GM CEO Wagoner resigns on Obama’s Request

gm-rick-wagoner That’s right – President Obama asked the CEO of General Motors, Rick Wagoner, to resign.  And Wagoner did.  Immediately.  Stepping in to fill the roll of CEO is current COO Fritz Henderson. 

Wagoner has been CEO of GM since 2000, and has presided over the worst years in GM’s history.  During Wagoner’s reign, GM stock has plunged from about $74 per share to the current $2.70 per share.  It has accepted $13.4 billion in federal loans so far, with another $16.6 on the “asking” table.  During the last 4 years alone, GM has lost about $82 billion.

The current recession / depression is not Wagoner’s fault, of course.  Even with enlightened executives running the show, these times would be rough.  But Wagoner’s misguided direction and poor management skills have put GM on the brink of bankruptcy.  In fact, were it not for our overzealous federal government, GM would have closed down already.

Wagoner leaving is a good thing, no question about it.  Now, there’s no guarantee that good ol’ Fritz will do any better.  But it’s hard to imagine him doing any worse.  At least that’s something.

Published on March 30, 2009 in GM

Previous post:

Next post: