Autoblog

Bill proposes U.S. sell GM stock to fund Delphi retiree pensions

Scott Burgess — Tue, 18 Sep 2012 07:59:00 EST

Filed under: GM, Earnings/Financials, UAW/Unions

A new proposal to sell $1 billion of government-held General Motors stock to help restore Delphi white collar retirees pensions was balked at by one group attempting to build up the underfunded pension.

The Delphi Salaried Retires Association has said it would prefer to reestablish its pension fund through other methods than selling government stock. Den Black, chairman of the association, said the organization would prefer to refund the pension without using taxpayer money or undergo the slow legislative process. However, Ohio Senator Sherrod Brown (D-OH) was still planning to introduce the bill to help get money for the pension.

In any case, the retiree pension fund will need an infusion it is to meet its original obligation. When the supplier went into bankruptcy in 2005, it ended up leaving 21,000 nonunion retirees with a billion dollar shortfall. The pension was moved into government hands and many retirees have still not received their pension checks.

Bill proposes U.S. sell GM stock to fund Delphi retiree pensions originally appeared on Autoblog on Tue, 18 Sep 2012 07:59:00 EST. Please see our terms for use of feeds.

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GM takes final step to eliminate pension plans, switch entirely to 401Ks

Jeremy Korzeniewski — Thu, 16 Feb 2012 16:00:00 EST

Filed under: Government/Legal, Hirings/Firings/Layoffs, GM, Earnings/Financials

General Motors will freeze the defined benefit pension plans of 19,000 workers on Sept. 30, 2012, shifting them instead into 401(k) plans. Affected workers were all hired before 2001 and are salaried employees. Hourly workers are not affected by this change.

Because the retirement plans will be frozen, contributions will no longer be accepted into them; however, any funds contributed prior to that date will remain intact and will be paid out upon the worker's retirement.

GM has hired around 7,000 salaried employees since 2001, but these workers will not be affected because they were entered into a 401(k) plan right off the bat in lieu of the old pension program. CNN reports GM made the switch to shift investment liabilities from the company its employees.

General Motors has announced its full-year earnings for 2011, and by nearly all measures performed extremely well. Apparently, though, its old pension plan remains 88-percent underfunded, and it remains to be seen how the company will deal with that issue.

GM takes final step to eliminate pension plans, switch entirely to 401Ks originally appeared on Autoblog on Thu, 16 Feb 2012 16:00:00 EST. Please see our terms for use of feeds.

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President and CEO Jan Åke Jonsson retires as Saab signs deals in China, Russia and declares 2010 earnings

Chris Shunk — Fri, 25 Mar 2011 10:29:00 EST

Filed under: Hirings/Firings/Layoffs, Saab

Saab CEO Jan Åke Jonsson has announced that he will retire from the company effective May 19th. The 59-year-old CEO, who has lead the Swedish automaker for six years, will be available to assist the automaker through September.

Jonsson isn't exactly leaving Saab when the company is the best of health, with soft sales and a meager balance sheet. Jonsson's true legacy with the company is his dogged determination to keep the automaker afloat through its tumultuous sale from General Motors. After fighting to keep the brand alive, Jonsson then went to work on reviving an aging product lineup.

Jonsson's announcement also included a bit of news. "I am convinced that Saab is on the right track toward replacing the entire product portfolio by October 2012," adding that the new 9-3 will go on sale around that time. Saab chairman Victor Muller will take over as CEO until a suitable replacement is found.

Alongside this news, Saab officially announced its 2010 earnings. The automaker lost €140 million for the year, or $197 million USD based on current exchange rates. However, Saab did manage to sell 32,048 units in 2010, an increase of 53 percent compared to the 20,905 moved produced in 2009.

Saab also announced deals with Russian and Chinese exporters, giving the automaker the ability to increase sales volume due to access in a pair of emerging markets. Hit the jump for Saab's prolific press blast.

[Source: Saab | Image: Olivier Morin/AFP/Getty]

Continue reading President and CEO Jan Åke Jonsson retires as Saab signs deals in China, Russia and declares 2010 earnings

President and CEO Jan Åke Jonsson retires as Saab signs deals in China, Russia and declares 2010 earnings originally appeared on Autoblog on Fri, 25 Mar 2011 10:29:00 EST. Please see our terms for use of feeds.

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GM board member Kresa retiring, led automaker as interim chairman last year

Zach Bowman — Wed, 04 Aug 2010 18:01:00 EST

Filed under: Hirings/Firings/Layoffs, GM

General Motors board member Kent Kresa has reached the ripe old age of 72, and as such, he is no longer eligible for re-election to the company's controlling body.

Kresa originally came to GM after retiring from Northrop Grumman Corp. where he helped lead the aviation giant through troubled waters of its own. Kresa joined 'old GM' in 2003 and served on the board until the company's bankruptcy in 2009. You might best recall that Kresa stepped into the chairman slot left vacant when former CEO Rick Wagoner left the company just prior to The General entering into Chapter 11. When 'new GM' formed its board, the executive was there to lend his experience in leading a company through difficult financial decisions.

Kresa was also instrumental in bringing in a wide array of new talent onto the GM board, including the company's 13th board member, Cynthia Tulles. Don't expect Kresa to be spending his days playing shuffleboard, though. He also serves on a number of other corporate boards, including Fluor Corp in Irving, Texas and MannKind Corp in Valencia, California. Hit the jump for the GM press release.

[Sources: General Motors, The Detroit News]

Continue reading GM board member Kresa retiring, led automaker as interim chairman last year

GM board member Kresa retiring, led automaker as interim chairman last year originally appeared on Autoblog on Wed, 04 Aug 2010 18:01:00 EST. Please see our terms for use of feeds.

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Pat Schiavone, Ford Flex and F150 designer, resigns

Jonathon Ramsey — Sun, 20 Dec 2009 14:11:00 EST

Filed under: Etc.

Patrick Schiavone, Ford's design director for trucks and crossovers, is leaving The Blue Oval. In his 21 years with the company, Schiavone has penned and helped develop Fords both naughty and nice: the last two F-150s; the Flex; Expedition; Cougar; Focus; Lincoln Navigator and Blackwood; the Mighty F-350 TONKA and Ford F-150 Lightning Rod concept trucks; and the Contour show car.

His inkwell is likewise responsible for the 1994 Ford Mustang, the car that did the phoenix routine on the pony car line. It's an impressive resume, and is probably why he "received a great job opportunity outside the auto industry." His last day at the office will be sometime early next year.

[Source: Inside Line]

Pat Schiavone, Ford Flex and F150 designer, resigns originally appeared on Autoblog on Sun, 20 Dec 2009 14:11:00 EST. Please see our terms for use of feeds.

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REPORT: Trio of top Toyota execs to retire

Jonathon Ramsey — Sat, 19 Dec 2009 09:08:00 EST

Filed under: Hirings/Firings/Layoffs

Departing Toyota VPs Steve Sturm, Dave Danzer, Irv Miller

According to Automotive News, three of Toyota's group vice presidents will be leaving the company in less than sixty days. Steve Sturm, 28 years with the company, oversaw strategic research and planning for the Americas as well as corporate communications. Dave Danzer is a 24-year veteran and headed strategic and product planning. Environmental and public affairs were headed by Irv Miller, who's been a Toyota associate for 29 years.

Long-tenured group VPs don't generally just get up and leave, especially not in unison, so we assume their departures are not a surprise inside the company. Still, we imagine it's a blow, and there's probably more than one Toyota higher-up singing, "You picked a fine time to leave me, Lucille..."

[Source: Automotive News - Sub. Req.]

REPORT: Trio of top Toyota execs to retire originally appeared on Autoblog on Sat, 19 Dec 2009 09:08:00 EST. Please see our terms for use of feeds.

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Global search reportedly on to find successor for Ratan Tata

Jonathon Ramsey — Tue, 01 Dec 2009 07:59:00 EST

Filed under: Etc., Hirings/Firings/Layoffs, Tata

Three years ago the retirement age for Tata's holding company was upped to 75. Although Ratan Tata is only 71, there is no obvious successor to take his place at the head of India's global conglomerate, so the search has begun for the leader of the next act.

Whoever that person is will take the conductor's baton and guide an orchestra of 98 companies and 357,000 workers. He or she will also need to deal with the twin anchors of Jaguar-Land Rover debt and Corus Steel debt, both of which were brought on by economic freefall after top-of-the-market acquisitions.

At this point it looks like the CEO spot will be taken by someone outside the Tata family for only the second time in the history of the company. And while Ratan Tata has said "It would certainly be easier if [my successor] were an Indian national," he is open to filling the position with a foreigner. The company has three years to conclude, with Tata expected to step down in 2012.

[Source: Times Online | Photo: INDRANIL MUKHERJEE/AFP/Getty Images]

Global search reportedly on to find successor for Ratan Tata originally appeared on Autoblog on Tue, 01 Dec 2009 07:59:00 EST. Please see our terms for use of feeds.

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REPORT: Kimi Räikkönen set to retire from F1 after 2009 season

Sam Abuelsamid — Sat, 18 Jul 2009 16:17:00 EST

Filed under: Motorsports, Ferrari

Rumors are heating up that Ferrari Formula One driver Kimi Räikkönen will walk away from the grand prix circus at the end of the 2009 season. If the 2007 World Champion does quit, it would free up his seat for two-time champion Fernando Alonso. You'll recall that there's been talk of Alonso making the jump to Ferrari since well before his single unhappy season at McLaren. However, the circumstances have never quite worked out for him.

According to reports from his native Finland, Räikkönen may move over to full time rallying like so many of his compatriots before him. Kimi has already competed in three rallies this year and is set to do another later this month. Räikkönen still has another year left on his contract and Ferrari may end up paying his €28 million salary in order to keep him out of any other F1 seat in 2010.

[Source: GPUpdate]

REPORT: Kimi Räikkönen set to retire from F1 after 2009 season originally appeared on Autoblog on Sat, 18 Jul 2009 16:17:00 EST. Please see our terms for use of feeds.

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REPORT: Wagoner gets $8.2M severance + $74,030 annually w/benefits... for life

Chris Shunk — Wed, 15 Jul 2009 08:34:00 EST

Filed under: GM, Earnings/Financials

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.

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REPORT: UAW Chief Ron Gettelfinger confirms retirement in 2010

Chris Paukert — Thu, 19 Mar 2009 11:29:00 EST

Filed under: Hirings/Firings/Layoffs, UAW/Unions

Despite rumors to the contrary, United Auto Workers President Ron Gettelfinger is getting off the merry-go-round in 2010. The embattled union head honcho had been rumored to be considering seeking a third four-year term, but Gettelfinger himself has since gone on record saying that such notions are "totally untrue and totally unfounded." Instead, he will retire at age 65 next year in accordance with UAW policies.

There is no word yet on who will replace Gettelfinger next year, and if the current economic and auto industry malaise continues, whoever succeeds him will assuredly be stepping into a very difficult position. In the meantime, Gettelfinger will continue to work with the Detroit 3 and other union officials to try and protect worker benefits and compensation packages.

[Sources: DowJones via CNNMoney.com; Detroit News | Image: Bill Pugliano/Getty]

REPORT: UAW Chief Ron Gettelfinger confirms retirement in 2010 originally appeared on Autoblog on Thu, 19 Mar 2009 11:29:00 EST. Please see our terms for use of feeds.

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Ford, UAW reach tentative retiree health care trust fund deal

Chris Paukert — Mon, 23 Feb 2009 17:29:00 EST

Filed under: Etc., Ford, UAW/Unions

Ford Motor Company says it has reached a tentative deal with the UAW regarding modifications to the Voluntary Employees' Beneficiary Association (VEGA) pact, the union's retiree health care trust. While specifics are not yet being divulged, the Blue Oval says that it has agreed to make up to half of its future payments into the fund with Ford common stock, although it may continue to use cash depending on the automaker's needs.

Before this and other changes can take effect, the UAW will review the agreement later this week, and any alterations must be signed off on by UAW-represented Blue Oval workers as well as the court system. Ford says that the VEBA agreement, combined with the labor deal reached on February 15, will help the automaker be more competitive during the economic recession without federal loans. Be sure to check out Ford's press release after the jump.

[Source: Ford | Image: Bill Pugliano/Getty]

Continue reading Ford, UAW reach tentative retiree health care trust fund deal

Ford, UAW reach tentative retiree health care trust fund deal originally appeared on Autoblog on Mon, 23 Feb 2009 17:29:00 EST. Please see our terms for use of feeds.

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GM performance guru John Heinricy retires

Sam Abuelsamid — Wed, 05 Nov 2008 16:01:00 EST

Filed under: Sedan, Performance, Cadillac, Chevrolet, GM

The Nürburgring record-setting Cadillac CTS-V

Over the past two decades, John Heinricy has probably done more to enhance the performance image of General Motors than any other single individual. From the perspective of a petrol-head, Heinricy has for many years held what is probably the coolest job at GM as the director of the Performance division and top-dog test driver. We found out today that Heinricy is retiring after 38 years as an engineer and test driver for GM. In his off time, Heinricy has raced a wide variety of cars at many different levels and captured 11 SCCA national titles. Much of his best known work has been at the wheel of the last several generations of Corvettes along with the Cadillac CTS, but this year he got the most attention for his exploits in the new CTS-V. Specifically, he became the first driver to record a sub-eight minute lap time at the Nurburgring in a production four-door sedan with the new Cadillac CTS-V. When we attended the first track preview of the CTS-V a few months ago, Heinricy was on hand with the record setting car to talk about the big lap. You can check out video of Heinricy's chat and the record lap after the jump.

Gallery: First Ride: 2009 Cadillac CTS-V

[Source: Cadillac Driver's Log]

Continue reading GM performance guru John Heinricy retires

GM performance guru John Heinricy retires originally appeared on Autoblog on Wed, 05 Nov 2008 16:01:00 EST. Please see our terms for use of feeds.

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Mercedes design head stepping down

Dan Roth — Wed, 26 Mar 2008 07:41:00 EST

Filed under: Etc., Europe, Mercedes-Benz

Over the last three decades, there's been a common thread making Mercedes designs instantly recognizable and a lot of credit for that belongs to MBZ design boss Peter Pfeiffer. After forty years at Mercedes-Benz, and thirty years overseeing design, Pfeiffer is headed for retirement within the next 12 months. It was under Pfeiffer's pen that Mercedes turned out some of its most important cars. Vehicles like the 190, the W126 S-Class, original E-Class, and more recent work like the R, M, and G-class non-cars, to name a few. Gorden Wagener, president of Mercedes-Benz Advanced Design in North America is a name being bandied about as Pfeiffer's replacement, and Mercedes will be making an official announcement soon. After such a long stint under the same chief, it will be interesting to see whether Mercedes design changes, and if so, how those changes will be received by the public.

[Source: Autoweek]

Mercedes design head stepping down originally appeared on Autoblog on Wed, 26 Mar 2008 07:41:00 EST. Please see our terms for use of feeds.

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GM ups the ante on employee buyouts

Chris Shunk — Thu, 14 Feb 2008 07:32:00 EST

Filed under: GM, UAW/Unions

GM is making better, more attractive vehicles, yet after losing nearly $40 billion in 2007 (most of which was an accounting adjustment, mind you), the Detroit automaker still has a lot of work to do to become profitable again here in the States. Even though GM shed 34,000 jobs in 2006, the company still has 46,000 retirement-eligible workers on the books. Those workers still make $28 or more an hour, and have some of the best benefits money can buy.

To get high-paying workers out and less expensive replacements in, here's what GM is offering in its newest round of buyouts. Retirement-eligible general labor folks are being offered $45,000 lump sum payouts and $62,500 are up for grabs for skilled tradesmen. Those who choose the buyout option can take a single lump sum payment, or elect to put all the money in a tax-free 401k. Non retirement-ready workers, meanwhile, can receive between $70k and $140k to walk away form the line. UAW chief Ron Gettelfinger estimates that 20,000 out of 74,000 remaining workers will take a package, and the General would likely love it if union Ron were right. Since the cash-saving VEBA contained in the latest union contract won't take effect until 2010, cutting labor costs is GM's best bet for making money in the U.S., aside from developing more attractive vehicles.

[Source: Detroit News]

GM ups the ante on employee buyouts originally appeared on Autoblog on Thu, 14 Feb 2008 07:32:00 EST. Please see our terms for use of feeds.

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Schumacher to Schumacher: Time for a break, junior

Noah Joseph — Mon, 10 Dec 2007 09:56:00 EST

Filed under: Motorsports, Hirings/Firings/Layoffs

Talk about airing your family's dirty laundry in public. Michael Schumacher has made a public statement to his kid brother Ralf, urging him to consider taking a sabbatical from F1.

The news comes hot on the heels of a less-than-spectacular test Ralf undertook for Force India, the team formerly known as Spyker, which has two of the remaining seats open on the F1 grid for next season. Team owner Vijay Mallya and Schumi Jr. formed close links when the Indian tycoon's Kingfisher Airlines was sponsoring Ralf's Toyota, and the German driver was strongly linked to a potential drive for the new team. Unfortunately for Ralf, the test didn't go so well, prompting him to admit that the session could very well be his last drive in F1.

His considerably more successful brother, meanwhile, urged him to consider taking a sabbatical from Formula One, pointing out that, following his own retirement, it wasn't hard for him to come back for the recent test sessions for Ferrari, in which he posted top lap times. Michael was quick to point out, however, that he himself had no intention of returning to the race seat.

[Source: Autosport]

Schumacher to Schumacher: Time for a break, junior originally appeared on Autoblog on Mon, 10 Dec 2007 09:56:00 EST. Please see our terms for use of feeds.

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6,400 Chrysler hourly workers want buyout, 40% more than planned

John Neff — Fri, 08 Jun 2007 17:33:00 EST

Filed under: Hirings/Firings/Layoffs, Chrysler, Daimler, UAW/Unions

Back in late February we reported on Chrysler's early retirement and separation program that the automaker hoped would help it shed 13,000 jobs over the next three years. The company was planning on saying goodbye to about 5,700 hourly (read: union) workers this year, of which around 1,000 would be from Canada. That means Chrysler hoped at least 4,700 of its hourly workers in the U.S. would take the buyout offer that offered a lump sum of up to $100,000 to workers willing to leave.

The Detroit Free Press is reporting that in fact around 6,400 hourly workers in the U.S. have said they're interested in taking the buyout, nearly 40% more than Chrysler planned. While the purchase of Chrysler by Cerberus Capital Management was seen as a good thing for the automaker going forward, the larger than expected response to its buyout offer suggests that many of Chrysler's hourly workers believe the writing's still on the wall. Analysts speculate that rather than stick around and drag down the company, these workers feel their retirement benefits will be more secure if they leave now to help the company and ensure its future.

Not expecting such high demand, Chrysler has also reportedly slowed down the buyout process to a halt. Only now have a number of workers departed who expressed interest in leaving the company when the program was announced in late February. It's like that some of those hoping to leave this year will be denied the buyout offer, which is something Ford was forced to do when too many salaried workers accepted its buyout offer.

[Source: The Detroit Free Press]

6,400 Chrysler hourly workers want buyout, 40% more than planned originally appeared on Autoblog on Fri, 08 Jun 2007 17:33:00 EST. Please see our terms for use of feeds.

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Steve Saleen retires from Saleen Inc.

John Neff — Tue, 15 May 2007 17:01:00 EST

Filed under: Hirings/Firings/Layoffs

Steve Saleen has announced his official retirement from Saleen, Inc., the company he founded 23 years ago that has grown into one of the best specialty vehicle manufacturers in the world. Apparently Steve is happy with the team he's assembled to manage the business in his place, and will be stepping back while maintaining a role as "corporate spokesperson and ambassador for the brand." We bet that job will come with a corner office, too.

Since he's still a major shareholder in the company, Saleen will have influence over product design, branding, marketing and other activities related to the biz, but there will certainly be a few more rounds of golf sneaked in between those boardroom meetings going forward.

His company seems to be doing well these days. The S7 in all its iterations is one of the most brutally fast vehicles in the world, and the company's many Mustangs are some of the best on the market (of which there are many). The Saleen Parnelli Jones Edition Mustang is our favorite Mustang on sale today, and the Heritage Edition promises to be nice a follow up. The company also has a nice business helping the OEMs build cars, having played a major part in the Ford GT's development and production. Word is Saleen will have new announcements about OEM partnerships in the near future, as well. Steve, however, may get to skip that press conference.

You can read Saleen's official press release after the jump, and we've included some of our fave Saleen galleries below.

Thanks for the tip, Dan!

[Source: Saleen Inc.]

Gallery: Saleen Parnelli Jones Mustang

Gallery: Saleen S281 Heritage Edition

Gallery: Saleen S331 Sport Truck First Drive

Gallery: Saleen Molly Pop Mustang

Continue reading Steve Saleen retires from Saleen Inc.

Steve Saleen retires from Saleen Inc. originally appeared on Autoblog on Tue, 15 May 2007 17:01:00 EST. Please see our terms for use of feeds.

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BREAKING: Chrysler Group reveals details of union worker buyouts

John Neff — Tue, 27 Feb 2007 17:30:00 EST

Filed under: Hirings/Firings/Layoffs, Chrysler, Daimler

This afternoon the Chrysler Group and the UAW released a statement revealing details of the early retirement and separation programs that will help the automaker reach its goal of shedding 13,000 jobs. Two-thousand jobs being eliminated are salaried positions, and we brought you details on those early retirement and buyout packages last week. Today's announcement affects the 11,000 hourly workers who the Chrysler Group hopes will choose to leave the company on a voluntary basis.

There are two plans available to hourly workers, which include an Incentive Program for Retirement (IPR) and an Enhanced Voluntary Termination of Employment Program (VTEP). The IPR allows hourly workers with 30 or more years of service with the company to accept early retirement in exchance for a lump sum of $70,000. It is presumed these retirees would keep all the benefits that are granted to a normal retiree. The VTEP, however, is available to any hourly employee with at least one year of credited service with the company. In exchance for leaving the company, the Chrysler Group is offering a lump sum payment of $100,000.

Any employees eligible for these programs were notified of their options via a letter today .

[Source: the Chrysler Group]

Continue reading BREAKING: Chrysler Group reveals details of union worker buyouts

BREAKING: Chrysler Group reveals details of union worker buyouts originally appeared on Autoblog on Tue, 27 Feb 2007 17:30:00 EST. Please see our terms for use of feeds.

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BREAKING: Chrysler reveals details on white-collar "separation packages"

John Neff — Fri, 23 Feb 2007 15:28:00 EST

Filed under: Hirings/Firings/Layoffs, Chrysler, Earnings/Financials

This afternoon Chrysler revealed more details on one part of its plan to extensively reduce its workforce by 13,000 workers between now and 2009. The details today concern the 2,000 salaried workers that will be leaving the company. Chrysler hopes it can entice at least 1,000 of those salaried workers to leave by June 30th of this year.

There are two deals on the table, one for those workers age 53 to 61 and the other for those 62 and older. At least 10 years of employment with the company is required to be eligible for either group. The yungins are being offered what's called the Separation Incentive Program, which is basically an early retirement package that waives any retirement benefit reductions that would have been incurred under normal circumstances. It appears those eligible for this group will also get 100% of their health care plan's medical credits. For those 62 and up that meet the requirements, there's the Special Early Retirement package that offers three months salary and either a $20,000 car voucher "grossed up for taxes" (I believe that means it's $20,000 after taxes) or a $20,000 contribution to their Retirment Health Account. This group would also receive 100% of their health care plan's medical credits.

Neither of these plans affect the many union workers under Chrysler Group employ. Details of those attrition offers are still being finalized.

[Source: Chrysler]

Continue reading BREAKING: Chrysler reveals details on white-collar "separation packages"

BREAKING: Chrysler reveals details on white-collar "separation packages" originally appeared on Autoblog on Fri, 23 Feb 2007 15:28:00 EST. Please see our terms for use of feeds.

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Rumors: Schumacher to lead Ferrari

Noah Joseph — Thu, 15 Feb 2007 07:33:00 EST

Filed under: Motorsports, Hirings/Firings/Layoffs, Ferrari

The motorsport press rumor mill is grinding away at full speed on a juicy bit of gossip and speculation that Michael Schumacher is being groomed to take over as head of Scuderia Ferrari. After his retirement, Schumacher took on a role as a special advisor to Ferrari chief Jean Todt. It was supposed to be a low-key, backstage kind of position that would let the seven-time world champion continue to impart his experience to the team, but it apparently hasn't been as hands-off as they made it out to be: Schumacher has reportedly made more visits to Maranello and sat in on more key meetings in the past few months since his retirement than he did during the entire 2006 season.

An unnamed source inside Ferrari was quoted as saying that Schumacher's current level of involvement points to only one conclusion: that he's preparing to step in as team leader -- and it would make sense. A lot of F1 pundits said that it would be entirely likely for Schumacher to head up a team after retiring from active racing, but how could he leave Ferrari for another team? Ferrari today is the house that Michael built. He brought in the key staff, revamped the way the team works and turned it into a winning tour de force. Jean Todt has been looking to step away from directly managing the team since being promoted to overall head of Ferrari, but hasn't been able to up to this point. He's needed a capable successor.

Of course, Schumacher's representatives have denied it up and down, but it's hard to avoid the logical conclusion when all the pieces fit.

[Source: F1i]

Rumors: Schumacher to lead Ferrari originally appeared on Autoblog on Thu, 15 Feb 2007 07:33:00 EST. Please see our terms for use of feeds.

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