Cars
General Motors Chairman and CEO Rick Wagoner has stepped down from his position at the request of President Barack Obama and his administration ending an eight year term at the helm of the company. The U.S. automaker announced that Wagoner will be replaced by Fritz Henderson, GM president and chief operating officer (COO). "On Friday I was in Washington for a meeting with Administration officials. In the course of that meeting, they requested that I "step aside" as CEO of GM, and so I have," said Wagoner in a statement.
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Only months after taking the helm of General Motors from CEO Rick Wagoner who was ousted by the Obama administration in March, Fritz Henderson announced his resignation as Director, President and CEO of the company on Tuesday. Henderson will be succeeded...
- Former Gm Ceo Rick Wagoner To Receive $10 Million Retirement Package
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- Don't Cry For Me America... Gm's Former Ceo Rick Wagoner To Receive $20m Retirement
While we feel the pain for any basic employee -white or blue collar, doesn't matter- that loses his or her job, somehow we don't feel the same for high-ranking execs. As it was revealed today by ABC News, GM's outgoing CEO Rick Wagoner who...
Cars
Obama Administration Ousts Rick Wagoner from GM, Fritz Henderson new CEO
General Motors Chairman and CEO Rick Wagoner has stepped down from his position at the request of President Barack Obama and his administration ending an eight year term at the helm of the company. The U.S. automaker announced that Wagoner will be replaced by Fritz Henderson, GM president and chief operating officer (COO). "On Friday I was in Washington for a meeting with Administration officials. In the course of that meeting, they requested that I "step aside" as CEO of GM, and so I have," said Wagoner in a statement.The Freep reported that Obama told Michigan lawmakers that GM and Chrysler had not met the terms of their loans and that neither company's plans were viable today. And while the administration and the members of the auto task force did not ask from Chrysler to change CEO, they did require from GM to oust Wagoner as a condition to keep federal loans flowing.
Wagoner had been working for GM since 1978, taking position as the firm's CEO in 2001. During his time at helm, GM saw its market share decline rapidly while the company reported losses of around $82 billion since 2004.
Source: GM & Freep
- Business As Usual At Gm: Akerson To Replace Whitacre As Ceo
And yes, another CEO "quits" GM. Today, Edward Whitacre announced plans to resign as chief executive officer of the Detroit automaker on September 1, 2010, and as chairman of the board by the end of the year. He will hand over both positions...
- General Motors Ceo Fritz Henderson Resigns, Ed Whitacre Takes Over
Only months after taking the helm of General Motors from CEO Rick Wagoner who was ousted by the Obama administration in March, Fritz Henderson announced his resignation as Director, President and CEO of the company on Tuesday. Henderson will be succeeded...
- Former Gm Ceo Rick Wagoner To Receive $10 Million Retirement Package
The bad news for former GM CEO Rick Wagoner is that the firm's bankruptcy proceedings and the formation of the New GM led to a cut of around 50 percent in his retirement package. The good news for Wagoner is that he is still entitled to a pension...
- Breaking: Gm Receives Another $2 Billion In Goverment Loanns
General Motors announced on Friday that it has received a fresh injection of US$2 billion in emergency funds from the Obama administration as the company strives to avoid what appears be for many analysts, the unavoidable - bankruptcy... The new loan...
- Don't Cry For Me America... Gm's Former Ceo Rick Wagoner To Receive $20m Retirement
While we feel the pain for any basic employee -white or blue collar, doesn't matter- that loses his or her job, somehow we don't feel the same for high-ranking execs. As it was revealed today by ABC News, GM's outgoing CEO Rick Wagoner who...