GM CEO Rick Wagoner asked to resign?
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.
March 30, 2009 @ 10:06 am
yup, it’s confirmed.
March 30, 2009 @ 10:20 am
confirm this just now in BBC
proton should go head hunting now
gather the best talent around..
March 30, 2009 @ 11:08 am
These ‘SUV mentalist’ should be cleared from GM anyways.
Paul… where is yesterday’s F1 report?
March 30, 2009 @ 11:15 am
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.
March 30, 2009 @ 1:28 pm
all corporations that recieved G bailout should have their CEO resign with immediate effect…makes sence..GM,Chrysler,Ford,AIG and on on…
March 30, 2009 @ 1:54 pm
Peugeot boss asked to resign too.
March 30, 2009 @ 1:56 pm
the bigger company keep on falling…hahaha.
changing the CEO and hope for a good result.different CEO,different style of management.
March 30, 2009 @ 4:37 pm
somehow.. changing a CEO is not the only best option.
it might getting worst btw.
March 30, 2009 @ 5:14 pm
[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?
March 30, 2009 @ 5:52 pm
[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!
March 30, 2009 @ 6:49 pm
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…
March 30, 2009 @ 7:25 pm
Malaysia should also emulate this. Any GLC getting public funds must first fire the boss.
March 30, 2009 @ 9:00 pm
Shld ask Paul to become our national car CEO. LOL
March 30, 2009 @ 9:04 pm
Should ask Paul to become our national car’s CEO. Who agree?? LOL
March 30, 2009 @ 10:03 pm
Obama forced GM cheif out!
http://www.usnews.com/usnews/politics/bulletin/bulletin_090330.htm
March 30, 2009 @ 11:33 pm
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?
March 31, 2009 @ 3:50 pm
luckily Proton was not sold to GM , stupid dumb analysts where they get their degree? sucking balls to GM…