Autoblog http://www.autoblog.com Autoblog http://www.blogsmithmedia.com/www.autoblog.com/media/feedlogo.gif Autoblog http://www.autoblog.com en-us Copyright 2009 Weblogs, Inc. The contents of this feed are available for non-commercial use only. Blogsmith http://www.blogsmith.com/<![CDATA[REPORT: Wagoner gets $8.2M severance + $74,030 annually w/benefits... for life]]>http://www.autoblog.com/2009/07/15/report-wagoner-gets-8-2m-severance-74-030-annually-w-benefi/http://www.autoblog.com/2009/07/15/report-wagoner-gets-8-2m-severance-74-030-annually-w-benefi/http://www.autoblog.com/2009/07/15/report-wagoner-gets-8-2m-severance-74-030-annually-w-benefi/#commentsFiled under: ,



When Rick Wagoner was forced out of his position as the CEO of General Motors last March, he left with a severance plan that included $22 million paid out over the course of a few years, plus a yearly pension. Just a few months later, The Los Angeles Times is reporting that Mr. Wagoner has worked out a deal with his ex-employer that will "only" pay out $8.2 million, plus $74,030 per year for life, along with health and life insurance plans. Wagoner's retirement becomes official on August 1, at which time he can begin reaping the benefits of his golden parachute.

Wagoner's severance, while greatly reduced, is still worth more money than most Americans will earn in their lifetime, and it will doubtlessly prompt some to once again question big payouts to ex-executives at federally bailed out companies. We wonder if now is a bad time to hit up Wagoner for a low interest loan to help us get into a new Camaro...

[Source: The Los Angeles Times | Image: Bill Pugliano/Getty]

REPORT: Wagoner gets $8.2M severance + $74,030 annually w/benefits... for life originally appeared on Autoblog on Wed, 15 Jul 2009 08:34:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>8.2 mllion8.2MllionCEOgeneral motorsGeneralMotorsgmGM CEOGmCeogolden parachugegolden parachutesGoldenParachugeGoldenParachutesretirementrick wagonerRickWagonerseverencewagonerWed, 15 Jul 2009 08:34:00 EST<![CDATA[BREAKING: GM CEO Wagoner out at Obama's request]]>http://www.autoblog.com/2009/03/29/breaking-ap-says-wagoner-to-step-down-from-gm-immediately/http://www.autoblog.com/2009/03/29/breaking-ap-says-wagoner-to-step-down-from-gm-immediately/http://www.autoblog.com/2009/03/29/breaking-ap-says-wagoner-to-step-down-from-gm-immediately/#commentsFiled under: , ,



Tom Krisher of the Associated Press reports that General Motors CEO Rick Wagoner will step down from his post immediately, based on information given to him from an unnamed source. The news comes on the eve of President Obama's expected announcement of a deadline for General Motors and Chrysler to finalize their restructuring terms or enter government-backed, pre-packaged Chapter 11 bankruptcy. There's no official confirmation from GM at this time. The only announcement the automaker made today was a brief, two-sentence statement in response to the anticipated Obama announcement, saying that they continue to work with the President's automotive Task Force.

The Detroit Free Press reports that the move was specifically requested by the Obama administration as part of the rescue plan that will be announced tomorrow. Wagoner reportedly agreed, and COO Fritz Henderson would appear to be in line to be the new top guy at the RenCen. No official word on that so far, either.

Get ready a big week of auto news, kids. The NY Auto Show just got a whole lot more interesting, too. Stay tuned.

UPDATE: Official message from Rick Wagoner and GM's announcement of Board restructuring after the jump.

[Source: Associated Press, Freep]

Continue reading BREAKING: GM CEO Wagoner out at Obama's request

BREAKING: GM CEO Wagoner out at Obama's request originally appeared on Autoblog on Sun, 29 Mar 2009 18:58:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>breakingGeneral MotorsGeneralMotorsgmrick wagonerrick wagoner firedrick wagoner quitsRickWagonerRickWagonerFiredRickWagonerQuitswagonerSun, 29 Mar 2009 18:58:00 EST<![CDATA[BREAKING: Bush greenlights $17.4 billion Auto Rescue/Bailout package]]>http://www.autoblog.com/2008/12/19/breaking-bush-greenlights-14-7-billion-auto-rescue-bailout-pac/http://www.autoblog.com/2008/12/19/breaking-bush-greenlights-14-7-billion-auto-rescue-bailout-pac/http://www.autoblog.com/2008/12/19/breaking-bush-greenlights-14-7-billion-auto-rescue-bailout-pac/#commentsFiled under: , , ,



President George W. Bush will doubtlessly be remembered for many things things, but his parting legacy may yet be his eleventh-hour pledge of $17.4 billion in low-interest loans to General Motors and Chrysler (Ford Motor Company has said it does not require relief at this time).

The funding will reportedly come from the Troubled Asset Relief Program (TARP), the financial industry bailout package signed off on this fall. Up front, the White House will earmark $17.4 billion in short-term financing for December and January, and in February, another $4 billion will be disbursed, provided it can draw the funds from the second half of TARP's $700 billion.

More details are doubtlessly coming, but the bridge loans appear to hinge largely on whether General Motors and Chrysler are deemed "viable" enterprises by the government. In the terms of the agreement, that means that the automakers must prove whether they have a "positive net present value, taking into account all current and future costs, and can fully repay the government loan." There's no word yet on how they will prove said viability, but we expect to learn more soon. In the meantime, expect for both General Motors and Chrysler to stick to their previous production suspension announcements.

Politico has more specifics on the bailout here.

UPDATE: Press releases from General Motors, Ford and Chrysler have been added after the jump.

[Sources: ABC NEWS, Politico, Photo by Brendan Hoffman/Getty]

Continue reading BREAKING: Bush greenlights $17.4 billion Auto Rescue/Bailout package

BREAKING: Bush greenlights $17.4 billion Auto Rescue/Bailout package originally appeared on Autoblog on Fri, 19 Dec 2008 09:32:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>ABC NewsAbcNewsBailoutBig 3Big3breakingBridge loanBridgeLoanBushChryslerDetroit 3Detroit3General MotorsGeneralMotorsGMLoanMullalyNardelliPoliticoTARPTroubled Asset Relief ProgramTroubledAssetReliefProgramWagonerWhite HouseWhiteHouseFri, 19 Dec 2008 09:32:00 EST<![CDATA[GM's Wagoner heading to Congress in Malibu Hybrid]]>http://www.autoblog.com/2008/12/02/gms-wagoner-heading-to-congress-in-malibu-hybrid/http://www.autoblog.com/2008/12/02/gms-wagoner-heading-to-congress-in-malibu-hybrid/http://www.autoblog.com/2008/12/02/gms-wagoner-heading-to-congress-in-malibu-hybrid/#commentsFiled under: , , , , , , ,


Click above for a high-res gallery of the 2008 Malibu Hybrid

While it won't get him there as quickly (or as luxuriously) as a Gulfstream corporate jet, GM CEO Rick Wagoner will drive to Washington this week in a Chevrolet Malibu hybrid to ask for taxpayer-funded bridge loans. Last month, Wagoner, Ford CEO Alan Mulally and Chrysler LLC CEO Robert Nardelli, all received some serious flak from both lawmakers and the public when they arrived in Washington via three separate private jets while begging for $25 billion in federal money. All are expected to take alternate forms of transportation this time around, with Mulally already announcing plans to drive a Ford Escape Hybrid. Simple math says Wagoner's Malibu hybrid should only burn about 15 gallons of fuel during the 520-mile trek from Detroit to Capitol Hill, costing the automaker about $30 in gasoline (compare that to the estimated $10,000 cost of the jet one-way). It should be quite the road-trip.

[Source: Google/AP]

GM's Wagoner heading to Congress in Malibu Hybrid originally appeared on Autoblog on Tue, 02 Dec 2008 13:57:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>alan mulallyAlanMulallyBailoutDriveGulfstreamrick wagonerRickWagonerrobert nardelliRobertNardelliWagonerWashingtonTue, 02 Dec 2008 13:57:00 EST<![CDATA[Calling for GM bailout may cost Wagoner his job]]>http://www.autoblog.com/2008/11/14/calling-for-gm-bailout-may-cost-wagoner-his-job/http://www.autoblog.com/2008/11/14/calling-for-gm-bailout-may-cost-wagoner-his-job/http://www.autoblog.com/2008/11/14/calling-for-gm-bailout-may-cost-wagoner-his-job/#commentsFiled under: , , ,



General Motors' CEO, Rick Wagoner, who's been manning the helm for the last eight years and a part of its staff since 1977, has taken some heat for asking the Feds for a bailout. A possible condition for those funds may be the symbolic sacrificial death of its current leader, according to a slew of analysts polled by Bloomberg. Whether true of false, there seems to be a sense that the CEOs of U.S. automakers are some of "the dumbest people in the world," according to ex-Chrysler prez. Thomas Stallkamp. Ouch. Ford has stated that it doesn't need a bailout and Chrysler is actively looking for partners to keep itself alive.

In the last few months, when the government has bailed out institutions such as AIG, Fannie Mae and Freddie Mac, one stipulation was that its top management be replaced, and that sentiment may stick around if the Detroit 3 receive packages of their own. Although Wagoner isn't likely to step down willingly, he may not be given the choice if some legislators get their way. Here's an unanswered question, though... who would be the best man to replace him?

[Source: Bloomberg]

Calling for GM bailout may cost Wagoner his job originally appeared on Autoblog on Fri, 14 Nov 2008 16:42:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>automaker bailoutautomaker bailoutsAutomakerBailoutAutomakerBailoutsdetroit bailoutDetroitBailoutgeneral motorsgeneral motors ceoGeneralMotorsGeneralMotorsCeogm bailoutgm ceogm ceo rick wagonerGmBailoutGmCeoGmCeoRickWagonerrick wagonerRickWagonerwagonerFri, 14 Nov 2008 16:42:00 EST<![CDATA[GM's Wagoner to elaborate on business plan tomorrow]]>http://www.autoblog.com/2008/07/14/gms-wagoner-to-elaborate-on-business-plan-tomorrow/http://www.autoblog.com/2008/07/14/gms-wagoner-to-elaborate-on-business-plan-tomorrow/http://www.autoblog.com/2008/07/14/gms-wagoner-to-elaborate-on-business-plan-tomorrow/#commentsFiled under: ,

Rick WagonerGeneral Motors honcho, Rick Wagoner, is holding a 9AM (EST) news conference tomorrow at which he will make an announcement (or announcements?) on what changes the automaker will make as it adjusts to current market conditions. GM's press release has no details beyond that. So, what are we going to hear? The fact that GM is being so nebulous leads us to believe that this will be a significant announcement. Is a brand getting killed? Could we hear of a particular vehicle line getting scrapped? Are there going to be more closings? Will we hear that something new is getting greenlit, like the Chevy Beat? This should be very interesting, and we'll have the news for you tomorrow as soon as it happens.

So, what do you think the big presser's about? Weigh in below and see how right (or wrong) you are tomorrow.

[Source: GM]

GM's Wagoner to elaborate on business plan tomorrow originally appeared on Autoblog on Mon, 14 Jul 2008 17:27:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>market conditionsMarketConditionspress conferencePressConferencewagonerMon, 14 Jul 2008 17:27:00 EST<![CDATA[Says Rick Wagoner: Volt might come in 2010... or it might not]]>http://www.autoblog.com/2008/01/03/says-rick-wagoner-volt-might-come-in-2010-or-it-might-not/http://www.autoblog.com/2008/01/03/says-rick-wagoner-volt-might-come-in-2010-or-it-might-not/http://www.autoblog.com/2008/01/03/says-rick-wagoner-volt-might-come-in-2010-or-it-might-not/#commentsFiled under: , , , ,



Bob Lutz has staked a fair amount of his and GM's reputation on the Volt. Even though he has said since the beginning that the Volt needs battery technology that isn't ready for the mass market yet, he also said that the Volt would go on sale by the end of 2010.

Rick Wagoner, though, in a 50-minute Q&A session with journos and bloggers, said that the Volt launch date is "fluid." Citing, again, the lack of battery technology that the Volt would need, he said, "We continue to put massive resources into production as soon as possible. 2010 would be great, but (we) can't guarantee that at this time. We'll keep you posted regularly on our progress."

GM critics -- like the Toyota rep who called the Volt "vaporware" -- will take this as a sign that GM is waffling. GM supporters will say, correctly, that this doesn't mean the Volt won't come out in 2010 -- it simply isn't assured. We would love to see the Volt appear tomorrow. Short of that, we'd love to see GM get the batteries it needs to deliver the Volt on time.

[Source: Detroit News]

Says Rick Wagoner: Volt might come in 2010... or it might not originally appeared on Autoblog on Thu, 03 Jan 2008 17:57:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>alternative energyAlternativeEnergybob lutzBobLutzchevroletchevrolet voltChevroletVoltchevychevy voltChevyVoltemissionsgmhybridslutzrick wagonerRickWagonervoltwagonerThu, 03 Jan 2008 17:57:00 EST<![CDATA[GM shareholders' meeting: progress, Proton and healthcare]]>http://www.autoblog.com/2007/06/06/gm-shareholders-meeting-progress-proton-and-healthcare/http://www.autoblog.com/2007/06/06/gm-shareholders-meeting-progress-proton-and-healthcare/http://www.autoblog.com/2007/06/06/gm-shareholders-meeting-progress-proton-and-healthcare/#commentsFiled under:

Rick Wagoner had good news to report at GM's shareholder meeting, held yesterday: progress is being made, and the company is on track to shed $2.2 billion in expenses this year. He also said that GM is still in talks with Proton, but that it's "more a possibility for us than a probability." What remain as hot button topics for the year are settling negotiations with the UAW and Delphi to get Delphi out of Chapter 11, and reducing healthcare costs, which amounted to $4.8 billion last year.

Shareholders' proposals, however, didn't fare so well: all ten were voted down. These included setting goals to reduce emissions and improve GM fleet fuel economy, making 75% of an executive's stock options tied to performance, and making an executive repay a bonus if earnings restatements showed they actually hadn't met the claimed benchmark.

[Source: Auto Industry News]

GM shareholders' meeting: progress, Proton and healthcare originally appeared on Autoblog on Wed, 06 Jun 2007 17:34:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>expire-images:2008-6-5general motorsGeneralMotorsgmmeetingrick wagonerRickWagonershareholderwagonerWed, 06 Jun 2007 17:34:00 EST<![CDATA[Cerberus could align GMAC and Chrysler Financial]]>http://www.autoblog.com/2007/05/18/cerberus-could-align-gmac-and-chrysler-financial/http://www.autoblog.com/2007/05/18/cerberus-could-align-gmac-and-chrysler-financial/http://www.autoblog.com/2007/05/18/cerberus-could-align-gmac-and-chrysler-financial/#commentsFiled under: , ,

No one knows yet what Cerberus is going to do with Chrysler. However, the possibilities probably include quite a few things that wouldn't be normally expected in the car business -- such as GMAC and Chrysler Financial working closely together.

Cerberus hasn't made any mention of such, yet -- that comes from GM CEO Rick Wagoner in his first public comments since Cerberus was announced as the winning Chrysler bidder. Cerberus bought 51% of GMAC last year, and now runs Chrysler Financial. Wagoner's comments, however, were very open and non-committal -- specifically, he said "I think it's possible you could see opportunities for Cerberus-owned Chrysler Financial and Cerberus-owned GMAC to seek out opportunities to work together." GM isn't looking for such a tie-up, it is simply open to "potential synergies" should such cooperation be shown to be in everyone's interests. He did appear sure that such a proposal -- for working together -- would be coming in time. If Cerberus did combine the two, it would rule the auto loan market, taking the number one spot from Ford Motor Credit.

[Source: Automotive News, sub req'd]

Cerberus could align GMAC and Chrysler Financial originally appeared on Autoblog on Fri, 18 May 2007 17:17:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>cerberuschryslerfinancialgmgmacrickwagonerFri, 18 May 2007 17:17:00 EST<![CDATA[GM releases pic of production Camaro and a bit more]]>http://www.autoblog.com/2007/04/29/gm-releases-pic-of-production-camaro-and-a-bit-more/http://www.autoblog.com/2007/04/29/gm-releases-pic-of-production-camaro-and-a-bit-more/http://www.autoblog.com/2007/04/29/gm-releases-pic-of-production-camaro-and-a-bit-more/#commentsFiled under: , ,


click above image to view high-res version

General Motors released an image today of GM Chairman and CEO Rick Wagoner, Vice-Chairmen Bob Lutz and Fritz Henderson standing in front of a production clay model of the 2009 Camaro being chiseled. The official caption of the pic refers to the car as a "production clay model", although from what we can see through the pleated pants of these three GM execs, the front end looks exactly the same as the Camaro Concept that first debuted at the 2006 Detroit Auto Show.

What's more interesting, perhaps, is the fuzzy background showing this design studio's wall on which hangs a concept rendering of what appears to be a new Chevy vehicle. Josh Oliver from TheGMSource.com surmises that it's a new rear-wheel drive coupe, possibly a new Monte Carlo or Chevelle. We're not sure from the available evidence that such a claim can be made with any degree of certainty, but it is clear the car on the wall is one we haven't been officially introduced to yet. Any thoughts on its identity? Impala, perhaps? Drop your guess in the comments.

[Source: GM via The GM Source]

GM releases pic of production Camaro and a bit more originally appeared on Autoblog on Sun, 29 Apr 2007 11:05:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>2009 chevrolet camaro2009 chevy camaro2009ChevroletCamaro2009ChevyCamarocamarochevrolet camaroChevroletCamarochevy camaroChevyCamarolutzwagonerSun, 29 Apr 2007 11:05:00 EST<![CDATA[Wagoner cuts pay by 25% to aid turnaround, well kind of]]>http://www.autoblog.com/2007/04/28/wagoner-cuts-pay-by-25-to-aid-turnaround-well-kind-of/http://www.autoblog.com/2007/04/28/wagoner-cuts-pay-by-25-to-aid-turnaround-well-kind-of/http://www.autoblog.com/2007/04/28/wagoner-cuts-pay-by-25-to-aid-turnaround-well-kind-of/#commentsFiled under: ,



When possible, we like to cross-reference stories with other news sources before we report on them, and we've found this to be even more important when the topic at hand is hard data. When we came across a Reuters' story proclaiming that GM CEO Rick Wagoner was taking a 25-percent pay cut beginning in March of this year, a quick search of Google News revealed that, depending on the source, there could be a $370,000 discrepancy - and a possible raise for Wagoner.

[Sources: Bloomberg, Detroit Free Press, Detroit News, GM, Reuters]

Continue reading Wagoner cuts pay by 25% to aid turnaround, well kind of

Wagoner cuts pay by 25% to aid turnaround, well kind of originally appeared on Autoblog on Sat, 28 Apr 2007 11:42:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>ceocompensationgeneral motorsGeneralMotorsgmrickstockwagonerSat, 28 Apr 2007 11:42:00 EST<![CDATA[GM bosses forego bonuses for another year]]>http://www.autoblog.com/2007/03/30/gm-bosses-forego-bonuses-for-another-year/http://www.autoblog.com/2007/03/30/gm-bosses-forego-bonuses-for-another-year/http://www.autoblog.com/2007/03/30/gm-bosses-forego-bonuses-for-another-year/#commentsFiled under: ,

GM's 2006 was so much better than 2005, news agencies in Detroit and around the country were wondering if it would hurt the General in UAW discussions in September. GM did improve greatly in 2006, but the fact remains that they still lost money. That's one big reason General Motors will not be paying out bonuses to its top 20 executive decision-makers. CEO Rick Wagoner, vice chairman Bob Lutz, and company are now at two consecutive years since their last bonus, but somehow we doubt they'll be hurting for cash anytime soon.

[Source: Automotive News (subscription req'd)]

GM bosses forego bonuses for another year originally appeared on Autoblog on Fri, 30 Mar 2007 07:07:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>GMhttp://www.autonews.com/apps/pbcs.dll/article?AID=/20070329/REUTLutzUAWWagonerFri, 30 Mar 2007 07:07:00 EST<![CDATA[When will the madness end? GM's talks to buy Chrysler heat up]]>http://www.autoblog.com/2007/02/19/when-will-the-madness-end-gms-talks-to-buy-chrysler-heat-up/http://www.autoblog.com/2007/02/19/when-will-the-madness-end-gms-talks-to-buy-chrysler-heat-up/http://www.autoblog.com/2007/02/19/when-will-the-madness-end-gms-talks-to-buy-chrysler-heat-up/#commentsFiled under: , , , ,

We were all ready to start this week anew, leaving behind the reports of a supposed sale of Chrysler to General Motors. But alas, that ain't going to happen.

Both the Detroit News and Automotive News came out with stories this morning making it clear that talks between the two automakers are serious and have been going on for some time.

The initial reports about GM sharing its GMT900 truck platform may or may not have been true, but according to Autonews, what's being discussed would go well beyond simply exchanging some engineering for cash.

The high-level talks have been taking place over the course of the past two months, beginning in December, with Rick Wagoner, GM's chairman sitting down with Dr. Z from DCX. The two automaker's CFOs have met on at least four separate occasions to discuss the buyout/merger/absorption, but naturally, both companies have declined to comment.

The Detroit News had some particularly interesting tidbits, including the idea that if GM were to purchase Chrysler, it would no longer exist as a company unto itself. All of Chrysler's brands and products would just become part of GM's overall organization. As an example, Jeep, one of DCX's most valuable brands, might be partnered with HUMMER as the General's off-road arm.

The risk versus reward for GM is tipped further towards disaster than success, with massive cannibalization of products, excessive debt, mismanaged product lines (within both automakers) and we haven't even gotten into the UAW and the catastrophic amount of layoffs that could would take place.

Since we can't encapsulate every morsel of information here, we'd encourage you to read through the Detroit News piece and, if you have a subscription, check out the Automotive News article on the same topic.

[Sources: Detroit News, Automotive News - Sub. Req.]

When will the madness end? GM's talks to buy Chrysler heat up originally appeared on Autoblog on Mon, 19 Feb 2007 03:10:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>absorbDaimlerChryslerdcxdr. zDr.Zgeneral motorsGeneralMotorsGMlayoffsmergeruawwagonerMon, 19 Feb 2007 03:10:00 EST<![CDATA[Rumor of the Day: GM may buy Chrysler Group]]>http://www.autoblog.com/2007/02/14/rumor-of-the-day-gm-may-buy-chrysler-group/http://www.autoblog.com/2007/02/14/rumor-of-the-day-gm-may-buy-chrysler-group/http://www.autoblog.com/2007/02/14/rumor-of-the-day-gm-may-buy-chrysler-group/#commentsFiled under: , , , ,



Take this for what it is, a rumor about which General Motors and DaimlerChrysler have refused to comment. According to a report today in German magazine Manager Magazin, DaimlerChrysler is in talks to sell its Chrysler Group division to GM. The magazine cites sources within DaimlerChrysler as saying that talks are in full swing but at an early stage. Dieter Zietsche, CEO of DaimlerChrysler, refused to comment on the report when asked at this morning's press conference where the company's Recovery and Transformation plan, a.k.a. Project X, was announced.

So neither side is talking about whether such talks exist, which leads one to speculate that there's some truth to these rumors. GM, however, would not seem to be in a position to purchase a rival domestic automaker with numerous competing products considering that it's just beginning to emerge from its own turnaround and restructuring plan. What's more, we can't imagine the complexities GM would encounter trying to absorb Chrysler's union workforce.

We bet DaimlerChrysler and GM are talking about something, but wouldn't put money on the subject being the wholesale purchase of the Chrysler Group.

Thanks to all who tipped on this!

[Source: Yahoo.biz]

Rumor of the Day: GM may buy Chrysler Group originally appeared on Autoblog on Wed, 14 Feb 2007 15:54:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>buychryslerGMmergemergersalesellwagonerzetscheWed, 14 Feb 2007 15:54:00 EST<![CDATA[Charlie Gibson hosting World News Tonight from Detroit this week]]>http://www.autoblog.com/2007/01/29/charlie-gibson-hosting-world-news-tonight-from-detroit-next-week/http://www.autoblog.com/2007/01/29/charlie-gibson-hosting-world-news-tonight-from-detroit-next-week/http://www.autoblog.com/2007/01/29/charlie-gibson-hosting-world-news-tonight-from-detroit-next-week/#commentsFiled under:



Charlie Gibson and the crew from ABC's World News Tonight will be rolling into Motown next this week to tape the show from Detroit tonight and Tuesday. Clearly the state of the auto industry in the U.S. is national news, and where better to report on it than the epicenter of Detroit? Both Ford CEO Alan Mulally and GM CEO Rick Wagoner will be on the show Monday, hopefully together, which will make for some very interesting dinner conversation when the show airs at 6:30PM. Gibson will be broadcasting the show from Ford's Rouge assembly plant, which is a historic landmark in the history of the auto industry. For those who live in Detroit, Gibson will also moderate a "town hall meeting on the state of the automotive industry" live on WXYZ, an ABC affiliate station in Detroit. It'd be cool if someone tech savvy in Detroit could TiVo that bad boy and throw it up on YouTube or Netscape, as we'd be interested to hear what unscripted people have to say.

[Source: Mediabistro via Jalopnik]

Charlie Gibson hosting World News Tonight from Detroit this week originally appeared on Autoblog on Mon, 29 Jan 2007 13:58:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>charlie gibsonCharlieGibsondetroitmulallyrougewagonerworld news tonightWorldNewsTonightMon, 29 Jan 2007 13:58:00 EST<![CDATA[Detroit Auto Show: A conversation with Jill Lajdziak]]>http://www.autoblog.com/2007/01/14/detroit-auto-show-a-conversation-with-jill-lajdziak/http://www.autoblog.com/2007/01/14/detroit-auto-show-a-conversation-with-jill-lajdziak/http://www.autoblog.com/2007/01/14/detroit-auto-show-a-conversation-with-jill-lajdziak/#commentsFiled under: , ,

Saturn General manager Jill Lajdziak

Saturn general manager Jill Lajdziak's enthusiasm for her brand is infectious. And really, who can blame her? The charismatic and ebullient Ms. Lajdziak is at the helm of a brand that's critical to GM's product-based turnaround plan and which has seen its entire lineup overhauled over a very short timeframe. It's paying off, too. The day before we interviewed her, the Saturn Aura won the North American Car of the Year Award -- beating out both the Honda Fit and Toyota Camry. We aren't necessarily surprised about that -- we raved about the Aura XR that paid a visit to Autoblog Garage last year. Aura's just one part of the story, though.

It's joined by a compelling new crossover in Outlook, a legitimate halo car in the Sky, and will soon see the dated Vue replaced by a stylish replacement courtesy of sister brand Opel. To top it all off, next month in Chicago Jill will pull the wraps off the Saturn Astra hatchbacks. Saturn is a very serious player in multiple segments now, but Jill Lajdziak hasn't lost sight of the brand's roots, either. Read on as she tells us what it's like to oversee such a drastic brand reinvention and how she plans to carry Saturn's existing customers into the new era while winning over new converts who haven't perhaps considered the brand before.

The first question and answer can be found below. Follow the jump for the interview in its entirety.

Jill Lajdziak -- Division General Manager, Saturn
North American International Auto Show
January 8, 2007

Autoblog: Obviously you won the North American Car of the Year award yesterday. Was it unexpected for you? How surprised were you to get that?

Jill Lajdziak: Well, you know what? Tough competition. And so to win versus two very key competitors in the marketplace, we couldn't be more honored. We weren't surprised -- we know we've got a great product on our hands -- but it ultimately comes down to the voting. And I think what makes this award really coveted and really special is it's done by 47 jurors, 47 auto journalists. We have high respect for them, they're the best at what they do, writing about cars and trucks, they evaluate product every day, all manufacturers 365 days a year. They have voted and the have obviously named the Saturn Aura the Car of the Year. We couldn't be more thrilled. And because of that, it's not just one person's opinion, but it's 47 opinions and that's a good endorsement for this brand and it's a great recognition for the kind of product we've brought forward to the marketplace.

Continue reading Detroit Auto Show: A conversation with Jill Lajdziak

Detroit Auto Show: A conversation with Jill Lajdziak originally appeared on Autoblog on Sun, 14 Jan 2007 10:37:00 EST. Please see our terms for use of feeds.

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We've just finished watching the coverage of a press conference held outside the White House following the president's meeting with General Motors CEO Rick Wagoner, Ford CEO Alan Mulally and Chrysler Group CEO Tom LaSorda. We attempted to watch the press conference live on Fox News, CNN and CNN Headline News, but each channel only allowed Rick Wagoner, the first of the three CEOs who grabbed the mic, about 30 seconds of uninterrupted air time. After that we got an earful of pointless and shallow commentary from no-name TV face jockeys who merely ran down the meetings itinerary rather than letting the men talk. Ugh. News channels suck.

Anyway, the gist of the meeting was that the president listened to the Big Three's concerns with an open ear, but offered no commitments that the government would jump to action on any of their points. The meeting's main talking points included energy security, the competitiveness of U.S. manufacturing, health care costs, the weak value of the yen and the rising cost of raw materials like steel. For all of the hoopla over this meeting finally taking place after two postponements, we're surprised that more didn't come of it. Although, considering how big this president is on the free market economy, the three gentlemen from Detroit should have known right from the start that our Commander in Chief would just order them to build better cars that people want to buy. If only it were that simple.

Click on through for a joint statement by General Motors, Ford and The Chrysler Group that was released immediately following the press conference. Feel free to discuss the finer points of government and civic duty in the comments, but keep it civil yourselves.

Continue reading Bush meets with Big Three, has open ear but no commitments

Bush meets with Big Three, has open ear but no commitments originally appeared on Autoblog on Tue, 14 Nov 2006 14:45:00 EST. Please see our terms for use of feeds.

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Rick Wagoner may have won the Renault-Nissan battle, but the boardroom wars are far from over for General Motors' beleagured chief executive. Wall Street analysts are telling investors to brace themselves for a lengthy and bitter fight for control of the company's board of directors, led by dissident shareholder Kirk Kerkorian.

Kerkorian's right hand man in his GM adventure, Jerry York, resigned last week from the GM board, saying in his resignation letter that the board environment made it hard for directors to challenge management and that GM should have brought in advisers for the board to evaluate independently the potential benefits of an alliance with Renault and Nissan.

York is set to make another presentation to GM investors at the end of the month, this time in Las Vegas. His last such presentation, this January in Detroit, was scathingly critical of GM's turnaround strategy, and after his stint on the board, we can expect him to fire a new salvo with fresh ammunition.

Kerkorian, meanwhile, is expected by some analysts to be preparing for a proxy fight to shift the balance of power in GM's board and ultimately give Rick Wagoner the boot.

[Source: Reuters]

Board battle looming at GM? originally appeared on Autoblog on Tue, 10 Oct 2006 08:02:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>jerry yorkkerkoriankirk kerkorianrick wagonerwagoneryorkTue, 10 Oct 2006 08:02:00 EST<![CDATA[What went wrong? Analysis of GM/Renault-Nissan talks]]>http://www.autoblog.com/2006/10/04/what-went-wrong-analysis-of-gm-renault-nissan-talks/http://www.autoblog.com/2006/10/04/what-went-wrong-analysis-of-gm-renault-nissan-talks/http://www.autoblog.com/2006/10/04/what-went-wrong-analysis-of-gm-renault-nissan-talks/#commentsFiled under: ,


UPDATE: They Speak! Official release addressing dissolution of talks after jump.


We're now awaiting official word from Renault (it came, see after jump) concerning the break off of talks between the automaker, its alliance partner Nissan, and General Motors. While we're waiting, we thought you'd be interested in a few more details that are perhaps pertinent to figuring out why these three-month long exploratory talks ended abruptly with less than two weeks to go.

The WSJ reports that GM chief Rick Wagoner and head of Nissan and Renault Carlos Ghosen spoke on the phone this morning and agreed the two sides were not seeing eye-to-eye on the value of an alliance. GM basically put the question to the other side, "What's it worth to you?"

The largest single sticking point seems to be GM's demand that Nissan-Renault pay a "control premium" if it purchased 20-percent of the General's stock. GM believed that since Renault-Nissan would make out like a bandit if such an alliance were to happen, that the Franco-Japanese automaker should make a lump payment to GM to make up the difference and equalize everyone's interests. The two sides couldn't come to an agreement on how much additional coin Renault-Nissan should cough up for the pleasure of doing business with GM, so that's when the party ended.

Yesterday GM gave us a big indication that the alliance wouldn't happen when the board of directors made amendments to the company's bylaws that will make it difficult for a single shareholder to rally other shareholders and influence management. That's exactly what billionaire investor Kirk Kerkorian did to start this whole GM/Renault-Nissan business, and yesterday the board made it so that such a move by a single share holder would be much more difficult in the future. Clearly GM management did not appreciate being manhandled into this situation, which probably spelled its doom from the get-go.

In the end, this whole business seems to have turned out to be a big waste of time. Though Mr. Kerkorian believed he was acting in the best interest of the company in which he owns a 9.9-percent stake, perhaps he should sit down now and let the real auto executives do their jobs. GM is beginning to finally show signs of life and distractions are the last thing its management needs.

[Source: WSJ, Detroit News, Reuters]

Continue reading What went wrong? Analysis of GM/Renault-Nissan talks

What went wrong? Analysis of GM/Renault-Nissan talks originally appeared on Autoblog on Wed, 04 Oct 2006 14:43:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>allianceghosnkerkorianmergerrenaultwagonerWed, 04 Oct 2006 14:43:00 EST<![CDATA[Report: GM and Renault/Nissan end talks]]>http://www.autoblog.com/2006/10/04/report-gm-and-renault-nissan-end-talks/http://www.autoblog.com/2006/10/04/report-gm-and-renault-nissan-end-talks/http://www.autoblog.com/2006/10/04/report-gm-and-renault-nissan-end-talks/#commentsFiled under: ,



The Wall Street Journal is reporting that talks between General Motors and Renault/Nissan have ended. The news comes from an unnamed person familiar with the situation, which could be the guy that fills the water glasses on the conference table, and Renault so far is refusing to comment. We do know that the board of General Motors met yesterday, presumably to discuss what had been learned from 90 days of exploratory talks held behind closed doors between GM and Renault/Nissan. The domestic giant, however, made no statements following the board meeting and is so far mum on the WSJ report, as well.

The WSJ's source says that the chief executives of both companies, one Mr. Rick Wagoner and one Mr. Carlos Ghosn, terminated the talks themselves. Thus, if this report is true, then any possibility of an alliance forming between General Motors and Renault/Nissan is gone.

Word has it that Mr. Ghosn stopped for a Coney's chili dog in Dearborn on his way out of town, though. Hmmm... (We're kidding, we know for a fact chili gives Carlos gas.)

[Source: the WSJ via Reuters]

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Report: GM and Renault/Nissan end talks originally appeared on Autoblog on Wed, 04 Oct 2006 12:33:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>allianceghosnmergerwagonerWed, 04 Oct 2006 12:33:00 EST