The more things change, the more... you know what we're trying to say. Just last week, longtime AT&T guru and then interim General Motors CEO Ed Whitacre was able to ditch that pesky 'interim' modifier and became the king of the hill at GM. Of course, that was last week. This week we're getting reports that Ed Whitacre (who, curiously enough, was the president of the Boy Scouts of America from 1998-2000) will be out of the RenCen in two to three years.
While early rumors suggested that this morning's surprise news conference at General Motors' Renaissance Center might be to confirm the sale of Saab to Spyker, the big news emanating from the company's Detroit headquarters is that Ed Whitacre Jr. is scrubbing 'interim' from his door plaque and instead taking the title of permanent CEO.
Headhunting firm Spencer Stuart is without doubt on the speed-dial lists of bailed-out firms, having placed chairmen, CEOs, Chrysler Group LLC, and board members for AIG, Citigroup Inc., Freddie Mac, Fannie Mae, and GMAC. Then they flew over General Motors so that Ed Whitacre, Jr. could heli-drop in. Now, The Wall Street Journal is reporting that GM has chosen Spencer Stuart to assist it in locating a permanent CEO to take up the position from Whitacre.
Well, that was quick. Fritz Henderson, the recently appointed CEO of General Motors, is stepping down. Company chairman of the board Ed Whitacre (remember the "Satisfaction Guaranteed" commercials, that's the guy) is set to act as the interim CEO until a permanent replacement is found.
New GM CEO Fritz Henderson has some good words for his competitors. Surprised? It's all in an effort to make sure that plug-in vehicles get the help they need to become cost competitive. Henderson spoke with the Washington Post and said that costs are the big problem holding back electric cars. To bring costs down, he said:
Ever since General Motors announced this spring that it was killing the Pontiac brand as part of its restructuring, fans of the Holden-developed G8 sedan have been clamoring to save it as a Chevrolet. After company officials repeatedly said over the past two months that no such thing would happen, Bob Lutz re-lit the fire last week in one of his first pronouncements after un-retiring. Lutz proclaimed that the G8 would indeed become a new Chevrolet Caprice.
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
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Calls for the replacement of Rick Wagoner at General Motors raise an intriguing question: who would be the best choice to take the reigns of America's largest automaker if Wagoner were ousted? Some would point directly to GM COO Fritz Henderson, but we're not so sure that Washington would go along with that idea. A slightly more palatable choice may be found in Nissan/Renault head-honcho Carlos Ghosn, who has managed to right the sinking ship that was Nissan in the early 2000s after taking the h
If there's anyone out there who's qualified to opine on what it takes to turn around a struggling automaker, it's Lee Iacocca. Those old enough to remember life in the late '70s can recall Iacocca's first stint at the head of Chrysler, way before the automaker was ever purchased by Daimler and its subsequent sale to Cerberus. The situation in which the beleaguered automakers currently find themselves bears a striking similarity to that of Chrysler's in 1979, except that Chrysler was the only one
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