GM CEO Rick Wagoner's Resignation Email: "Ignore the Doubters"
On Friday I was in Washington for a meeting with Administration officials. In the course of that meeting, they requested that I “step aside” as CEO of GM, and so I have.
Fritz Henderson is an excellent choice to be the next CEO of GM. Having worked closely with Fritz for many years, I know that he is the ideal person to lead the company through the completion of our restructuring efforts. His knowledge of the global industry and the company are exceptional, and he has the intellect, energy, and support among GM’ers worldwide to succeed. I wish him well, and I stand ready to support him, and interim Non-Executive Chairman Kent Kresa, in every way possible.
I also want to extend my sincerest thanks to everyone who supported GM and me during my time as CEO. I deeply appreciate the excellent counsel and commitment of the GM Board and the strong support of our many partners including our terrific dealers, suppliers, and community leaders. I am grateful as well to the union leaders with whom I have had the chance to work closely to implement numerous tough but necessary restructuring agreements.
Most important of all I want to express my deepest appreciation to the extraordinary team of GM employees around the world. You have been a tremendous source of inspiration and pride to me, and I will be forever grateful for the courage and commitment you have shown as we have confronted the unprecedented challenges of the past few years. GM is a great company with a storied history. Ignore the doubters because I know it is also a company with a great future.
More by Robert Farago
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Un-freaking believable, it took the President of the USA to uproot Wagoner at GM. Talk about being cemented under a bunker, this guy and his team have added new meaning to stick-too-it-tivness. Also imagine, without completly running of cash last year, Wagoner would still be here preaching about the comeback and the "volt". It took 240 volts under his kiester to move him, now that's what the volt did for GM.
The three stooges. Wagoner Lutz Fritz
Next, we need to get rid of the sheep that are "serving" on the board of directors.
I hear a lot about retraining and educating those that have lost their jobs due to the finacial mess and the just plain failure of our government to protect the manufacturing industries from foreign price cutting. What are we going to educate them to do? IT? Nope all being outsourced to India so no jobs there. Engineering? Nope same as IT going, going, gone overseas. Skilled trades? Nope gone to China along with the manufacturing jobs. Picking vegetables? Nope being done by illegals shipped in from Mexico. The list of jobs gone is long and the list of jobs left is small. It's time the government put laws in place to protect our jobs. Almost every other country has laws to protect their indigenous industry why not us?