GM Management Purges Over

by Bertel Schmitt

April 10th, 2010 3:07 PM

GM’s CEO Ed Whitacre has told the remaining employees that his purges of senior management are complete. “I want to reassure you that the major leadership changes are behind us,” Whitacre wrote in a March 31 letter obtained by Bloomberg. “The team we have in place today is the team that will take us forward.”

Whitacre, 68, said he wrote the letter to quell employees’ anxiety. Apparently, they wondered who will be next. Never good for morale. “People who have been there a long time, even if they are doing a good job, they worry about getting the phone call because of all the turmoil,” said Joe Phillippi, president of consultant AutoTrends in Short Hills, New Jersey. “Getting out there and saying the team is in place is a good idea.”

#BertelSchmitt #GM #Management #Purges

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Buickman on Apr 10, 2010

don't worry they will "show" enough profit in the next 6 months or so to allow the Banksters to repurchase the company...now devoid of bondholders, environmental issues, lawsuits, wages, benefits, and other various encumberments. which of course has been the plan all along, combined with plant closures and tax abatementsa they never could have arranged in good times. good conscience would have the USA retain ownership and obtain the capital appreciation to enable the citizenry to earn sizeable return on it's investment. heck we could use the money. watch the PR start to increase how GM is so worthwhile and how the government needs to sell it off "as soon as possible". believe only some of what you read folks...don't be spoon fed. if GM is such a great investment after this "soon to be profit" appears, we shouldn't be in any hurry to hand it back over to those criminals who stripped it bare and rinsed it thru their manufactured bankruptcy. ps visit my new FB page...The Buickman http://www.facebook.com/pages/The-Buickman/105306949499962?ref=ts

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- Stingray on Apr 10, 2010
  
  And what would be the point of that? Take GM to the lame condition it was again? Or slowly sell it to China? I checked your FB page. Please put a superhero avatar that looks the part better
  
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- Porschespeed on Apr 11, 2010
  
  Buickman, IF GM had exited BK with a truly 'clean' balance sheet, then I would be in complete agreement. As GM actually still has massive unfunded pension liabilities, and still isn't profitable, I'm hard pressed to see how this is a medium-term win for any investor. Long-term, isn't even a valid horizon. The day traders may make some dough though. I agree the Wall Streeters will figure out a way to do the IPO and skim several hundred million off the top. Thye'll flip out long before the price ghoes to zero again. I just don't see any big money in a GM buy-and-hold. (Unless Uncle Sugar somehow guarantees it, of course. Which they may.) (Apparently as do you) I rip on GM because it *could* do better. Sadly, it's corporate culture is irretrievably broken (and has been since the late 60s) but, I know it could do better.
  
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Fred Talmadge on Apr 11, 2010

Don't worry, GM will reorganize, shuffle management, realign products again. It's the one thing they are good at.

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- BuzzDog on Apr 11, 2010
  
  GM may be good at reinventing itself, but it's a damn shame that it's not so good at positioning its operations and products for long-term viability.
  
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SCE to AUX on Apr 11, 2010

"Major" changes are over. I wonder what the minor changes will be. Maybe he just means the remaining personnel will now have enough rope to hang themselves, rather than be purged.

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Nevets248 on Apr 12, 2010

more BS from the GM "spin machine". I'll watch what I post-don't need Christy Garwood to come after me with her 'hummer' Docherty heat seeking missile.

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