Wild Ass Rumor of the Day: GM CEO Rick Wagoner Fired Himself

wild ass rumor of the day gm ceo rick wagoner fired himself

On the same day that GM announced its disastrous February sales figures, GM's Board of Bystanders OK'ed an executive reshuffle. Those of us expecting the Board to clock the prospect of a fourth year of declining sales, profits and U.S. market share, and then defenestrate GM CEO Rick Wagoner (to float away on his golden parachute) were surprised to discover the current CEO remained in situ. Meanwhile, Chief Financial Officer Fritz Henderson assumed the re-created post of Chief Operating Officer. While pundits aplenty saw this as a Henderson succession play, has Fritz already relieved Rick of command? The Wall Street Journal says "Speaking to reporters yesterday at the Geneva auto show, Mr. Wagoner outlined what his role will be in the auto maker's hierarchy, saying that he will focus on global growth, advanced technologies and environmental lobbying… Mr. Wagoner said he also hopes to at least double his amount of annual visits to China, a fast-growing new market where GM has become well-established. Visiting roughly twice a year in the past 'didn't feel right,' he said." If you ascribe to Ted Turner's Lead, Follow or Get Out of the Way philosophy, it's clear that Rick's now checking out any time he likes. But will he ever leave?

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  • Cicero Cicero on Mar 05, 2008
    "Speaking to reporters yesterday at the Geneva auto show, Mr. Wagoner outlined what his role will be in the auto maker's hierarchy, saying that he will focus on global growth, advanced technologies and environmental lobbying..." Mr. Wagoner will also be checking the toilet paper in the men's room and making sure all the lights are off when everyone leaves the buildng.

  • Truthbetold37 Truthbetold37 on Mar 05, 2008

    Na na na na Na na na na Hey hey hey Goodbye

  • Redbarchetta Redbarchetta on Mar 05, 2008

    Just when I think GM can't surprise me they manage to top themselves. Detroit auto execs never cease to amaze, and I don't mean in a good way as in great products.

  • Bunter1 Bunter1 on Mar 05, 2008

    "Just a simple re-arrangement of the deck chairs ON the Titanic." Spot-on. If this IS true, it probably changes nothing.

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