Precedent says Wagoner should leave

[Buickman]

James B Treece
Automotive News
11-20-08

Crunch the numbers, and they'll tell you Rick Wagoner should be out as General Motors' CEO.

Set aside his weak performance at congressional hearings, where he appealed for government funds to keep his company afloat. Set aside the clear message from senators and representatives that GM's management and strategy should change before taxpayers let the automaker feed at the federal trough.

This is purely about his company's performance and the judgment that GM's board should render on his time at the helm.

General Motors' net loss of $2.5 billion in the third quarter marked the fifth straight quarter in the red. Since 2004, Wagoner has led the company to a cumulative loss of $72.3 billion.

What adjective shall I use? "Staggering"? "Phenomenal"? "Jaw-dropping"? How about: "chairman-dropping"? I cite precedent.

In the late 1980s and early 1990s, GM's board of directors endured catcalls while the company hemorrhaged market share and losses. Directors were derided as "pet rocks," the epitome of an ineffective, unengaged board.

Finally, the board had had enough. GM's cumulative losses mounted to $27.9 billion over 1991 and 1992. Officially, then-Chairman Robert Stempel resigned on Oct. 26, 1992. In fact, he left because the board fired his top lieutenants, and he was next on the list.

Even allowing for inflation, Wagoner clearly has passed the financial threshold where his ouster is justified.

Wagoner, 55, has dug the once-proud auto giant into a very deep hole. It may or may not prove to be GM's grave...

full @ http://www.autonews.com/article/2008...5/811209973/-1

[big swede]

I didn't really want to pile on but I was shocked at the lack of preparation for this event. You can say what you want about Rick's business record but usually when it comes to interviews the guy comes through sounding like he is on the ball and has all bases covered.

Anyone with half a brain new that they were going to get their feet held to the fire a little bit and he sounded like a high school graduate on his first job interview. It was scary bad. It was almost like he was thinking uh oh "you can't b.s. a b.s.er".

[likearock00]

Awww, look! Somebody agrees with you Buickman! Maybe you two should get a room...

[big swede]

Originally Posted by likearock00

Awww, look! Somebody agrees with you Buickman! Maybe you two should get a room...

I guess you watched it and thought he did a good job. Different opinions on prepared I suppose.

I said he usually does very good in these interview types of situations and that's why I was so surprised how ill-prepared he appeared to be. I am a little surprised you saw it completely differently.

[Buickman]

the man couldn't answer simple and direct questions from the congressmen. take away his prompter, notes, and PR handlers and you see the real Red Ink Rick, shifty and dodgeful.

[Buickman]

Originally Posted by likearock00

Awww, look! Somebody agrees with you Buickman! Maybe you two should get a room...

FYI, Lou Dobbs had me on today and agreed that Wagoner has to go!

yesterday it was Stand Up with Pete Dominick on XM 130. he kept me on for an hour and commented the switch board had never been so lit up!

this weekend it's back on NPR.

and so it grows, remember...

waterfalls begin as raindrops.

[fp115]

I must say these threads and posts never cease to make my day.

Sometimes you wonder whether Jimmy has too much time on his hands...

[1931Chevy]

Of the Big 3 Ceos I think that only Mullally will keep his job after all this mess has ended

[2002 Caddy]

Precedent says Wagoner should leave

Who is this "Precedent" guy and can I buy him a beer...

I would say that "Business Logic" says he should leave too.

[mbukukanyau]

The problem is, GM’s problems are not going away simply because Wagoner has left. As for Buickman, I will take him seriously when he gives his first balance Review of Ricks performance.
What does buickman do? His job seems to be an Anti Rick activist.

[rcworker]

Forget precedent, all three CEO should axed if for no other reason than a lack of credibility.

[fp115]

Originally Posted by mbukukanyau

The problem is, GM’s problems are not going away simply because Wagoner has left. As for Buickman, I will take him seriously when he gives his first balance Review of Ricks performance.
What does buickman do? His job seems to be an Anti Rick activist.

No bother asking, I have been for 4 months now and hasn't replied anything but "you are a Rick follower". Jim Dollinger is a salesman, who claims is the best in the US... lately I have no idea how he can sell cars all he does is waste his time on the "RIR".

[AMERICA 123]

What a complete crock of **** - just another AN hit piece from someone probably worried about his stock in Toyota.

Gm's performance under Wagoner outside of North America ranges from more than than adequate to outstanding.

The longterm plan - Worldwide was and still is also outstanding - and I don't like battery hybrids.

In the entire world, there is only one truly problematic major or even medium sized market in terms of its own domestic manufacturers - and that's not just in regards to Automotive.

That speaks volumes about where the real problems are - especially since Ford and GM - and yes even Chrysler in their own way have done well everywhere but here.

(That btw, includes in pre WW2 Japan - before they were forbidden ownership and kicked out.)

Further more, the Japanese brands have never achieved the same kind of success anywhere else but here - and that includes their own home market.

Now while all the little girls here p**s themselves silly with defeatism and ridiculous commentary, the EU'S moving ahead to the tune of 50 billion US for its industry.

Thats right, 50 BILLION in US dollars - and not only is that going to go to all the Euro makes - which by and large are anywhere from extremely healthy to adequately stable - its going to a real 'bailout' and not a loan.

TO BE CLEAR, PRETTY MUCH A 'GIMME'.

Imagine that, a proactive Government approach - getting out in front of the problem and protecting its highly successful Companies..... instead of subjecting them to all this crap - that applies to not only now but the last 50 years.

Go Europe - show US how to do it - we haven't a clue over here.

Oh, and btw, their workers will continue to out earn their American counter parts - and enjoy a higher quality of life as well.

[2002 Caddy]

Originally Posted by AMERICA 123

Gm's performance under Wagoner outside of North America ranges from more than than adequate to outstanding.

Last time I checked Rick is losing money in Europe too.

In fact we are losing money in every region of the planet except China and there were a just breaking even... WOW our opinion of Rick is now so low that "breaking even" is "outstanding".

[AMERICA 123]

So is Toyota - yes that's overstating it a bit - as you are for GM.

Its also a cheap shot - like yours.

Face it, a whole bunch of people and their firms both in and out of this industry are either treading water or losing ground - and its only going to get worse - much worse as we go along.

So tell me, how do you like Europe's - and Australia's - and now China's approach to saving their domestic auto production ?

We look really stupid doncha' think ?

That 'we' btw, isn't about all the 'uninformed' negativity here - I mean in our Government.