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Old 03-29-2009, 05:17 PM   #1
saturnwinner
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Default Breaking News "Wagoner to resign immediately"

Rick Wagoner is to resign immediatley, just hit the wires. Someone is going to go in and clean house. Should be interesting, I won't be surprised if Jill goes bye bye too.

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Old 03-29-2009, 05:27 PM   #2
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Default Re: Breaking News "Wagoner to resign immediately"

I don't see Jill going, but am not surprised by this news.
Cheers,
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Old 03-29-2009, 05:35 PM   #3
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Default Re: Breaking News "Wagoner to resign immediately"

Too late to prevent the damage to GM...wonder what kind of parachute he'll get!

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Old 03-29-2009, 05:42 PM   #4
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Default Re: Breaking News "Wagoner to resign immediately"

http://www.politico.com/news/stories/0309/20625.html

The Obama administration asked Rick Wagoner, the chairman and CEO of General Motors, to step down and he agreed, a White House official said.

The White House confirmed Wagoner was leaving at the government's behest after The Associated Press reported his immediate departure, without giving a reason.

On Monday, President Obama is to unveil his plans for the auto industry, including a response to a request for additional funds by GM and Chrysler.

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Old 03-29-2009, 06:02 PM   #5
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Default Re: Breaking News "Wagoner to resign immediately"

Wow...I don't think anybody saw that coming. I read a lot about Saturn & GM and nowhere have any of the columnists or business types suggested this might happen. This really did come out of nowhere. Saturnwinner, I don't see this affecting Jill as she is smack dab in the middle of trying to keep Saturn being Saturn. In fact, in a perfect world perhaps Jill might have more support from any changes that happen as a result of this. Or better yet...Jill for CEO !! Well, as many have said, it certainly is an interesting time in the auto industry.

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Old 03-29-2009, 07:12 PM   #6
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Default Re: Breaking News "Wagoner to resign immediately"

Get ready for prepackaged bankruptcy. Most of the government senators, want this. Even OBama said today, Gm hasn't done enough. Former President nominee McCain says, "it is the only way". They want all manufacturing back in the US, a restructure that will make them stronger in the future. I say, "get it over with already". Saturn needs it's solution faster than ever because Fritz Henderson thinks Saturn is a loser and my guess is Wagoners 2010-2011 Saturn phase out will be in jeopardy. New management will expediate to move forward.

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Old 03-29-2009, 07:22 PM   #7
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Default Re: Breaking News "Wagoner to resign immediately"

I don't know about you but the fact the government can force the head of a private company to resign is scary. One step towards the socialization of business and if you think Obama and his cronies can solve GM's problems and other businesses you will be sadly disappointed. It's governments that created the banking mess and they were a major cause of the big 3 going bust.

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Old 03-29-2009, 07:33 PM   #8
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Default Re: Breaking News "Wagoner to resign immediately"

Quote:
Originally Posted by saturnwinner View Post
Saturn needs it's solution faster than ever because Fritz Henderson thinks Saturn is a loser and my guess is Wagoners 2010-2011 Saturn phase out will be in jeopardy. New management will expediate to move forward.
I couldn't agree more. If Fritz takes the CEO job then you can kiss the 2010 time frame goodbye. He hates Saturn and will have no problem cutting us lose earlier. I hope the FOT has a game plan because things could get really ugly in the next 30 days.

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Old 03-29-2009, 07:46 PM   #9
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Default Re: Breaking News "Wagoner to resign immediately"

I said months ago Wagoner wasn't capable of making the decisions that GM needed to survive.

Saturn better start getting those alternative cars quick!

I'm driving a 09 Subaru Impreza AWD this week. It did a good job in Chicago's snow this morning.

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Old 03-29-2009, 08:17 PM   #10
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Default Re: Breaking News "Wagoner to resign immediately"

Quote:
Originally Posted by habsr1 View Post
I don't know about you but the fact the government can force the head of a private company to resign is scary.
I have no problem with it when companies come begging for taxpayer funded bailouts.

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Old 03-29-2009, 08:26 PM   #11
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Default Re: Breaking News "Wagoner to resign immediately"

Wagoner was not "forced" out by the US government. It was most likely one of those deals where the Fed said "Ok, listen up. We want to help out General Motors and have such and such bailout plans in place. However, we'd like you to step down from management." Wagoner most likely agreed that if his stepping down was a condition of the proposed bailout and that otherwise GM would still have to flounder on its own with no outside assistance, he probably just decided to do what is best for the company and that's why he willingly stepped aside. He probably realized that if the choice was him still staying on and having to go it alone, or take some drastic bailout/bankruptcy plan from the government that would have a great impact in less amount of time, he wanted to do what was best.

I highly, highly doubt members of the Los Federales stormed his home and made him quit. He had the option... stay and keep the company going on their own, or step aside and get more assistance. What would you do?

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Old 03-29-2009, 08:51 PM   #12
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Default Re: Breaking News "Wagoner to resign immediately"

Quote:
Originally Posted by VTHokie00SL2 View Post
Too late to prevent the damage to GM...wonder what kind of parachute he'll get!
I hope it is 100% stock options.

I'm sure this will bode well for Saturn, being what a strong fiscal argument there is for the sustainability of the brand due to its unique lineup of efficient cars.

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Old 03-29-2009, 10:27 PM   #13
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Default Re: Breaking News "Wagoner to resign immediately"

Maybe this was the big News that SaturnSales was talking about a few days ago...

Hmmm...bout time Wagoner was asked to leave. You would think that someone who has worked for GM for 30+ years would figure out a way to run the company better.

I say, "Hey Rick; don't let the door hit your ass on the way out. Good Riddance."

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Old 03-29-2009, 10:31 PM   #14
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Default Re: Breaking News "Wagoner to resign immediately"

Quote:
Originally Posted by habsr1 View Post
I don't know about you but the fact the government can force the head of a private company to resign is scary. One step towards the socialization of business and if you think Obama and his cronies can solve GM's problems and other businesses you will be sadly disappointed. It's governments that created the banking mess and they were a major cause of the big 3 going bust.
Socialism happened the day Obama was voted into office.

All of you people that voted for change? Well..here's your sign!

You know, people talk about 2012 being, "The end of the world", or an "Enlightmennt"...

in my opinion it is going to be the 300 Million Americans living in the future realizing "You know what? We've been living in a Socialist society for the past 4 years...it's time to get back to being AMERICAN."

Just my thoughts, didn't mean to take it off topic...

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Old 03-30-2009, 12:10 AM   #15
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Default Re: Breaking News "Wagoner to resign immediately"

Think about it - Wagoner's stock options are worth more with him leaving than if he stayed and they declared bankruptcy. The man's not an idiot ... well let me think about that second part .

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Old 03-30-2009, 12:18 AM   #16
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Default Re: Breaking News "Wagoner to resign immediately"

Quote:
Originally Posted by 2NDSOUT View Post
Socialism happened the day Obama was voted into office.

All of you people that voted for change? Well..here's your sign!

You know, people talk about 2012 being, "The end of the world", or an "Enlightmennt"...

in my opinion it is going to be the 300 Million Americans living in the future realizing "You know what? We've been living in a Socialist society for the past 4 years...it's time to get back to being AMERICAN."

Just my thoughts, didn't mean to take it off topic...
Give me a break. Let's keep in mind that it wasn't Obama who said let's nationalize all these industries, it was all these supposedly capitalist free market loving execs coming to the government looking for a handout!

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Old 03-30-2009, 12:19 AM   #17
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Default Re: Breaking News "Wagoner to resign immediately"

I hope they give Wagoner an Astra as parachute.

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Old 03-30-2009, 12:40 AM   #18
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Default Re: Breaking News "Wagoner to resign immediately"

BBC NEWS
GM chairman to leave US car maker

The chief executive of struggling US car company General Motors - Rick Wagoner - has agreed to step down.

He will leave his post immediately at the request of the White House, a government official confirmed.

President Barack Obama is preparing to outline terms for offering more help to GM and fellow car giant, Chrysler.

The two firms have already received $17.4bn (14.4bn) in bail-outs. Chrysler has requested a further $5bn while GM says it needs $16.7bn more.

Leaner, meaner

In an interview with US broadcaster CBS, President Obama said the firms must do more to justify further aid, saying "they're not there yet".

"We think we can have a successful US auto industry," the president said.

"But it's got to be one that's realistically designed to weather this storm and to emerge - at the other end - much more lean, mean, and competitive than it currently is."

GM plans to axe 47,000 jobs and Chrysler 3,000, as well as shedding a number of car models.

The job cuts would take place by the end of 2009 and are the largest work-force reduction announced by a US firm in the current downturn.

Mr Wagoner, 56, has headed GM for almost six years, after first joining the company in 1977.

The news comes as France's biggest car maker, Peugeot Citroen, sacked its chairman Christian Streiff, citing "extraordinary difficulties" in the automotive industry.

Brands halved

In December, GM had said it would cut the number of plants from 47 in 2008 to 38 by 2012, but now plans to close a further five factories, which would leave it with 33 facilities.

The carmaker's brands would also be reduced from eight to four - Chevrolet, Buick, Cadillac and GMC.

GM and Chrysler received their first bail-outs at the end of last year, warning that without the support they risked financial ruin.

Ford, the third of the "Big Three" US car makers, has yet to require any bailouts, but says it may need funds in the future.

GM, Ford and Chrysler have all seen sales fall sharply in their home market.

Story from BBC NEWS:
http://news.bbc.co.uk/go/pr/fr/-/2/h...ss/7971202.stm

Published: 2009/03/30 03:28:49 GMT

BBC MMIX

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Old 03-30-2009, 07:51 AM   #19
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Default Re: Breaking News "Wagoner to resign immediately"

Quote:
Originally Posted by 2NDSOUT View Post
Maybe this was the big News that SaturnSales was talking about a few days ago...
This was not seen by folks that are much higher up in Saturn than me at the retailer level. Let's clarify one thing. SaturnSales1 is NOT a Saturn Team member, nor does he work for GM. His choice of name is unfortunate as it led many of us to believe things about him that are not true. SS1, this is not an attack on you, I just thought it was time we all put our cards on the table to avoid confusion. I am sure you agree.
Cheers,
Jill

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Old 03-30-2009, 08:37 AM   #20
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Default Re: Breaking News "Wagoner to resign immediately"

Quote:
Socialism happened the day Obama was voted into office.

All of you people that voted for change? Well..here's your sign!

You know, people talk about 2012 being, "The end of the world", or an "Enlightmennt"...

in my opinion it is going to be the 300 Million Americans living in the future realizing "You know what? We've been living in a Socialist society for the past 4 years...it's time to get back to being AMERICAN."

Just my thoughts, didn't mean to take it off topic...
Quote:
Originally Posted by VTHokie00SL2 View Post
Give me a break. Let's keep in mind that it wasn't Obama who said let's nationalize all these industries, it was all these supposedly capitalist free market loving execs coming to the government looking for a handout!


I agree with VTHokie00SL. It was a capitalist free market as long as greedy execs. are taking us to the cleaners, but when they come to the government with hat in hand it Socialist Society. Blame those greedy execs not the president. I always figured the GMAC was for auto loans. Who would have though they were one of the ones who were dipping there hands in doing mortgages........

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