Former General Motors CEO Rick Wagoner offered sound advice to graduates of the Virginia Commonwealth University in Richmond in the form of a commencement speech over the weekend. According to The Detroit News, the ousted executive told students to remember their values first and foremost, and that they should always protect their personal integrity above all else. In addition, Wagoner underscored the importance of humility as well, saying that while individuals can't control what life throws at
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 w
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
Slapping a few dimes' worth of tax onto each gallon of gas we buy at the pump hasn't been the most popular idea in Washington. Sure, some elected representatives have called for a higher gas tax in the past, but more often than not the idea dies on the vine. There is a chance that things will be different now that one of the biggest opponents to a gas tax increase, General Motors (through CEO Rick Wagoner), has given the idea a sort of blessing. Wagoner said yesterday that a federal gas tax that
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).
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 Sta
General 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
While GM has never given a firm delivery date for the Chevy Volt, late 2010 has been when production was expected to start. In an online chat yesterday, GM CEO Rick Wagoner admitted that, while GM has been working hard on getting the Volt ready, "2010 would be great, but (we) can't guarantee that at this time." According to CNNMoney, Wagoner said that GM has "put massive resources [to get the Volt] into production as soon as possible" but that those resources might not be enough. As AutoblogGre
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 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.
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.
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.
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
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 Recover
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 broadcast
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.