From Reuters: “Wagoner took over as GM’s CEO in 2000, the lead-man in charge of overseeing a 95 percent decline in market value for the nation’s largest automaker. Since he took over the company GM has lost about $119.6 billion dollars and 82.8 billion dollars since 2005 when its problems began to mount in the U.S. market.”
So in less than 9 years, he oversaw a 95% decline in market value, for a total loss of $119.6 billion dollars.
He is now “retiring” from the company with a $20 million dollar golden parachute.
Ya gotta love him though, under his guidance we have seen some of the coolest cars come and go. The H2 and H3 Hummers, the SSR, the EV1. What a shame it took a designer from Chrysler to create the one car that would out sell all of these. That's right the HHR is the only car in the line up that is showing decent sales and the designer whose idea it was is also the same guy that designed the PT Cruiser.
Oh and lets not forget some of the most innovative designs of the last century such as the mundane Malibu and Impala. At one time if you owned one of these cars it meant something. Now the only thing it means is that the buyer is an idiot.
Oh and lets not forget this Colbalt thing. What a joke that one is.
Also let's not forget the GTO (kinda pricey also). One of the fastest cars to come out of Detroit in a while and it looks like a jelly bean on wheels. And it just might be made out of jelly. The car has been plagued with front end alignment problems that may be due in part to stuffing an oversize engine in a car that wasn’t designed for it. I mean it guys, all of you are old enough to remember the real GTO's of yesterday. Does this thing even come close? Did you know that it was almost cut out of the line up for 2009! But don't despair even though it has yet to break even, the new GTO will appear again next year, along with the Chevrolet Camaro. As before, the chassis will be from Holden, but this time it’s the new Zeta platform, (Z last letter in the alphabet = the last attempt) which debuted in the Australian VE Commodore. The Camaro will also use the Zeta platform.
Speaking of Camaro just when are we going to see it at a dealer? All of the Baby Boomers will be in nursing homes by the time it reaches the market and they are the ones that GM is targeting with this car. Did you know that GM has already spent 5.2 billion dollars in research and development of this car and it doesn't even look like a Camaro! The front end looks like something from Cadillac! Now if they spent 5.2 billion in R&D and it will be built on an existing Holden platform where did all the money go?
JD Powers is estimating that the new Camaro will be a flop just like the SSR. Too little to late! Ford and Chrysler have already beat them to the punch on the nostalgic market and right now there is just to few baby boomers that aren't experiencing financial difficulties. By 2010 gas prices will be back to five dollars a gallon and in it’s most anemic form this car's highway mileage is estimated to be around 26 mpg and they haven’t yet announced the MPG for the performance models, come on! Even though it may receive the car of the year award, if just for shear anticipation, remember the AMC Pacer also received the same award!
I'm sorry guys but the UAW has had no hand in all of this! They only assemble what they are told to.
In the case of "Mr. Wagoner", remember no one is totally useless they can always be used as a bad example.
Chris
So in less than 9 years, he oversaw a 95% decline in market value, for a total loss of $119.6 billion dollars.
He is now “retiring” from the company with a $20 million dollar golden parachute.
Ya gotta love him though, under his guidance we have seen some of the coolest cars come and go. The H2 and H3 Hummers, the SSR, the EV1. What a shame it took a designer from Chrysler to create the one car that would out sell all of these. That's right the HHR is the only car in the line up that is showing decent sales and the designer whose idea it was is also the same guy that designed the PT Cruiser.
Oh and lets not forget some of the most innovative designs of the last century such as the mundane Malibu and Impala. At one time if you owned one of these cars it meant something. Now the only thing it means is that the buyer is an idiot.
Oh and lets not forget this Colbalt thing. What a joke that one is.
Also let's not forget the GTO (kinda pricey also). One of the fastest cars to come out of Detroit in a while and it looks like a jelly bean on wheels. And it just might be made out of jelly. The car has been plagued with front end alignment problems that may be due in part to stuffing an oversize engine in a car that wasn’t designed for it. I mean it guys, all of you are old enough to remember the real GTO's of yesterday. Does this thing even come close? Did you know that it was almost cut out of the line up for 2009! But don't despair even though it has yet to break even, the new GTO will appear again next year, along with the Chevrolet Camaro. As before, the chassis will be from Holden, but this time it’s the new Zeta platform, (Z last letter in the alphabet = the last attempt) which debuted in the Australian VE Commodore. The Camaro will also use the Zeta platform.
Speaking of Camaro just when are we going to see it at a dealer? All of the Baby Boomers will be in nursing homes by the time it reaches the market and they are the ones that GM is targeting with this car. Did you know that GM has already spent 5.2 billion dollars in research and development of this car and it doesn't even look like a Camaro! The front end looks like something from Cadillac! Now if they spent 5.2 billion in R&D and it will be built on an existing Holden platform where did all the money go?
JD Powers is estimating that the new Camaro will be a flop just like the SSR. Too little to late! Ford and Chrysler have already beat them to the punch on the nostalgic market and right now there is just to few baby boomers that aren't experiencing financial difficulties. By 2010 gas prices will be back to five dollars a gallon and in it’s most anemic form this car's highway mileage is estimated to be around 26 mpg and they haven’t yet announced the MPG for the performance models, come on! Even though it may receive the car of the year award, if just for shear anticipation, remember the AMC Pacer also received the same award!
I'm sorry guys but the UAW has had no hand in all of this! They only assemble what they are told to.
In the case of "Mr. Wagoner", remember no one is totally useless they can always be used as a bad example.
Chris