According to Politico citing an unnamed White House official, Rick Wagoner will reportedly be stepping down as the CEO of General Motors at the request of the US Government, probably as part of conditions for more aid to be given to GM by the feds. In fact some sources day the 56 year old CEO already resigned yesterday.
The replacement for the outsted CEO who said over a week ago that he does not plan to resign anytime soon is likely to be GM’s COO Fritz Henderson, if the feds do not request for someone from the outside.
Chrysler chief executive Bob Nardelli is said to be safe from receiving similiar chopping, for now. If more and more aid is given to Chrysler (already $4 billion – they are asking for another $5 billion) with no results like GM so far, he may face the axe.
A formal announcement has yet to be made – Politico quoted the White House official and the rest of the media world ran the story. Look after the jump for a video of one of the latest congressional hearings regarding the Detroit Three bailout. One of the congress members (Senator Bob Corker) basically sums up what he thinks their plans to use the money are, quite interesting.
In other auto CEO news, PSA Peugeot Citroen has fired its CEO Christien Streiff and replaced him Philippe Varin, the man who oversaw the merger of Corus and Tata Steel two years ago. Streiff was replaced because his ability to perform as CEO was in doubt. He had two minor strokes in 2008. Apparently the board was also not happy with Streiff’s go-it-alone management style.
After dabbling for years in the IT industry, Paul Tan initially began this site as a general blog covering various topics of personal interest. With an increasing number of readers paying rapt attention to the motoring stories, one thing led to another and the rest, as they say, is history. An avid electronic gadget aficionado as well as big-time coffee lover, he's also the executive producer of the Driven motoring TV programme.
yup, it's confirmed.
confirm this just now in BBC
proton should go head hunting now
gather the best talent around..
These 'SUV mentalist' should be cleared from GM anyways.
Paul… where is yesterday's F1 report?
Yup. Heard over the BFM this morning. I think Proton should stick to DSZ. Let him finish his job and should proton do well, give him another 3-5 yrs and start looking for fresh talent to go bigger once OK.
all corporations that recieved G bailout should have their CEO resign with immediate effect…makes sence..GM,Chrysler,Ford,AIG and on on…
Peugeot boss asked to resign too.
the bigger company keep on falling…hahaha.
changing the CEO and hope for a good result.different CEO,different style of management.
somehow.. changing a CEO is not the only best option.
it might getting worst btw.
[quote comment="225440"]confirm this just now in BBC
proton should go head hunting now
gather the best talent around..[/quote]
Uh…how can he be the best when the company lost a lot of money under his command?
[quote comment="225508"][quote comment="225440"]confirm this just now in BBC
proton should go head hunting now
gather the best talent around..[/quote]
Uh…how can he be the best when the company lost a lot of money under his command?[/quote]
agree.
cheers!
Looks like bankcruptcy is the only way to get GM out of the mess it's in. Since the Unions and bondholders won't compromise the US govt will let GM fail, break all it's commitments to the unions and bondholders, then start afresh…
Malaysia should also emulate this. Any GLC getting public funds must first fire the boss.
Shld ask Paul to become our national car CEO. LOL
Should ask Paul to become our national car's CEO. Who agree?? LOL
Obama forced GM cheif out!
http://www.usnews.com/usnews/politics/bulletin/bu…
about time, he sure as heck didn't perform up to mark.
although he was considered to be one of the successor to Jack Welsh's General Electric CEO position.
i wonder what would have happened if he really took over GE. maybe it will fail as well?
luckily Proton was not sold to GM , stupid dumb analysts where they get their degree? sucking balls to GM…