GM building "strike bank" in preparation for Delphi walk-out
Rick Wagoner,
embattled head of General Motors, appeared on CBS's "Face the Nation" Sunday morning news program, and
confessed that GM is stockpiling parts and complete vehicles in an attempt to protect the automaker in case its
spin-off supplier Delphi decides to strike. Indeed, this comes as little surprise to those who have noted the unusually
large discrepancy between GM first-quarter sales and production figures. Wagoner admits that the strike bank won't do
much, if anything, to keep GM running if indeed Delphi's workers stage a walkout.
In the meantime, word is that Wagoner would have stepped down as CEO had he not received the vote of confidence from GM's board last Monday.
[Source: The Detroit News]
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Reader Comments (Page 1 of 1)
Adam Singer 1:58PM (4/10/2006)
Screw off spammer!
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Corey W. 4:20PM (4/10/2006)
"In the meantime, word is that Wagoner would have stepped down as CEO had he not received the vote of confidence from GM's board last Monday."
Uh, isn't that stretching it a little..... Funny how the term "word is" is always used when no evidence is present.
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Howard Kerr 5:45PM (4/10/2006)
"word is" takes on a new meaning here. Word is...the board of directors at GM is brain dead.
Before I saw this story I was thinking about a similar one on TheTruthAboutCars.com. Basically, it asked who was better for the original GM? Alfred P. Sloan (he came up with the idea of different brands for different segments of the market) or William Durant (he actually tied all the different brands together to make GM)...hope I don't have them backwards. Anyway, the upshot is, money men kept GM going, but at what cost? Mr. Wagoner is keeping GM going, but just barely. Would it even be here now, if a "car guy" had been in charge the last 10 years?
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Eric Bryant 6:13PM (4/10/2006)
Corey, I provided a link - did you at least check it out before posting your comment?
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Tom Rooney 7:02PM (4/10/2006)
Let's see, the "vote of confidence" in sports usually happens just before the manager or coach is fired! I guess if I were Wagoner I would be looking around a bit.
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Tom Rooney 7:03PM (4/10/2006)
Let's see, the "vote of confidence" in sports usually happens just before the manager or coach is fired! I guess if I were Wagoner I would be looking around a bit.
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Corey W. 9:41PM (4/10/2006)
Eric,
Yes, I did check the link, but it didn't indicate Wagoner was going to step down whether the board gave their vote of confidence or not.
There's so much media speculation, rumors...etc. Unless it's a from an interview or official GM press release, it just more speculation.
Now I'm not saying there's no tension, boards of healthy companies rarely have to put out a "vote of confidence" for their management. IMO, between the lines they're saying, there's no plans to alter the relationship Wagoner has with GM, and we're not happy with the speed of the turnaround, but we have "conditional" faith in Wagoner to complete what he started.
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