GM BOD Hearts Rabid Rick
Not only has the GM BOD not kicked Rick Wagoner out on his ass, they seem to actually, well, love him. "I can assure you that the board is unanimous in its support of Rick Wagoner and the management team to get through these difficult times. We truly feel we have the best management team to get this job done," board member George Fisher told the Detroit News. He also said the management team was "dealing with many problems they hadn't created." Uh… isn't this the same management team that's worked nowhere else but GM (save Lutz)? And hasn't Slick Rick has been in charge for the past eight years? Regardless. Fisher's confident that they have the answer. Just not right now. "The world is going to have to wait and see that we're right on this issue." When asked by the Detroit Free Press "how long a head coach can survive a string of negative results" he told them "until you're at a point when you don't think he's doing the job." So let's see… hundreds of billions of dollars down the toilet over the past few years, selling off everything that's not tied down, plummeting sales and market share– at just what point will they have their epiphany?
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Just what would "Rick Wagoneer and his management team" have to do to get fired? If Shell Oil were losing $15 billion per quarter instead of making $15 billion, how long do you think their CEO would last? Toyota is taking some action because their profits dropped to only $4 billion, or about $19 billion more than GM last quarter.
This article in the NYT blogs says it all: http://executivesuite.blogs.nytimes.com/2008/08/06/rick-wagoner-world-record-holder/