact...wouldn't it be a great idea to get a bunch of Ex-CEOs on that show and watch them go at it?

    Get the guy from AIG, The GM guy and a few others...

    The winner gets to retire and the losers have to work at Walmart for a year as a greeter.
    i'd rather see them in the Thunderdome

    maybe on the Running Man?

  15. #15
    SoonerFans.com Elite Member OUHOMER's Avatar
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    Re: GM CEO Fired By White House

    Quote Originally Posted by Ike View Post
    I'm not a huge fan of the gov't making decisions about who should manage a company....but on the other hand, I truly believe that anyone crawling up to capitol hill with their hand out should recognize that their job is also on the line.
    I agree, But if the gov't can tell them how much they can make, I guess they can fire them too.
    Posse Member hoping for middle manager, Yep , I dont know ****

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  16. #16
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    Re: GM CEO Fired By White House

    I'm sure Obama's cronies have much more knowledge how to run a car company than someone that has 32 years of experience.

  17. #17
    SoonerFans.com Elite Member JohnnyMack's Avatar
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    Re: GM CEO Fired By White House

    Quote Originally Posted by Ike View Post
    I'm not a huge fan of the gov't making decisions about who should manage a company....but on the other hand, I truly believe that anyone crawling up to capitol hill with their hand out should recognize that their job is also on the line.
    This.

    The way I understand it, GM entered into an agreement to take a huge lump o' cash from the Gubmint and was given 60 days to make changes. If GM had taken a loan from a private entity and failed to live up to their end of the bargain how would it be different?

    I'm certain many of our party line hacks will come in here and talk about how Obama will run GM into the ground. I think GM was doing a fine impression of the Hindenberg long before BHO got involved.

  18. #18
    SoonerFans.com Elite Member JohnnyMack's Avatar
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    Re: GM CEO Fired By White House

    Besides that, the way I read all this Obama said NO to giving them more money.

  19. #19
    SoonerFans.com Elite Member Scott D's Avatar
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    Re: GM CEO Fired By White House

    Obama's people are likely deluding themselves if they think the CFO is going to make a behemoth like GM change direction any faster than Wagonner had been doing.

  20. #20
    SoonerFans.com Elite Member
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    Re: GM CEO Fired By White House

    Put it to you guys this way.

    GM had to go to the government for a hand out in an effort to stave off bankruptcy. This means, bluntly, that the CEO has let the company get to the point where it's about to go down the tubes.

    If the Board of Directors had been doing its job, the CEO would be out already.

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