Guest Josh

C&G Exclusive: Emergency Board Meeting Takes Place

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Guest Josh   
Guest Josh

Sources within General Motors have signaled that the GM Board of Directors today, met in an emergency meeting after the additional $2 Billion loss announced yesterday is in addition to the $8.6 Billion loss previously announced.

We've also received word that the Board of Directors will hold another emergency meeting early next week. The Board is clearly not happy with the latest turn of events and this latest news of an additional $2 Billion loss. Most of the costs are seen coming from a Delphi bail-out which is expected to be announced early next week as well.

As always, we'll have more details as we get them.

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Guest Josh   
Guest Josh

There was a board meeting that took place today that was extensive.

There was the judgement call to move things along more quickly than had been planned. (RWD?)

Expect to see more Opel here faster than projected.

Also, why did GM delay the Lambda's if they are so critical to the future of the company? Expect them to see the market sooner as well.

There was a meeting today. There will be one early next week.

The last time this happened GMT900 was deemed to come to market a quick as well.

RWD is coming before we know it. Part of the "loss" was just that. Job losses at other plants that will make it.

You'll see.

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RWD is coming before we know it. Part of the "loss" was just that. Job losses at other plants that will make it.

You'll see.

Sure hope so. I'm tired of hearing "RWD is coming" ... have been hearing this from GM/Chevrolet since the late 90s ... and haven't seen affordable RWD in cars from them yet (with the exception, of course, of the GTO).

*sighs*

Cort, "Mr MC" / "Mr Road Trip", 32swm/pig valve/pacemaker

MC:family.IL.guide.future = http://www.chevyasylum.com/cort/

Models.HO = http://www.chevyasylum.com/cort/trainroom.html

What's it like to buy your favorite car brand new? Wish I knew...

"You've made a fool of everyone" ... Jet ... 'Look What You've Done'

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regfootball    234

RWD only is not what will save GM. GM more importantly needs to build serious credible threats to market segment sellers like Camry, Caravan, Altima, Accord, Corollas, etc.

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Guest buickman   
Guest buickman

First of all Wagoner was born in Wilmington, so either he's a duPont cousin, or married to one. The man was fast tracked through management with the preordained CEO position awaiting. He was a disaster in purchasing long ago. I know this from personal friends who knew him way back. He was ushered through finance, shipped off to Brazil, then stair stepped to the top. Someone VERY BIG is backing him I assure you. The question remains...WHO?

Since becoming head of North American Operations in 1994, Richard Wagoner is responsible for a 30% drop in market share and a loss of over $50 billion in shareholder value since becoming CEO in 2000.

The other theory, less plausible, is that years ago when the government decided GM was too big, they brought in Wags as a secret agent to destroy the corporation.

Buickman

Edited by buickman

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Guest buickman   
Guest buickman

say bye bye to THE RICK!

Buickman, enjoy yourself a cold one if that happens.

<{POST_SNAPBACK}>

Last April I personally made a deal with Mark "LaNaive" to implement "Return to Greatness" The following week he went backwards on his word and handshake. Since his immediate boss was and is "Red Ink Rick", I knew why it happened. When the CEO is hellbent on eliminating unionized production and downsizing everything from the supplier base to the dealer network, there's not much hope of turning the ship around. That is why I began a personal vendetta to get the bastard out. Now I'm beginning to look like a visionary.

You bet I'll have a "cold one". In fact, I'll throw one hell of a party and you are all invited.

Buickman

Edited by buickman

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ehaase    18

GM more importantly needs to build serious credible threats to market segment sellers like Camry, Caravan, Altima, Accord, Corollas, etc.

GM has proven it can't do that. It said that the 1987 Corsica would do it - failed. It said that the 1997 Malibu would do it - failed. It said that the Epsilons would do it - failed. It said that Saturn would do it - failed. People will only buy GM cars if they get a good deal, but GM can't survive on low prices, when it pays such high wages and benefits to UAW workers and retirees.

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91z4me    0

When the CEO is hellbent on eliminating unionized production and downsizing everything from the supplier base to the dealer network, there's not much hope of turning the ship around. That is why I began a personal vendetta to get the bastard out.

You bet I'll have a "cold one". In fact, I'll throw one hell of a party and you are all invited.

So it finally comes out! You think that Rick is trying to destroy your dealer buddies lively hoods! So you DO have a personal vendetta! The truth shall set you free!!!

Also lets remember 1 thing besides personal things: there are LOTS of factors why GM's marketshare has fallen, many beyond the CEO's control. The rise of Toyota's products. The anti American biased media. The HUGE increase in healthcare costs. Rick is taking the company where it needs to go to survive. Do you disagree with the fact that GM needs to be a global company? Do you disagree with the fact that cars costing as little as the Aveo must be assembled in lower cost plants, overseas? Do you not understand all the problems that Roger Smith started when he diversified the company and built huge robotic plants in the 80s? Come on Jim dig your head out of the sand and see the light. All of GMs problems CAN'T be placed on one person, PERIOD!

The man was fast tracked through management with the preordained CEO position awaiting. Someone VERY BIG is backing him I assure you. The question remains...WHO?

Quick put on your tinfoil hat so the Illuminati can't read your mind! :ninja::mind-blowing::stupid:

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Guest buickman   
Guest buickman

Let's see...we lost almost $11 billion and guess what? That's our market cap. Still you defend the guy? Tell me who has their head in the sand and their lips on Wagoner's butt?

Buickman

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91z4me    0

Let's see...we lost almost $11 billion and guess what? That's our market cap. Still you defend the guy? Tell me who has their head in the sand and their lips on Wagoner's butt?

Buickman

My lips are nowhere but my own face. Lets look at this objectively, OK? There is a board of directors for GM. They approve all major business decisions, selling Suzuki stake or Fuji or EVEN the FIAT deal! Now Rick gets a say in that and sets the direction of the company. He wants higher quality platforms, interiors, and better safety features. There must be money spent to get those programs online and that is what is happening now. Not only that but ALL the cost of the GMT900 push is in there without any profit because of when they went on sale. Also lets not forget that a LOT of Lambda work was in there and so is a huge part of the Delphi bail out.

Tell you what Jim, I am not going to change your mind and you aren't going to change mine. Lets just drop this now, OK?

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Wasn't Rick the one to decide to euthenize the B-bodys? If so I'll be "Swinkling" right along with Buickman. :D

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4gm    0

Do you disagree with the fact that cars costing as little as the Aveo must be assembled in lower cost plants, overseas?  Do you not understand all the problems that Roger Smith started when he diversified the company and built huge robotic plants in the 80s? 

It's been well established that Buickman consistently fails to respond to legitimate questions. Don't even bother trying.

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Guest buickman   
Guest buickman

What's been well established is that Rick Wagoner is a complete failure, and his continued reign is a guarantee of financial ruination. $50 billion in shareholder value gone since 2000, $10 Billion in losses last year. Accounting irregularities, SEC investigation, credit downgrades deep into junk, market share in the tank, competition growing under same economic conditions, record recalls, every excuse in the book, spinmasters at work overtime, lack of responsibility, devoid of accountability, zero credibility, promises unfulfilled, so-called plans mysteriously concealed, refusal to offer earnings guidance, communities across America suffering, thousands stranded uselessly in jobs banks while paying overtime and contractors, marketing campaigns continued and repeated that are proven ineffective and costly without return, alienation of dealers, employees, retirees, salespeople, and customers, billions wasted on Fiat, Saturn, Saab, Subarau, assets like Oldsmobile (a million unit seller) and GMAC are spun, closed, or sold to raise cash since Wagoner and his fellow pencil pushers are unable to stop the operational bleeding.

"Red Ink Rick" once again assumed personal 'responsibility???' for North America a year ago and has failed miserably, yet has the audacity to remain confident of his leadership and veiled palns. The only restructuring needed at GM is in the Boardroom and top of the Ren Cen. No wonder the copmplex on Jefferson Avenue facing the river is termed "The Tubes". That is exactly where Mr Wagoner has taken General Motors.

Buickman

Edited by buickman

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Guest Josh   
Guest Josh

Looking at things. Wagoner has been on CEO for 5 years. That is long enough to right the wrong doings of the company. Five years is enough time to develop attractive, RWD cars which is what has been promised to us for about the same timeframe, yet it hasn't happened.

I can tell you if my boss at my store let our traffic and #'s drop even 25% in 5 MONTHS he'd be canned.

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Guest buickman   
Guest buickman

How long would Wagoner last working for Steinbrenner, Jerry Jones, or Donald Trump? Is it only in Motown that we live with failure? Tigers, Lions, and Wagoner. Thankfully, at least the Red Wings win a championship occasionally. Still I remember the picture of Steve Y holding the trophy while standing by his Porsche. Even our own local heros aren't impressed by the image of owning GM.

Buickman

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91z4me    0

Looking at things. Wagoner has been on CEO for 5 years. That is long enough to right the wrong doings of the company. Five years is enough time to develop attractive, RWD cars which is what has been promised to us for about the same timeframe, yet it hasn't happened.

I can tell you if my boss at my store let our traffic and #'s drop even 25% in 5 MONTHS he'd be canned.

Josh, do you really want to be on that side of the fence, look at the company?

Also you can't compare a small retail store to a manufacturing corporation with a different markets and HUGE product cost differences. If you wanted to compare GE or Boeing's performance to GMs sure but not a small retail front. They aren't even in the same league.

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LTB51    0

Josh, do you really want to be on that side of the fence, look at the company?

Also you can't compare a small retail store to a manufacturing corporation with a different markets and HUGE product cost differences.  If you wanted to compare GE or Boeing's performance to GMs sure but not a small retail front.  They aren't even in the same league.

While not as big as GM, Ghosn showed what a good leader can accomplish in a short time.

Wagoner is five+ years into a slide that they are just starting to address.... maybe. Buickman and Josh are right, most other companies would have fired him long ago.

I think his major accomplishment has been to convince people that boogeymen such as legacy costs, health care, dollar valuation, media bias, etc. are what are causing GM's slide. Most people seem to have bought it. In the meantime the real problems have gone mostly unaddressed.

The reality is that it is all about the product, and GM's product under his watch, other than a select few, has lagged the competition. One only has to look at the Tahoe to realize that all it takes is good product to turn thing around. What is $1,000 (?) more per vehicle of legacy costs when you can sell a better vehicle for $7,000 more?

Where would the G6 be right now if they hadn't put the malibu's interior in there? Not replacing Grand Ams at the rental agencies, I imagine. Wagoner certainly had enough opportunity to make sure that was done right, but he saw an opportunity to save some money by sharing the malibus lackluster interior. Good choice!

Edited by LTB51

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Croc    268

You Wagoner-haters simply fail to understand the way this industry works. We are JUST NOW getting the products that were developed under Wagoner and Lutz. Everything else was started under Zarella. Cobalt is competitive, Lucerne is selling briskly, HHR is a hit, Solstice is a hit, the T900s are resounding hits...and of these, only the Solstice is a 100% Wagoner-Lutz effort. Everything else was started under Zarella.

I am going to keep posing this question until I get good responses:

What product has been sub-par that Lutz and Wagoner had significant influence over?

I'm just dying to know...

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Croc    268

Where would the G6 be right now if they hadn't put the malibu's interior in there?  Not replacing Grand Ams at the rental agencies, I imagine.  Wagoner certainly had enough opportunity to make sure that was done right, but he saw an opportunity to save some money by sharing the malibus lackluster interior.  Good choice!

The Malibu and G6 have unique interiors. I think the only real commonalities are the steering wheel and radio unit. The designs are very different. See:

Posted ImagePosted Image

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evok    0

You Wagoner-haters simply fail to understand the way this industry works.  We are JUST NOW getting the products that were developed under Wagoner and Lutz.  Everything else was started under Zarella.  Cobalt is competitive, Lucerne is selling briskly, HHR is a hit, Solstice is a hit, the T900s are resounding hits...and of these, only the Solstice is a 100% Wagoner-Lutz effort.  Everything else was started under Zarella.

I am going to keep posing this question until I get good responses:

What product has been sub-par that Lutz and Wagoner had significant influence over?

I'm just dying to know...

And another question that needs to be asked is:

If Wagoner is replaced tomorrow, what will change?

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evok    0

If Wagoner is replaced tomorrow IMO this is what will change and there are 2 options:

1) Nothing - move symbolic and the BOD approved restructuring plan will go on as planned and the UAW, retirees and Street will know the situation is dire and are more likely to see that.

or

2) Move symbolic and all hell will break loose because the BOD approved restructuring plan will be expedited.

a - Product will not change, nor will timing from current plans.

b - The UAW question will go nuclear.

c - DPH gets hung out to dry.

d - Strike certain.

e - Red ink.........Chapter 11 all but certain.

f - Government steps in to force labor back to work.

g - Market share drops.

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