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More Plant Closings For GM

admin — Fri, 17 Apr 2009 17:25:50 +0000

GM’s new CEO estimated today that more plant closings would be in store for the car company. The closings will be announced in the next few months.

CNBC’s auto reporter Phil Lebeau broke the news, along with the proposed sale price for the Hummer line: $150 million, very low for a line of autos.

Obama Ousts GM CEO

admin — Mon, 30 Mar 2009 20:46:10 +0000

The Obama administration, as part of its oversight of GM due to the company’s $13.4 billion bailout taken in December, has asked and received the resignation of the company’s CEO Rick Wagoner. Forbes terms the move “Orwellian.” Forbes mentions that Ford Motor Co. is no doubt delighted that they did not go down the road of a bailout, thus dodging a possible CEO replacement of their own.

After nine years as CEO and all of his career spent at GM, Wagoner was certainly in the wrong place at the wrong time, with higher oil prices bringing the death of SUVs and trucks, and foreign companies bringing in more competition and innovation.

Profile of Rick Wagoner, GM CEO

admin — Mon, 17 Nov 2008 23:54:45 +0000

The New York Times profiles GM CEO Richard Wagoner, who is asking for federal bailout money and not considering bankruptcy for General Motors. He also refuses to step down from his post, even if that increases the chances that GM can receive the funds. A Duke and Harvard Business School grad, Wagoner said of the idea that GM should get new leadership in exchange for taxpayer dollars: “I don’t think it’d be a very smart move. I think our job is to make sure we have the best management team to run G.M. It’s not clear to me what purpose would be served.”

Wagoner has become a centerpiece of the Congressional lobbying for a bailout and is scheduled to testify on Capitol Hill this week.