Gm Execs….YOUR FIRED!!

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The Obama administration asked Rick Wagoner, the chairman and CEO of General Motors, to step down and he agreed, a White House official said.

Obama and his aides may have honed in on Wagoner for two reasons. First, his company is asking for the most in total federal aid: $26 billion, a figure administration officials fear could grow even larger. Second, the GM chief was tied more directly to the ill-fated decisions that that brought much of the American auto industry to the brink of collapse. Wagoner joined GM in 1977, has had a senior role in GM management since 1992, and became CEO of the company in 2000. He is considered responsible for increasing GM’s focus on trucks and SUVs—at the expense of the hybrids and fuel efficient cars that have become more popular in the last couple of years.

Wagoner has been in charge of GM for over thirty years. It is not yet clear who would replace him, or what role the administration would play in that process.

The BBC reported that Wagoner was popular among GM employees and reporters. However, it cites that he lacked the “ruthless streak needed to make the tough decisions required to bring GM back from the brink of bankruptcy.” [17]

On March 29, 2009, Wagoner agreed to immediately resign his position as GM Chairman and CEO, as part of an Obama administration automotive restructuring plan to be announced on March 30.

Wagoner is a member of the boards of trustees of Duke University, Detroit Country Day School, the Board of Dean’s Advisors of the Harvard Business School, and the Board of Directors of Catalyst[18]. He is a member of The Business Council, The Business Roundtable, Detroit Renaissance Executive Committee, and the Secretary of Energy Advisory Board.

The full article can be found at http://www.politico.com/news/stories/0309/20625.html

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