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Wagoner walks with 20 million

813 views 11 replies 8 participants last post by  deadbodyman 
#1 ·
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
 
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#2 · (Edited)
More power to Rick Wagoner. He had a legal contract with the company, approved by the Board of Directors. Obama's the one that had him fired, I think that if you don't like Rick's retirement, we should take it out of his salary.

As for the new Camaro, I hope that Chevrolet sells a million of them.
 
#5 ·
...And here I thought this was a "sympathy" thread since he's now unemployed and walking with the "20 million" others currently out of work....


(This posting was intended solely for the purpose of humor, no executives were harmed in the typing of the above statement....)



In a while, Chet.
 
#6 ·
Wagoner

Now if only there was a "shareholders bill of rights" (in many countries there is such a thing!) so that board members could be held liable/accountable for their decisions, such as hiring CEOs and approving contracts that give bonuses that are not tied to performance.

Wouldn't it be interesting if the members of the board of directors - who are the ones who hire the top cats, and approve the terms of that contracts - had to actually be accountable for their decisions and actually DO something to justify their annual "salaries" as the representatives of the shareholders? (remember the shareholders? They likely include your pension funds and the mutual funds that you hold for your retirement!)

All the shareholders have lost 95% of their funds due to decisions made by your representatives - the board - to hire the dude who oversaw your loss, and to approve a contract that says we gotta pay him, no matter how badly he performs and even if we gotta fire him for gross stupidity, we still gotta pay him a zillion dollars in performance bonuses!

The "big three" were always considered to be "widows and orphans stocks"- not spectacular performers but VERY safe for "widows and orphans" to hold for safe, guaranteed income! And now those holdings are down 95%? Why? Because the board continually approved the hiring and retention of inept senior management and bad decisions. Wagoner's "out" is that he was merely implementing the decisions of the board to cut costs rather than build brand value. The board wanted short-term performance, rather than building value in the company, because "the shareholders don't want to see a decline in stock value".

So where is the accountability there? How much does one get per year for being on the board and making such weighty decisions with no accountability at all? How do I sign up to be one?
 
#7 ·
I own a,make that two impalias,an 02 and a 00.I got the 02 in 03 never had one problem it still looks great and I wouldnt get rid of it for anything just got the 00 its a great one too hands down the most dependable comfortable car ive owned unfortunatly we rented a new impalia to go to FL what a P.O.S. The buick Riviera bought new in 95 for36,000 fully loaded including super charger was very impressive took a crap at 60,000 mi put in three motors and two trannys still didnt have ioo,ooo mi when I had it crushed I'm still mad at that beautiful P.O.S. they all wanted to buy it at the crusher but it felt so good getting even with that car it was cherry in 03 when I crushed it ,it sat in my drive way most of those eight years I guess you just dont know what your gona get with GM these days the mine or the shaft I have no loyalties to any big corp any more they all suck and they get what they deserve. GET THE ROPE !!!!!!!
 
#8 ·
Chris Kemp said:
I'm sorry guys but the UAW has had no hand in all of this! They only assemble what they are told to.
is that why one of the local uaw workers stands at the end of the engine assembly line, where his job is to remove "bad" engines from the assembly line, and instead just rips the tag from them and sends them off to be installed in cars?

ive known a few upstanding UAW guys. the stories they tell are disgusting.
 
#9 · (Edited)
lowROLLERchevy said:
is that why one of the local uaw workers stands at the end of the engine assembly line, where his job is to remove "bad" engines from the assembly line, and instead just rips the tag from them and sends them off to be installed in cars?

ive known a few upstanding UAW guys. the stories they tell are disgusting.
when are the CEOs going to learn its the employees that make the company pee them off enough times and they can also bring it down?Happy workers = happy customers , happy customers = more money , greedy management =the end of solid company, do the math
 
#10 ·
bluesman2333 said:
"I'm sorry guys but the UAW has had no hand in all of this! They only assemble what they are told to."

My argument all along. The union workers are not the problem. It is all management.

sounds like a loyal union member .............. at a boy

remember eastern airlines

raising wages just because one shows up for work is not an incentive to anyone except the lazy a s s e s

Unions are mouth pieces and protection for the unproductive ... last time I checked it was illegal to be charged to work somewhere that is the wrong direction of cash flow ..

If you like paying dues and getting hot air ..... send me your dues and I will surly send some HOT air your way .. even shake your hand if ya like ...
 
#12 ·
unions are management , hourly wages do make people lazy, clock watchers,two more reasons for a downfall .the government is a business too but they dont have to worry about selling and competition do they? one more part of the problem.Nobodys mad enough yet to get together and do something about it except complain , now theres a big problem
 
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