[T-Type]

From GM media online:



Rick Wagoner, GM chairman and chief executive officer, announced that the GM board of directors approved the following appointments, effective immediately, at its meeting today:

• Frederick (Fritz) A. Henderson, 49, vice chairman and chief financial officer, is elected president and chief operating officer.
• Ray Young, 46, currently group vice president - finance, is elected executive vice president and chief financial officer, replacing Henderson.
• Thomas G. Stephens, 59, currently group vice president, global powertrain and global quality, is also elected executive vice president.

"There's a lot going on at GM today," Wagoner said. "Besides our massive business transformations in the U.S. and Europe, we're experiencing explosive growth in emerging markets - in some cases, in countries where GM doesn't have a long history. The industry is in the midst of the largest technology transformation it has ever faced. And GM continues to implement a truly global automotive operating structure.
"It's an opportune time to further bolster our top leadership structure; specifically, it's the right time to reestablish GM's traditional President and Chief Operating Officer position," Wagoner continued. "And Fritz Henderson is the right person to assume this role. He's had a broad range of experiences in leading three of our regions and in a number of other GM businesses over the years, and he's made a tremendous contribution in each role. I look forward to working closely with Fritz and Bob Lutz, who so ably leads our global product development team, as we continue to implement the plan to transform General Motors for our second 100 years.
"Ray Young brings a wealth of finance and operating experience to the CFO role, including leading GM do Brasil to record business results in his most recent assignment. Tom Stephens' promotion recognizes the huge role that advanced propulsion strategies will play in GM's future, as well as Tom's strong leadership and technical skills," Wagoner added.
George Fisher, presiding director of the GM board of directors, commented, "GM is in the process of a remarkable transformation under Rick Wagoner's strong leadership. Tremendous progress has been made. The promotion of Fritz Henderson to president and chief operating officer, along with Bob Lutz's continued success at transforming our global product activities, and the promotions of Ray Young and Tom Stephens, will further solidify our leadership structure for today and the future. The GM board is excited about the direction that GM is headed and believes these executive appointments will further support our business strategy and the work that needs to be done to achieve our growth, technology leadership and financial objectives."
Henderson and Young will report to Wagoner. Reporting to Henderson, in addition to Stephens, will be the four regional presidents; Troy Clarke, GM North America; Carl-Peter Forster, GM Europe; Maureen Kempston Darkes, GM Latin America, Africa and Middle East; and Nick Reilly, GM Asia-Pacific. Also reporting to Henderson will be Bo Andersson, group vice president, global purchasing and supply chain, and Gary Cowger, group vice president, global manufacturing and labor relations. The remaining global functional leaders and Vice Chairman Bob Lutz will continue to report to Wagoner.



http://media.gm.com/servlet/Gateway...monthlyreleasedetail.do?domain=74&docid=44115

 

[boblutzfan]

Thanks for moving this to the main page...will the thread I started be merged into this one or deleted?

 

[T-Type]

I dumped it however credit to you boblutzfan for bringing our attention to it.

Thanks!

 

[zete]

I remember Buickman posting this a few days ago, though a search reveals no such thread. He was praising this move by GM, no less.

 

[jkennedy293]

I hope Henderson doesn't undo all of the good Wagoner and Lutz have started. The last thing GM needs is to go back to the penny-pinching days of yore.

 

[Buickman]

I remember Buickman posting this a few days ago, though a search reveals no such thread. He was praising this move by GM, no less.

you're right I did. Fritz is the right man at the right time. for the past five years at the stockholders' meeting I have called for a president to be rienstated. GM is too big for one man at the top and Red Ink Rick has proven himself incapable. remember how he also attempted to run NA? what a disaster that was.

www.ronpaulforpresident2008.com

 

[VCDJ]

Thank you. Finnaly we get a change. Anybody but Idiot rick is better. Ricked prove that he can not do his job by, losing billions each year and losing market share in 10 years of his leadership. Gm lost 10% market share during his time. Market cap only 14b. even ford is worth more then gm. Now hopefully this guy will do a good job.

 

[VCDJ]

I hope Henderson doesn't undo all of the good Wagoner and Lutz have started. The last thing GM needs is to go back to the penny-pinching days of yore.

I do not see any good work that Rick and Lutz did. What did they produce 4 competitive cars out of how many they make? Only good cars that gm has produced under their leadership are Malibu, CTS, Vette. That is it. Everyting else is not class leading. From vue to aura. Vue drinks more gas then full size suv. Trucks still use four speed. And sales are showing how much peopel are unhappy with that. 3 Great cars in How many years? lol Even college students can do that.

 

[jkennedy293]

Thank you. Finnaly we get a change. Anybody but Idiot rick is better. Ricked prove that he can not do his job by, losing billions each year and losing market share in 10 years of his leadership. Gm lost 10% market share during his time. Market cap only 14b. even ford is worth more then gm. Now hopefully this guy will do a good job.

I don't think we can blame Rick for all of GM's woes. He didn't create the wretched product that tarnished GM's image in the 80's and 90's.

 

[VCDJ]

I don't think we can blame Rick for all of GM's woes. He didn't create the wretched product that tarnished GM's image in the 80's and 90's.

Fair enough but he had that job for over 10 years. Lets see what he did in 10 years. Nothing. Sold gm assets to keep company a live. Lost billions. Fired thousands of employees. And we still lose money. I do not think that is a great acomplishment. Nobody can justify losing 10% of market share in 10 years. He made decision to invest all of gm money in trucks and suvs and ignore cars. so consumers went to toyota and purchased camry and accord. now gm has a good car malibu. SO why should accord owners swithc to malibu when accord was great to them? Because of GMT900 he delayed zeta and eppII. That was his decision. See he did nothing good for gm.

 

[jkennedy293]

I do not see any good work that Rick and Lutz did. What did they produce 4 competitive cars out of how many they make? Only good cars that gm has produced under their leadership are Malibu, CTS, Vette. That is it. Everyting else is not class leading. From vue to aura. Vue drinks more gas then full size suv. Trucks still use four speed. And sales are showing how much peopel are unhappy with that. 3 Great cars in How many years? lol Even college students can do that.

Don't forget the Sky, Two-Mode Hybrid system, the new BAS+ system, and Enclave. They have also improved interiors, brought Cadillac back from extinction, and finally took advantage of GM's global resources. They weren't perfect, but I think GM is better now than it was when they started.

 

[jkennedy293]

Fair enough but he had that job for over 10 years. Lets see what he did in 10 years. Nothing. Sold gm assets to keep company going. Lost billions. Fired thousands of employees. And we still lose money. I do not think that is a great acomplishment. Nobody can justify losing 10% of market share in 10 years. He made decision to invest all of gm money in trucks and suvs and ignore cars. so consumers went to toyota and purchased camry and accord. now gm has a good car malibu. SO why should accord owners swithc to malibu when accord was great to them? Because of GMT900 he delayed zeta and eppII. That was his decision. See he did nothing good for gm.

You're right he should have pushed small cars more. That was a major misstep, but to say he did nothing right, and everything wrong is going a little overboard.

 

[likearock00]

So what is going to happen to Rick??

 

[jkennedy293]

So what is going to happen to Rick??

He'll still be CEO, but with less power.

 

[VCDJ]

You're right he should have pushed small cars more. That was a major misstep, but to say he did nothing right, and everything wrong is going a little overboard.

You know if he did at least something right, we would not be losing billions. If he gave us just $1 profit i would agree with you.

 

[K-1]

He'll still be CEO, but with less power.

Actually, same power, less responsibility. Henderson still reports to him.

 

[CobaltSScrazy]

People need to stop hating on Rick, he's the best CEO in DECADES, he's done tons to right this ship, aka the Titanic of GM and even though we hit the iceberg, I think we can sustain float in the right direction!

CobaltSS

 

[VCDJ]

Don't forget the Sky, Two-Mode Hybrid system, the new BAS+ system, and Enclave. They have also improved interiors, brought Cadillac back from extinction, and finally took advantage of GM's global resources. They weren't perfect, but I think GM is better now than it was when they started.

Sky is great but so what? how many will they sell. How many hybrids does gm sell? Very Few. Enclave is a great vehicle. I like it alot but as prices of fuel go up Enclave has no place to go but down. BAS is just stupid. Regular four cylinder altima with more power gets better mpg the aura with BAS. Again Two mode in trucks? Nobody buys SUV because of fuel economy. All suvs get crapy MPG even with Two Mode it is still crapy. People who buy hybrid they buy it because of enviroment and fuel saving. What do you think would get more coverage on the news. 45mpg malibu two mode or 21mpg tahoe. Or 50 mpg cobalt.

 

[K-1]

You know if he did at least something right, we would not be losing billions. If he gave us just $1 profit i would agree with you.

He didn't set up the massive expenses to the UAW - those were inherited. Cut the labor expense to match the competition and guess what, GM is massively profitable. But, alas, billions pour out to people who contribute nothing to the company's operations (retirees).

 

[K-1]

BAS is just stupid. Regular four cylinder altima with more power gets better mpg the aura with BAS.

Check your facts before posting. Altima 23/31 w/ CVT - AURA 24/32 w/ BAS.

Again Two mode in trucks? Nobody buys SUV because of fuel economy. All suvs get crapy MPG even with Two Mode it is still crapy. People who buy hybrid they buy it because of enviroment and fuel saving. What do you think would get more coverage on the news. 45mpg malibu two mode or 21mpg tahoe. Or 50 mpg cobalt.

Hopefully, the 21mpg Tahoe, because it saves more fuel than a 45mpg Malibu or a 50mpg Cobalt (not that anything else exists like that). Face it, people are going to continue buying SUVs - at least give them a green option.