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Ex-Nazi
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2,213 Posts
Discussion Starter · #1 ·
Yahoo! News said:
AP Source: GM CEO Wagoner to step down immediately

DETROIT – A person with knowledge of General Motors' plans says Rick Wagoner will step down immediately as chairman and chief executive of the struggling Detroit automaker.

The person asked not to be identified because Wagoner's plans have not been formally announced.

The move comes on the eve of President Obama unveiling his plan to reinvigorate the U.S. auto industry. Obama and other administration officials have said they would demand deeper restructuring from General Motors Corp. and Chrysler LLC before they would get any more government loans.

Both companies are living on a total of $17.4 billion in federal aid.
Maybe they told him it's time to move on sucka.
 

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Doesnt know jack shit
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3,680 Posts
All the Ceo's and major board members need to be kicked out of the companies wanting federal aid and replaced by people who are paid no more than 500k a year, no bonuses till they show a profit again and no lavish business trips...time to go back to blue collar hard working times folks!
 

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LSX EVERYTHING
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7,517 Posts
All the Ceo's and major board members need to be kicked out of the companies wanting federal aid and replaced by people who are paid no more than 500k a year, no bonuses till they show a profit again and no lavish business trips...time to go back to blue collar hard working times folks!
+1

I gotta tell ya, champagne sipping, Armani suit wearing, Limo cruising, "hard working" CEO's make me throw up in my mouth.
How the fuck can someone spend so much money on lavish material BS when half the world eats 2 slices of bread and a cup of water everyday? :banghead:
 

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NONE OF IT
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4,333 Posts
+1

I gotta tell ya, champagne sipping, Armani suit wearing, Limo cruising, "hard working" CEO's make me throw up in my mouth.
How the fuck can someone spend so much money on lavish material BS when half the world eats 2 slices of bread and a cup of water everyday? :banghead:
You're starting to sound like a communist.
 

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9 Second Street Machine
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5,127 Posts
I heard form a guy one time in a leadership seminar that said the very 1st thing he does when hired to fix a failing company is fire the top brass. He stated people often ask him whether he checks things out 1st and he replies no. He stated if the leadership did not need replacing then the company would not be failing. They are gone. Plain and simple. Immediately. No questions asked.

Interesting perspective.
 

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Ex-Nazi
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2,213 Posts
Discussion Starter · #6 ·
I disagree. Especially in the modern economy and modern unions, modern healthcare and insurance costs. All can drag a company down whether the leadership can help it or not.

A lot of people villify executives thinking they are just golf playing fat cats with Scotch bars and leather furniture in their offices. More than likely most of the folks saying that have no idea what it means to have real responsibilities in their job and a) the welfare of dozens or thousands of employees on their hands or b) having to deal with regulators and government agencies or c) stockholders that simply want a return on their investment, no questions asked. The higher you go in a company, the more stressful and important a job is (Scott you can attest to that). I don't see a problem with executives making into the millions of dollars a year, depending on the company size.

What I do disagree with are blatant misuses of power and misappropriations of corporate money. Spending 5 grand to fly the company jet to a meeting in Sacramento isn't wrong. Spending 5 grand on a round of corporate spa treatments is.
 

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LSX EVERYTHING
Joined
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7,517 Posts
A lot of people villify executives thinking they are just golf playing fat cats with Scotch bars and leather furniture in their offices. More than likely most of the folks saying that have no idea what it means to have real responsibilities in their job and a) the welfare of dozens or thousands of employees on their hands or b) having to deal with regulators and government agencies or c) stockholders that simply want a return on their investment, no questions asked.
I hope you don't think I am one of these people.
Tell me. What do you do Omar?
 

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Ex-Nazi
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2,213 Posts
Discussion Starter · #8 ·
I'm talking about Joe the assembly line worker or Jenny the accountant working for these big corporations. They put in their 8-10 hours a day at 50+ dollars an hour and go home. They generally don't have to worry about the energy usage of their machines or the exhaust from the generators or waste processing from their factory or EPA or SEC regulators or the fate of thousands of other employees and dozens or even hundreds of other companies contractually linked to theirs along with their own employees...they turn the wrenches or punch the numbers for the day and collect the paycheck. Hell yes they deserve their respect, hell yes they deserve every goddamn penny they've worked for. However, they fail to see the other side of the coin in this type of situation.

I don't mean you in particular, I don't know what you do for a living nor do I care to.
 

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Ex-Nazi
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2,213 Posts
Discussion Starter · #10 ·
Looks like Obama made him do it.

DETROIT – Time and time again, General Motors Corp.'s board of directors reaffirmed its support for Chairman and CEO Rick Wagoner, even as the company piled up billions of dollars in losses and begged for government loans to stay alive.

But Wagoner is now a high-profile casualty of government intervention, forced out as part of the Obama administration's sweeping last-ditch effort to save the century-old auto giant.

Wagoner, 56, who spent 32 years with GM working all over the world, stepped down effective immediately, the company said in a statement early Monday. He was replaced as CEO by Fritz Henderson, the company's vice chairman and chief operating officer.

GM board member Kent Kresa, a former chairman and CEO of Northrop Grumman Corp., was named interim chairman and said new directors will make up the majority of GM's board when a new slate is nominated for election at the company's annual meeting in August.

"The board has recognized for some time that the company's restructuring will likely cause a significant change in the stockholders of the company and create the need for new directors with additional skills and experience," Kresa said in a written statement.

The management shake-up, according to several industry analysts, shows that the administration is serious about forcing GM to change more quickly and dramatically than it did during Wagoner's nearly nine-year tenure as CEO.

Jeremy Anwyl, chief executive of the automotive Web site Edmunds.com, called the move "political theater" to appease an increasingly bailout-weary public.
 
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