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General Motors Chief Rick Wagoner Said to Step Down

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Bloomberg article

By Doron Levin and Jeff Green

March 29 (Bloomberg) -- General Motors Corp. Chief Executive Officer Rick Wagoner will step down after more than eight years running the largest U.S. automaker, people familiar with the situation said.

The people, who asked not to be named because the announcement hasn’t been made, didn’t give a reason why Wagoner, 56, is leaving. Wagoner said as recently as April 19 that he didn’t plan to resign.

To contact the reporters on this story: Doron Levin in Southfield, Michigan, at dlevin5@bloomberg.net; Jeff Green in Southfield, Michigan at jgreen16@bloomberg.net

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Bloomberg article

By Doron Levin and Jeff Green

March 29 (Bloomberg) -- General Motors Corp. Chief Executive Officer Rick Wagoner will step down after more than eight years running the largest U.S. automaker, people familiar with the situation said.

The people, who asked not to be named because the announcement hasn't been made, didn't give a reason why Wagoner, 56, is leaving. Wagoner said as recently as April 19 that he didn't plan to resign.

To contact the reporters on this story: Doron Levin in Southfield, Michigan, at dlevin5@bloomberg.net; Jeff Green in Southfield, Michigan at jgreen16@bloomberg.net

Is this an article for the future?

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Is this an article for the future?

The link has fixed the article to say March 19.

Perhaps this will give a bit more support for GM to get more bailout money. That said, Wagoner has acted too slowly too many times and should have been out quite a while ago.

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Damn Bob Lutz and his advanced age (on paper).
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* bites fingernails * OK who is in line for the job?
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End of an era.

Eras end every day.

"If Rome be weak where shall strength be found?"

- variations attributed to Saint Jerome circa 409 A.D.

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Some how I am not suprised that the Obama admin asked for this. Time will show it is the system and not one man that is the problem.

So who do we put in charge Barney Frank or Chris Dodd?

I would liked to have seen the Obama admin have a plan to correct the probems with in the auto building system and credit problems vs making a scape goat of Wag. I wonder who they will blaime when this does not work out or will they just create a new distration like they did with the AIG bonuses?

Just wait as see what happens if the tillion dollars they put into the Fed Res does not work.

Now that they have even pisses off the honest Wall Street people who is going to help advise out of this mess. Gephardt or Biden? They both have so much Detroit experience.

Obama have better have a rabbit in the hat on Monday like putting Roger Penskie or Lee I in charge of righting GM. GM needs someone with a respected background to come in and knows the industry.

If your going to make a change you had better have a good plan!

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Well I don't know how to look at this... On the one hand he needed to go but on the other I don't want some Barney Frank or Tim Geithner running General Motors... The timing of his resignation announcement after President Obama's remarks seems to suggest that General Motors has got some sort of advance look at what the Government is going to do, for all we know Obama asked him to resign, or perhaps he's getting out and selling his stock options because Barry's decision is going to lead to the death of GM :scratchchin:

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Obviously his resignation was required to secure further funding. That doesn't really bother me that much. What does bother me is that the government is going to pick his successor. That has failure written all over it. The government (regardless if led by Republican or Democrat) has proven time and time again that they are completely out of touch with reality when it comes to the auto industry. At the end of this, plan on GM shrinking considerably in size and specializing in "green" cars. This is going to be a major cluster f@#k.

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Obviously his resignation was required.... period. Not for political reasons.... but for 8 years of GM stumbling.

The political comments will stop now.

Iaccoca basically volunteered to do it.

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I am changing my mind, this cannot be good. Goverment should never get involved to "booting" people out of private buisness. I think Chris Dodd would also do a wonderful job of running GM into the ground. This is my problem with goverment and the "Union Bailout" started under Bush and keeps going under Obama just great. Damn it, I am almost ready to say screw it-- I am buying a Ford or Honda, no kidding. Nor should goverment select who will run the company from here on out...

Edited by gm4life
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Would you just calm down? Wagoneer had to go. It became painfully obvious over the past 12 months that his time as CEO needed to end. The shareholders were obviously not voting in their financial best interest when they kept him in charge.

You're not going to see Barney Frank or Chris Dodd at the helm... so just calm down about it.

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it's a good move. image-based first and then we will see who can be produced to potentially make broad based systematic changes--alan mullaly can you give up your life to inherit both gm and ford operations?

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Would you just calm down? Wagoneer had to go. It became painfully obvious over the past 12 months that his time as CEO needed to end. The shareholders were obviously not voting in their financial best interest when they kept him in charge.

You're not going to see Barney Frank or Chris Dodd at the helm... so just calm down about it.

I am just very scared for GM at this point. I don't want any republican in the congress running this joint either. I just hope GM picks someone and not the task force. I just am scared very scared, I hope I am not seeing the start of the end of GM... I hope whomever gets the job will do a good job, then again I always like Wagoner so I am biased. I am just concerned about too much goverment getting into this. It needs to be GM's choice because after they file chapter 11 or get through this tough patch they will be stuck with this new person, I just hope the CEO is the right one.

Edited by gm4life
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If anyone really thinks that the administration will install someone from Congress to run GM.....well.....you should be getting fitted for your tin foil hat.

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I can't say that I'm sad to see him go. He made lots of promises but failed to deliver far too many of them. I hope they replace him with someone like Allen Mulally. Someone with determination, directions, and doesn't put up with bull$h! and internal bickering.

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it's a good move. image-based first and then we will see who can be produced to potentially make broad based systematic changes--alan mullaly can you give up your life to inherit both gm and ford operations?

+1 :yes:

Alan Mullaly seems to have a good grasp on running Ford.

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If anyone really thinks that the administration will install someone from Congress to run GM.....well.....you should be getting fitted for your tin foil hat.

Chris I certainly hope not. It just is scaring me all of it...

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