GM CEO Wagoner to step down at White House request

[Americanhero1]

DETROIT – General Motors Corp. Chairman and CEO Rick Wagoner will step down immediately at the request of the White House, administration officials said Sunday. The news comes as President Obama prepares to unveil additional restructuring efforts designed to save the domestic auto industry.

The officials asked not to be identified because details of the restructuring plan have not yet been made public. On Monday, Obama is to announce plans to restructure GM and Chrysler LLC in exchange for additional government loans. The companies have been living on $17.4 billion in government aid and have requested $21.6 billion more.

Wagoner, 56, joined the company in 1977, serving in several capacities in the U.S., Brazil and Europe. He has been chairman and chief executive since May 1, 2003.

Obama said Sunday that GM and Chrysler and all those with a stake in their survival need to take more hard steps to help the struggling automakers restructure for the future.

In an interview with CBS' "Face the Nation" broadcast Sunday, Obama said the companies must do more to receive additional financial aid from the government.

"They're not there yet," he said.

A person familiar with Obama's plans said last week they would go deeper than what the Bush administration demanded when it approved the initial loans last year.

Wagoner's departure indicates that more management changes may be part of the deal. Wagoner has repeatedly said he felt it was better for the company if he led it through the crisis.

Wagoner, in an interview with The Associated Press in December, declined to speculate on suggestions from some members of Congress that GM's leadership team should step down as part of any rescue package.

"I'm doing what I do because it adds a lot of value to the company," Wagoner said in a Dec. 4 interview as GM sought federal aid from the Bush administration. "It's not clear to me that experience in this industry should be viewed as a negative but I'm going to do what's right for the company and I'll do it in consultation with the (GM) board (of directors)."
http://news.yahoo.com/s/ap/gm_wagoner

[cjd]

I am very disappointed to see Wagoner go. He really tried his best to change things over at GM and he does know his business. It really is a big loss for GM because he will most likely be replaced with a bean counter and yes man to the shvartza administration. I honestly believe that with Wagoners departure any hope of a restructured viable GM are gone also. Things will be done to prolong the demise but in the end the government will force GM to do so many crazy things the cars they produce will not appeal to the public. The news just gets worse and worse I really think America is in for one hot summer concerning the economy.

[Confederate Kahanist]

I am very disappointed to see Wagoner go. He really tried his best to change things over at GM and he does know his business. It really is a big loss for GM because he will most likely be replaced with a bean counter and yes man to the shvartza administration. I honestly believe that with Wagoners departure any hope of a restructured viable GM are gone also. Things will be done to prolong the demise but in the end the government will force GM to do so many crazy things the cars they produce will not appeal to the public. The news just gets worse and worse I really think America is in for one hot summer concerning the economy.

I don't know to much about Wagoner though the government should stay out of the US auto industry and just let it fail.

[nessuno]

Do you the animals in the White House will step down at the people's request?

[Confederate Kahanist]

Do you the animals in the White House will step down at the people's request?

I think you mean to say"Do you the animals in the White House will step down at the people's request?"  I think the animals in the white house wont step down at the people request though will stay there at the request of the elite and the multinational corporations. 

[landline]

This is very disturbing and feels like the beginning of fascism. Obama is the is engaged in a powergrab!

[nessuno]

Do you the animals in the White House will step down at the people's request?

I think you mean to say"Do you the animals in the White House will step down at the people's request?"  I think the animals in the white house wont step down at the people request though will stay there at the request of the elite and the multinational corporations. 

Thank You, Chad.
 

[ag337]

So, let me see if I understand this correctly.

The President of the U.S.A. can now fire CEOs.

Welcome to Obama's version of "hope and change" in America.

[HiWarp]

So, let me see if I understand this correctly.

The President of the U.S.A. can now fire CEOs.

Welcome to Obama's version of "hope and change" in America.

He can if the CEOs company got bailout money.  By the way, that's only the beginning.  Wait until our illustrious president decides that he has the power to dictate what companies that are "too important to fail" can and can't do despite whether or not they received bailout money.

[RanterMaximus]

I will never buy a GM automobile ever again.  Obama is a megalomaniac.  Sadly, this country is so far gone that he can do whatever he pleases.

[briann]

THIS IS SOCIALISM!!!   NO POLITICIAN should have the right to tell businesses who to hire and who to fire.  This is WRONG!!!!

[cjd]

THIS IS SOCIALISM!!!   NO POLITICIAN should have the right to tell businesses who to hire and who to fire.  This is WRONG!!!!

The shvartza's first few months in office seem like a carbon copy of Hitler's rise to power. All anyone has to do is read the first few chapters of an old book called The Rise and Fall Of The Third Reich by William L. Shirer to see this!

[Abben]

THIS IS SOCIALISM!!!   NO POLITICIAN should have the right to tell businesses who to hire and who to fire.  This is WRONG!!!!

I was going to post the same thing!. Since when can an elected official tell someone they have to step down?

[HiWarp]

THIS IS SOCIALISM!!!   NO POLITICIAN should have the right to tell businesses who to hire and who to fire.  This is WRONG!!!!

I was going to post the same thing!. Since when can an elected official tell someone they have to step down?

Umm, since the American people fell for
the brainwashing and propaganda of the news media,
the class warfare cry of the Democratic party,

and elected a socialist executive and legislators,

and the company took a bailout instead of declaring bankruptcy and using the opportunity to restructure.