Wild Ass Rumor of the Day: GM CEO Rick Wagoner "Resigns" Next Week

Robert Farago
by Robert Farago
wild ass rumor of the day gm ceo rick wagoner resigns next week

Rumor has it Rick's toast. Obviously, there's no way to officially confirm GM CEO Rick Wagoner's termination by GM's Board of Bystanders. But I want to state here, and for the record, that TTAC flagged Rick Wagoner as the wrong man at the wrong time in the wrong job from the moment we began our industry coverage. To those who say Wagoner made the best of a bad job, I call bullshit. The General Motors Death Watch and GM's financial record offer incontrovertible proof of Wagoner's ongoing managerial malfeasance. If nothing else, consider the fact that his administration relentlessly pursued a "we can cut our way to prosperity" philosophy. In this Wagoner has been deeply misguided. And misguiding. The CEO's failure to face the facts, both within GM and without, identify him for all time as a weak, ineffectual leader. Wagoner's lack of accountability– both personally and professionally– stands as an utter condemnation of GM's Board of Directors and America's "old school" corporate culture. Wagoner has pocketed over $100m and secured a bankruptcy-proof pension for himself and his heirs. His real legacy will be the psychological despair and economic misfortune of the one million-plus people whose livelihoods depend– depended– on General Motors' health and vitality. I'm sure Wagoner is a nice man, personally. I've never met a CEO of a major corporation who wasn't (and yes, I've met a few). But it's good riddance to bad rubbish.

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  • Buickman Buickman on Aug 03, 2008

    As Share Goes Bye Jim Dollinger Monday, January 2, 2006 You must remember this, A loss is just a loss. The pie is still in the sky. Fundamental marketing does apply, As share goes bye. And when Toyota's up by two, We only get Daewoo, On Rick Wagoner we cannot rely. No matter what the economy brings, As share goes bye. Rebates and confusion, way out of date, Execs full of themselves, ready for their fate, Buyers want self image, hope it's not too late, For it's that we must supply. It's still the same old story, The flight of sales and glory, A case of change or die. The world will always respect a winner, As share goes bye. Second Verse: Now also remember this, Their ass I will not kiss. The numbers tell no lie. Good times no longer apply, As share goes bye. And when we drop another two, The Board will not say boo. On just who can we rely? No matter what Paul Ballew sings, As share goes bye. Plenty of new products, seen their next update. Execs shuffled around, really same old slate. Buyers shopping elsewhere, regardless of the rate. Competition growing stronger, that we can't deny. Its really getting boring, Toyota and Nissan soaring, A case of reality defy. The industry is losing its leader, As share goes bye. Best played in S (as in sales) Flat.

  • OTTO SALES OTTO SALES on Aug 03, 2008

    Japan Produced HOMES 2009 now in your sub division. When will Honda or Toyota sell real Japanese produced houses?It has to be coming like we are! We do have a "right' to own imported houses.

  • Campisi Campisi on Aug 03, 2008

    We've got some real gems in the comments on this one. -_-

  • KixStart KixStart on Aug 04, 2008

    I clicked John Horner's "mindfully.org" link and in the eighth paragraph of an article written in 2000, I find this gem: "Wagoner didn't give a time frame for all of the goals..." Some things never change.