We can't be sure if he plays the Matthew Wilder original or P. Diddy's version, but we imagine Rick Wagoner waking up every morning to "Ain't nobody gonna break my stride, ain't nobody gonna slow me down, oh no...." In addition to his seat on the board of the Washington Post, Wagoner's been voted onto the board of Aleris Holding Co., an aluminum recycler. Aleris went bankrupt last year, exiting bankruptcy in May under the ownership of Oaktree Capital Management. As a producer of aluminum product
Wondering what has come of Rick Wagoner since he was jettisoned from General Motors prior to the company's historic bankruptcy? The former Duke basketball player has stayed far away from the spotlight over the past year, but that hiatus ends effective immediately. Automotive News reports that Wagoner has accepted a spot on the board of directors of the Washington Post. Wagoner is the 11th member of the board, which also includes the extremely rich and extremely powerful Warren Buffet and Melinda
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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 CNN's Money doesn't disappoint. At all.
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
With General Motors in bankruptcy, it was only a matter of time before pensions came under scrutiny. The Detroit News is reporting that GM CEO Fritz Henderson has confirmed that executive pensions beyond $100,000 per year will be cut by two-thirds. Recently defenestrated boss Rick Wagoner will likely take the biggest hit of all – he was supposed to receive $22 million over five years as part of his retirement package, but that number will reportedly drop by up to $15 million.
Bill Ford, Jr., executive chairman of the Ford Motor Company, admits he was surprised at former General Motors CEO Rick Wagoner being asked to step down by the Obama administration. Even as Ford applauded the White House, saying "One of the things we've never had in the past is an administration that wants to pull all the parties together and figure out an energy policy and how to make a strong automotive industry and he is doing that," he also told CNN's Larry King: "I guess I never thought I'd
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.
Rick Wagoner is no longer CEO of General Motors for two reasons. First, he failed to come up with a plan that satisfied the government that GM would be viable going forward. Two, President Obama needed political cover before he poured more money into the auto industry, a move which is strongly opposed by a majority of Americans.
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.
The short version of President Obama's speech today regarding the U.S. auto industry is this: there's only a little more time for GM and Chrysler to get their act together. First off, GM CEO Rick Wagoner got booted and was replaced by Fritz Henderson. Michigan governor Jennifer Granholm said Wagoner was a "sacrificial lamb" (it's still unclear why he was forced out while bank CEOs get to stay on, but that's another issue).
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
Count General Motors' CEO Rick Wagoner as one proponent for a raise in the federal gas tax. While the idea seems like political suicide for any legislator willing to jump on board, hiking the gas tax up so that a gallon of gas hovers around the $4.00 mark could have a few desirable effects, notably influencing consumers to purchase fuel efficient vehicles and funding road improvement projects that are currently out of cash.
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
On Monday, December 29, Chrysler and General Motors were supposed to get the first installments of its allotted funds from the $17.4 billion dollar bridge loans. On Wednesday, GM got it's $4 billion. Chrysler, on the other hand, is still "finalizing the details of our financial assistance." The U.S. Treasury – the body disbursing the funds – didn't have much to say beyond that, either, merely reiterating that it wants to get the deal done within a timeline that satisfies Chrylser's f
Depending on your point of view, General Motors CEO Rick Wagoner could either be considered a Godsend or a pariah that represents all that's currently wrong with the country. Of course, we're referring mainly to the automotive bailout that the CEO helped (or hindered, again depending on your viewpoint) negotiate with the Feds and its impact on the jobs of thousands of Michigan workers. Regardless, Mr. Wagoner has been nominated for the "Michiganian of the Year" trophy by The Detroit News. That o
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
Bob Lutz has been eerily silent of late. One would expect the Vice Chairman of General Motors might have something to say about the recent trips taken by GM, Ford and Chrysler to Congress, but he left the talking to his boss, CEO Rick Wagoner. When it comes to members of Congress suggesting Wagoner step down as CEO, though, Lutz could stay silent no longer. In fact, Blogger Bob even went so far as to offer up his own head for the gallows in order to keep Wagoner in charge. Lutz told the Detroit
He may have gotten his money, but it looks like General Motors CEO Rick Wagoner didn't make any friends in Washington during the process. Over the weekend, Senator Chris Dodd (D-Connecticut) remarked on CBS' Face the Nation that the vertically gifted CEO should "move on". He did not specify, however, whether or not Wagoner's resignation would be baked into the $15-17 billion aid package that the House and Senate will vote on this week.
Having watched each of the Detroit 3 CEOs take tough questions from the Senate Banking Committee for six hours yesterday, we've returned to the couch today to watch General Motors CEO Rick Wagoner, Ford CEO Alan Mulally, Chrysler CEO Bob Nardelli and Ron Gettelfinger, President of the United Auto Workers union, visit House members of the Financial Services Committee led by Rep. Barney Frank (D-Massachusetts).