Cerberus on GM – Chrysler Merger: Bring Me The Head of G. Richard Wagoner
Get in line, bub. Still, it’s nice to see GM’s CEO not get credit where credit’s not deserved. The Wall Street Journal is the bearer of bad tidings for the Wagoner clan, delivering Red Ink Rick’s pink slip in the most public of manners. Yes, “people familiar with the matter” of the GM – Chrysler merger reveal that Cerberus wants some “fresh air at the top.” Anonymous sources are breaking out all over, and it’s an endless row of shot glasses full of not good for GM’s current management. “Cerberus and other investors who pump money in the new entity would want to keep significant equity and have the ability to appoint members to its board and influence its management, these people said. Cerberus’s position suggests GM could be in for a shakeup of the nonconfrontational culture that has developed between its 14-member board and its management team, led by Chairman and Chief Executive Rick Wagoner.” Noconfrontationalsmytuches. How about clinicallyinsane? So who’s going to steer this new ship of fools?
“Options for who would lead the combined company include Mr. Wagoner, GM Chief Operating Officer Fritz Henderson and Chrysler Chief Executive Robert Nardelli,” the WSJ opines, leaving TTAC’s Best and Brightest off the list. TTAC’s Deep Throat reckons current GM COO Fritz gets the CEO job, Wagoner goes away and Nardelli becomes Chairman of the Board. Yeah, that’ll work.