Page 1 of 4 123 ... LastLast
Results 1 to 10 of 40

Thread: GM CEO Rick Wagoner to Step Down Immediately

  1. #1
    mypearl is offline
    Member
    mypearl's Avatar
    Joined: Mar 2009 Posts: 62

    Red face GM CEO Rick Wagoner to Step Down Immediately

    Yikes, not sure if this is good/bad news. should be a darn interesting Monday. Wonder what else is in the shadow of Obama's news?

    http://www.foxnews.com/story/0,2933,511338,00.html

  2. #2
    SiriusHope is offline
    Addict
    SiriusHope's Avatar
    Joined: Oct 2008 Location: Las Vegas Posts: 515
    Heard it on CNN just now..thinking of how can it help SIRI seeing as Obama is to talk tomorrow on funding car makers.

  3. #3
    mypearl is offline
    Member
    mypearl's Avatar
    Joined: Mar 2009 Posts: 62
    Electric cars have to have radio's too! HEV is making the batteries for those cars! I won't be able to sleep tonight, it's all so exciting.

  4. #4
    Brandon Matthews is offline
    Banned
    Brandon Matthews's Avatar
    Joined: Aug 2008 Location: Northeast Posts: 721
    I can't see how this is good news. I just cannot see Rick stepping down if the plan tomorrow is beneficial to GM shareholders. No matter what, GM cannot afford this at this time. It certainly won't help sales in the near term.

    Unless of course, the only way to save the company was that he was blackmailed into stepping down. Thoughts?

  5. #5
    mcmaverick is offline
    Member
    mcmaverick's Avatar
    Joined: Nov 2008 Location: Miles City, MT Posts: 45
    A sacrificial lamb? If they (GM) are going to get more money, then the American public seems to want blood. While it is never good to lose your CEO, I belive the COO (Henderson) has been the front man with the Auto Task Force all the time. The stock may take a hit with the news but not for long. I'm guessing Henderson will take over the helm.

  6. #6
    kingreecan is offline
    Junior Member
    kingreecan's Avatar
    Joined: Mar 2009 Posts: 26
    we are in a sea of constant change right now; the old ways got us into this mess that we are in; perhaps a new face (president, cabinet, corporate leaders) are just what we need to get us through this crisis: new people, fresh ideas that just might make this economic cycle end and bring on a new robust begininng which hopefully will lead to prosperity.

    Just waxing poetic of course!

  7. #7
    Paratrooper_Rick is offline
    Addict
    Paratrooper_Rick's Avatar
    Joined: Feb 2009 Location: In the trenches taking aim Posts: 634
    Quote Originally Posted by mcmaverick View Post
    A sacrificial lamb? If they (GM) are going to get more money, then the American public seems to want blood. While it is never good to lose your CEO, I belive the COO (Henderson) has been the front man with the Auto Task Force all the time. The stock may take a hit with the news but not for long. I'm guessing Henderson will take over the helm.
    I'm in agreement - public dissent is at a high point. People want to blame the rich execs for the economies demise. Removing a CEO is a clear message that the government is willing to take drastic steps to fix whats wrong with corporate America. I'm not sure how they convinced him to step down without a fight... but it is as simple as that. GM is as big as they get - and this may actually be good if consumer confidence returns because they PERCEIVE people are being held accountable.

    Perception is everything....

    JMHO...

  8. #8
    Sworntwofun is offline
    Addict
    Sworntwofun's Avatar
    Joined: Dec 2008 Posts: 588
    Do you think this will make the pps on sirius drop some in the morning?

    And if you think so... what a little or a lot?

    Does .36 seem to high for the low for tomorrow?
    We have to use bad news as a buying opportunity while they still exist at 1/3 of the possibility of a dollar or so by the end of the year.....

    Im gonna buy some tomorrow reguardless but would mind saving a few coins..

    Thanks in advance.......Tony

  9. #9
    Brandon Matthews is offline
    Banned
    Brandon Matthews's Avatar
    Joined: Aug 2008 Location: Northeast Posts: 721
    AHA! Seems he was blackmailed into stepping down. And now I'll venture a guess at exactly how this auto bailout package will be structured. There will no longer be 3 US automakers.


    Apparently, there will be a restructuring czar of some type. I'd be willing to bet that tomorrow GM will be broken into pieces. Pontiac, Chevrolet, Cadillac, Saturn and Buick. Following that assessment, it is likely that Chevrolet will swallow Pontiac and Cadillac will swallow Buick, leaving 3 seperate former GM entities operating individually.



    To the victor go the spoils. Too big to fail is this administrations boogeyman. It has to downsize GM so that each arm will be expendable going forward.


    So what might a move like this mean to Sirius XM? Tough to say, but if it gets Sirius out of the most expensive oem contract they have and allows for renegotiation, we will be in good shape.

  10. #10
    bananaz is offline
    Enthusiast
    bananaz's Avatar
    Joined: Jan 2009 Posts: 220
    Wow, if true thwer are a lot of issues to be dealt with. There are so many parts used on multiple platforms. Who owns tooling, etc? While there are good points to a split up, development costs of powerplants, etc. will now be amortized over fewer vehicles and more costly. How will it impact the dealer network?

    Why would the CEO quit now unless it is forced on him and he is diametrically opposed to it? Brand identity seems nebulous at GM so it may be good there.
    Certainly better for Sirius if it happens. Now, can we get the Gov't to break up MLB into two entities so we can renegotiate that contract?

  11. Ad Fairy Senior Member
Page 1 of 4 123 ... LastLast

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •