: What affect will GM CEO stepping down have



tbss08
03-29-09, 06:22 PM
http://www.autoblog.com/2009/03/29/breaking-ap-says-wagoner-to-step-down-from-gm-immediately/

I wonder what this will do to GM? Another article http://www.politico.com/news/stories/0309/20625.html talks of more tomorrow.

What affect will this have on future cars?

Razorecko
03-29-09, 06:39 PM
...everyone still so sure about 2010 V2's ??

thebigjimsho
03-29-09, 06:50 PM
yes on the V2s...

The Tony Show
03-29-09, 06:54 PM
It's a symbolic gesture, people. Or a sacrificial lamb to appease the public that is tired of Government loans/bailouts/whatever you want to call them. It'll make people say "Well, I don't like the Government giving GM more money, but they tossed out Wagoner so maybe they're headed in the right direction..."

This has been coming since the first request for Government loans, and won't have the slightest impact on the production of "ready to build and sell" cars.

neuronbob
03-29-09, 07:43 PM
^^^^^^

100% agree.

proexpert
03-29-09, 07:47 PM
I hope the change will be good for GM.

OldDrummer55
03-29-09, 07:56 PM
It's a symbolic gesture, people. Or a sacrificial lamb to appease the public that is tired of Government loans/bailouts/whatever you want to call them. It'll make people say "Well, I don't like the Government giving GM more money, but they tossed out Wagoner so maybe they're headed in the right direction..."

This has been coming since the first request for Government loans, and won't have the slightest impact on the production of "ready to build and sell" cars.
:yeah:

It's all for public consumption to convince the masses "The Annointed One" is doing something good...

Razorecko
03-29-09, 08:00 PM
lol...as long as the gov't doesn't "suggest" who the next ceo should be.

cmicasa
03-29-09, 08:30 PM
:yeah:

It's all for public consumption to convince the masses "The Annointed One" is doing something good...


I agree.. and it's more than likely that he will stay on as Chairman. Most don;t realize that he holds both positions.

I personally think it's a mistake to do this as he is essentially a WARTIME CEO. One also has to realize that he has done an exemplary job in getting GM in line with the competition despite the problems with the UAW. Think of GM products in 1999.. now think of them now in terms of quality, styling, technology, and overall competitiveness. They are 100% better IMO.

thebigjimsho
03-29-09, 08:36 PM
300%

erp2863
03-29-09, 11:20 PM
I agree.. and it's more than likely that he will stay on as Chairman. Most don;t realize that he holds both positions.

I personally think it's a mistake to do this as he is essentially a WARTIME CEO. One also has to realize that he has done an exemplary job in getting GM in line with the competition despite the problems with the UAW. Think of GM products in 1999.. now think of them now in terms of quality, styling, technology, and overall competitiveness. They are 100% better IMO.

I couldn't agree with you any more. As I've said with the 90% tax on the AIG retention payments, this is a slippery slope. What makes Obama or anyone else in Washington think they know how to run GM any better? Washington is spending 3 nickels for every nickel it currently brings in. Some example of how to run an institution....

Richie18
03-30-09, 12:09 AM
There will be no 90% tax, Obama said it himself, the tax system can not be used as a method of punishment.

vperl
03-30-09, 12:30 AM
:yeah:

It's all for public consumption to convince the masses "The Annointed One" is doing something good...

&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&
olde.....
be good, or I wiil squeal,,,, still waiting for my CHANGE, all I got was lint from my pocket

erp2863
03-30-09, 09:52 AM
There will be no 90% tax, Obama said it himself, the tax system can not be used as a method of punishment.

Doesn't matter if the tax will ultimately be imposed, the direction these clowns in Washington are trying to go is what is appalling and is a slippery slope. It would be one thing if it was one extreme left-wing congressman suggesting it, but most of the dems and some gop members voted for it.

Richie18
03-30-09, 11:01 AM
I didn't include in my post that i feel the less the government intervenes, whether it be CAFE, or basically firing the GM CEO, the better. I agree there is definitely a slippery slope here, i was not disagreeing with you, just pointing out even Obama some what came to his senses.

caddiedrummer
03-30-09, 11:32 AM
I never thought in my lifetime, I would see our govt dictating who the head of GM would be. But when you have the combination of a bad economy (brought on by the same govt that is firing RW) and a socialist regime in power this is what we get and deserve.

RW has been good. He was 3 years ahead of me at our rival high school and a good basketball player besides having 2 brains. He gets it, his people would run through walls for him. He brought in car guys like Lutz (one of the fathers of Viper) and a force behind the 09 CTS-V.

They may not kill the v before 2010, but I would not buy stock in V futures.

OldDrummer55
03-30-09, 11:50 AM
The last time I saw such a sad state of national affairs was during the Jimmy Carter debacle. Yes, people voted for "change" and boy, did we get it... :banghead:

JEM
03-30-09, 12:47 PM
The last time I saw such a sad state of national affairs was during the Jimmy Carter debacle.:banghead:

Some of us have been kinda expecting that since November. :banghead:

I'm about as far from an Obama fan as one can get and still be on this planet, but Obama's teleprompter was mostly saying the right things this morning. Or, more to the point, what it wasn't saying (though I didn't hear the whole thing) - I didn't hear a lot of harping on 'green' nonsense.

Wagoner did a lot of the right things, but didn't impart quite sufficient urgency. He's a necessary sacrifice.

I'm also glad to see that Chrysler's basically being told to go ring up the Italians, spread its legs and think of King and country. Chrysler has no hope of survival as a standalone entity, I'd love to see the Fiat 500 Abarth SS here, and the post-Bangle Multipla is actually pretty interesting. And I figure if there's one person who can make something useful of Chrysler it's di Montezemolo.

Razorecko
03-30-09, 06:53 PM
I'd like to see the Cerebrus owned Chrysler tip over and die. They have been putting out total crap for a while and probaly has the worst customer service of any company out there.

neuronbob
03-30-09, 07:19 PM
+1 on the Abarth SS. After I saw this on TopGear a few months ago, I thought it was an incredible idea. Funny looking, yes, but FAST.

DPL
03-30-09, 08:08 PM
I can't believe how many people think Wagoner was a sacrificial lamb? What a pile of horseshit (no offence fellow board members, just wanted to use that term). Doesn't anyone know how long this guy has been at the helm of GM? Has anyone seen the cars they produced during his tenure?

What's the one thing Rick Wagoner did good at GM?

The hiring of Bob Lutz. This man was going to save GM by actually making quality and innovative cars. Not just slapping more plastic molding onto another model.

Look at all the GM cars coming out now. The quality is excellent, fit and finish comparible to europeans, styling to die for...

What was Rick Wagoners last pathetic achievement at GM?

Letting Bob Lutz quit - he's done in May.

The company as we know it isn't too far behind. Can anyone say "GM Matsushita Corporation?" ;)

(I'm still gonna trade up my V1 to V2 - I gotta have one!)

thebigjimsho
03-30-09, 10:10 PM
I'd love to see the Fiat 500 Abarth SS here...
I'm a Lamborghini, really I am!!

NormV
03-31-09, 06:29 AM
Think you mean GM's board! :)
Which is getting a majority reshuffle too. Should be interesting the results of the shake up.

Norm


I can't believe how many people think Wagoner was a sacrificial lamb? What a pile of horseshit (no offence fellow board members, just wanted to use that term). Doesn't anyone know how long this guy has been at the helm of GM? Has anyone seen the cars they produced during his tenure?

What's the one thing Rick Wagoner did good at GM?

The hiring of Bob Lutz. This man was going to save GM by actually making quality and innovative cars. Not just slapping more plastic molding onto another model.

Look at all the GM cars coming out now. The quality is excellent, fit and finish comparible to europeans, styling to die for...

What was Rick Wagoners last pathetic achievement at GM?

Letting Bob Lutz quit - he's done in May.

The company as we know it isn't too far behind. Can anyone say "GM Matsushita Corporation?" ;)

(I'm still gonna trade up my V1 to V2 - I gotta have one!)

CIWS
03-31-09, 07:50 AM
http://www.wisdumb.com/blog/wp-content/uploads/2009/02/apocalypse.jpg

Vlakaz
03-31-09, 06:34 PM
http://www.autoblog.com/2009/03/29/breaking-ap-says-wagoner-to-step-down-from-gm-immediately/

I wonder what this will do to GM? Another article http://www.politico.com/news/stories/0309/20625.html talks of more tomorrow.

What affect will this have on future cars?

I dunno what long term affect it will have, but its caused my shares to drop $1 per in the last 2 days :(

King Steve
03-31-09, 07:00 PM
I never thought in my lifetime, I would see our govt dictating who the head of GM would be. But when you have the combination of a bad economy (brought on by the same govt that is firing RW) and a socialist regime in power this is what we get and deserve.
.

Not saying I'm for a government takeover or anything like that, but if someone were asking you for such a massive bailout, you might want to have some say in the matter, maybe put some conditions on it. This would bother me a hell of a lot more if the government didn't just contribute billions of dollars to GM. Is it really interfering with the private sector if they are begging for government $$$? That might be where the part about "what we...deserve" comes in...

I realize it's more complicated than that but thats my $.02.

JEM
03-31-09, 07:59 PM
Not saying I'm for a government takeover or anything like that, but if someone were asking you for such a massive bailout, you might want to have some say in the matter, maybe put some conditions on it.

Oh, I agree, and it's a shame that things got to this point, the problem is that once you drop it in the hands of the government decisions about where GM builds cars get made by Congresscritters who want plants in their districts, and then you've got to deal with the utter loons like Waxman and their 600-page carbon-fraud "energy" bill.

Vlakaz
03-31-09, 08:24 PM
Not saying I'm for a government takeover or anything like that, but if someone were asking you for such a massive bailout, you might want to have some say in the matter, maybe put some conditions on it. This would bother me a hell of a lot more if the government didn't just contribute billions of dollars to GM. Is it really interfering with the private sector if they are begging for government $$$? That might be where the part about "what we...deserve" comes in...

I realize it's more complicated than that but thats my $.02.


My canadian opinion is that any company coming to the government for a handout should be given conditions. One of which should definantly be that those in charge of the company need to move on to retirement and get some new blood in there. Those in charge should lead, and if their leadership has forced the company on the verge of bankrupcy then the government has every right to ask them to move on before any $ is given.

That said, its still a double standard, the government needed to take a harder line with all handouts, Auto co's and banks etc... before they gave out any $. It's too bad it started with this CEO, but it had to start somewhere.

Vrocks
03-31-09, 08:40 PM
None.

The government owns GM, and they're going to restructure it their way. Obama and his task force are the President, CEO and Chairmen - which is a good thing in some ways, because they're clearly interested in turning GM around for the long haul.

I'd be surprised if they're not in a CH11 (one version or another) well before the the 60 day "renegotiating" deadline. I don't believe that upper level management or the Gov. are nearly as interested in an out of court restructuring anymore - I think they're going to get this expedited through Fed court.

neuronbob
03-31-09, 08:50 PM
I'm an Obama fan but I'm also a compassionate capitalist at heart. I'm REALLY torn about what should be done with GM. So many people would suffer job loss with the loss of GM and its suppliers, and it would be adding insult to injury in this poor economy in which we find ourselves. At the same time, I am sick and tired of these bailouts that started at the end of the Bush administration (my opinion is that Repubs and Dems share responsibility about equally for this mess!)

Now that We The People are effectively running GM, the company should have some accountability to Us. We now have the right to set conditions in order to use Our money--or more precisely, money loaned to Us by our new financial masters, the Chinese, for our grandchildren to pay back--to bail GM out. The lackluster management at GM allowed GM to fall this far and in ordinary times, it would be allowed to fail/restructure via bankruptcy.

I apologize if my post seems overly political. I just hope this is the last of the bailouts. GM certainly makes some good products now and I have some faith that the company will survive a restructuring, otherwise I would be still driving my Acura.

OK, back to CTS-V goodness!

Dick's06Vee
03-31-09, 09:44 PM
I'm an Obama fan but I'm also a compassionate capitalist at heart. I'm REALLY torn about what should be done with GM. So many people would suffer job loss with the loss of GM and its suppliers, and it would be adding insult to injury in this poor economy in which we find ourselves. At the same time, I am sick and tired of these bailouts that started at the end of the Bush administration (my opinion is that Repubs and Dems share responsibility about equally for this mess!)

Now that We The People are effectively running GM, the company should have some accountability to Us. We now have the right to set conditions in order to use Our money--or more precisely, money loaned to Us by our new financial masters, the Chinese, for our grandchildren to pay back--to bail GM out. The lackluster management at GM allowed GM to fall this far and in ordinary times, it would be allowed to fail/restructure via bankruptcy.

I apologize if my post seems overly political. I just hope this is the last of the bailouts. GM certainly makes some good products now and I have some faith that the company will survive a restructuring, otherwise I would be still driving my Acura.

OK, back to CTS-V goodness!


We the People aren't running GM, the goverment is.......but I digress. If you think that the government is going to "allow" GM to keep building SUV's and pickups and 556 HP V's, then standby for an illustrative education by Washington. The thought of the President of this country having the brazen nerve to push out the CEO of GM makes me want to puke! Some of you don't realize that when things like this happen, you are inch by inch losing some of your freedom. Freedom that others have fought and died for, is under attack from within. This administration is going to take us down the slippery slope to socialism at a rapid rate. Some of you talk about
the financial institutions, GM, etc. that should have conditions when they get government bailout money........and yet none of you talk about the government being held accountable for THEIR spending !! Enough.....I'd rather talk V's !!

v-sam
04-01-09, 12:35 AM
Now that Obama is the CEO of GM I say the whole company is screwed!