2011 Chevrolet Cruze – Click above for high-res image gallery
Steve Rattner is a man we admire but do not envy. Rattner, a former Wall Street banking type with zero experience in the automotive or manufacturing world, was tasked by President Obama with guiding General Motors and Chrysler through their restructuring efforts. Not a small job, by any means. Or one we would wish on our worst enemies. That said, it was a HUGE job, and huge jobs typically make for great stories. Rattner, in an article he penned himself for Jonny Lieberman
Michael Moore, long a critic of General Motors, is calling Rick Wagoner's ousting a "superhero move" from President Obama, one that puts corporate America on watch. The truth, as usual, lies in the middle of the extremes, but Moore has long been critical of the Automotive Industrial Complex and its treatment of blue-collar workers.
Now that Rick Wagoner is out of a job, he's eligible to start receiving retirement benefits from his former employer of 32 years. Though having received over $63 million in salary since becoming a General Motors executive in 1992, Wagoner is eligible for a "Salaried Retirement Plan" and "Executive Retirment Plan" that are together valued at $20.2 million.
GM has seen plenty of tough times over the past few years, and even the company's top executives have felt the pinch. Executive pay was among the items cut as the General waded through multi-billion-dollar losses and immense market pressure, but after two years of cuts, the members of GM's top brass are getting their old salaries back. Top boss Rick Wagoner's base pay went as "low" as $1.1M but is now back to its 2003 level of $2.2M. Product czar Bob Lutz and money man Fritz Henderson also had t
After an abysmal 2005 where GM lost over $10 billion, CEO Rick Wagoner received a sizable pay cut from $2.2M to $1.28M. Yeah, we know, cry him freakin' river. The General's relative success of late, however, has convinced the board that Wagoner deserves to have his annual pay restored to the $2.2M he made from 2003-2005. While $2.2M is certainly a lot of coin, it's a drop in the bucket compar
GM is well aware that the youth market is key to the success of their future sales, after all, younger people eventually grow up and become the car buying public. In December, GM admitted in an internal memo that more and more young people were removing GM from their "consideration lists".
When Bob Lutz became GM's car czar last year, he kept telling workers that they couldn't keep doing things the same way if they wanted different results. Seems obvious, and that philosophy is considered one of the litmus tests for being sane. Although there's still a long way to go, and GM might slip to the #2 spot in global production before it gets sorted, it see
Bill Ford, Rick Wagoner and Tom LaSorda have been twiddling their thumbs since May waiting for the White House to confirm a date for the Detroit trio to meet with George Bush, the D.C. decider. Tentative times have come and gone, and as each one passed, the perception that the current administration cares little about the challenges facing domestic
Did you hear the one about the train trips GM VP Larry Burns took with chairman and CEO Rick Wagoner? Here's how it went:
The latest round of reports coming out of the Nissan-Renault-GM talks are quite sensational. Although there have been hints that Ford is on Carlos Ghosn's speed dial should things go sour with GM, according to the latest newsletter from the American International Automobile Dealers Association (AIADA) General Motors is going to tell Nissan and Renault today that their proposed deal looks good. As long as they can cough up a few billion dollars to secure the three-way alliance.
Speaking to the Associated Press last Wednesday, Wagoner said GM's current level of flexibility is "not as good as it needs to be." GM has already announced reductions in production capacity, so flexibility in building more vehicles with higher fuel economy should be easier if the price of gasoline hits $4 or $5 a gallon.