GM CEO Wagoner to step down immediately

[babylonsister]

Anonymous source here, so you be the judge.

http://www.salon.com/wires/ap/business/2009/03/29/D977U5TO1_gm_wagoner/index.html

AP Source: GM CEO Wagoner to step down immediately
By TOM KRISHER Associated Press Writer


Mar 29th, 2009 | 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.

[HelenWheels]

1. And what parting gifts will he walk away with

If you're a CEO even if you fail they seem to reward you with out standing prizes

[bluestateguy]

2. I wonder if this pig will take a bonus

nt

[blue_onyx]

6. Probably not...he doesn't work for Wall Street

If someone from an auto company tries to leave with a bonus, there would be an angry mob after him/her.

[Idealism]

3. This is more likely real for this reason:

If it were fake, it would be done on Monday morning to stir the market- not on a Sunday when everything is closed.

[Wiley50]

4. Obama asked him to step down. Now if he would just continue with the investment banks

Leaving the slime that created this mess at the controls is a huge slap in our face along with the billions those banks are getting.

But then they have different standards for Wall street. Nobody asked them if they took corporate jets to the hearings

[blue_onyx]

8. I don't think the Wall Street CEOs were asked ANY questions

I read last week that not only do the Wall Street CEO get to stay, Citibank will be put in charge of working with GM/Chrysler to decide how to use their loans. The Wall Street double standards is insane.

[ellenfl]

5. with a 17.4 bn golden parachute, perhaps? eom

[auntAgonist]

7. Detroit Free Press

http://www.freep.com/article/20090329/BUSINESS01/90329035/Source++GM+s+Wagoner+to+step+down+as+part+of+Obama+auto+plan

WASHINGTON -- General Motors Corp. Chairman and Chief Executive Richard Wagoner will step down immediately as part of President Barack Obama's aid plan for the automaker, a person familiar said today.
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The unexpected move by Wagoner, who has served as chief executive for eight years and worked at GM for more than three decades, comes just ahead of a rollout of the terms under which Obama will extend more aid to GM and Chrysler.

Wagoner was asked by the administration to step aside, and agreed to leave. It was not clear who would replace him; chief operating officer Fritz Henderson would appear to be the most likely candidate.

GM declined to comment.

[babylonsister]

9. abc just announced, too. Guess it's true. The admin asked him to. nt

[Windy]

13. My brother in law is VERY high up at GM. This will be a WELCOME move!

This is what the technical types wanted. He was an impediment to growth and innovation.

[TahitiNut]

10. If Fritz Henderson takes over, we can kiss GM goodbye.

GM has been fucked royally by the MBA types ... arbitrage and brokering WITHOUT operations and engineering expertise.

[babylonsister]

15. cnn just announced Henderson will be stepping in in the interim. nt

[Fire1]

11. I'm sure Wagoner was happy to oblige.

[Thrill]

12. Word is the Obama administration asked him to resign and he did

[Mike 03]

14. My guess is he may have been asked to; an offer he couldn't refuse.

I was not in favor of him being asked or forced to resign, for the record.