U.S. Government Asks GM CEO Wagoneer To Step Down

Posted on 30. Mar, 2009 by Ryan in 2000-2009

CNN, Reuters, Business Week, Detroit News Examiner, and the New York Times report that General Motors’s CEO, Rick Wagoneer was asked to step down immediately, by U.S. Government ahead of March 31st deadline.

Rick Wagoneer began his position with GM back in 1977, and was installed as CEO in 2000, the same year GM took over 100% of Saab Automobile, then bought Hummer and shelved the successful EV-1 electric vehicle program.

The top leadership at GM continues to crumble following Bob Lutz & Bill Powell’s departure as well.

Wagoneer, 56, who made only $14.7 Million dollars last year, will apparently be leaving his post almost immediately. His position as Captain of the Titanic, will be replaced by co-captain Fritz Henderson, the self-proclaimed Saab “Lover” (who made only $2 million last year) and the one who said that “Saab is not a U.S. Strategy”.

This news will all be going down today (Monday, March 30th), and with it, more press releases, more news and more of just about everything, so here’s hoping we also hear anything positive about Saab as well.

In just a few days following this announcement (March 31st), we should be expected to hear another announcement about GM’s strategy for continuity and restructuring.

Here is Rick Wagoneers message in a GM press release:

FOR RELEASE: 2009-03-30

GM Message from Rick Wagoner

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.

Tags: Asks GM CEO, Bill Powell, Bob Lutz, Captain, excellent counsel, Fritz Henderson, Kent Kresa, Rick Wagoneer, Rick Wagoneers, Rick Wagoner