How on earth does GM CEO Rick Wagoner still have a job?

[bigvegan]

http://www.bloomberg.com/apps/news?pid=20601087&sid=agMEuJ_r_yxA&refer=worldwide

"Wagoner, in his ninth year as CEO (http://www.bloomberg.com/apps/quote?ticker=GM%3AUS), has posted $69.8 billion in losses since 2004..."

http://www.marketwatch.com/quotes/gm

GM Market Cap - $6.04 Billion.

Now, I'm not much of a financial analyst, but it seems to me that if you're in charge of one of America's largest and most established companies, and on your watch that company has managed to lose 11 TIMES THE VALUE OF THE COMPANY, maybe, just maybe you're not doing a good job and ought to be replaced.

I swear to god, he could probably take early retirement and live like a king in Japan, as Toyota and Honda owe him big for making their lives so much easier.

[Chicken Coupe]

It's not just him, it's the pathetic and lethargic team of upper management and the board of directors.

CEO's HAVE TO rely on the input of the senior management team. As a team they present to the Board. The Board has the responsibility and power to say Yea or Nay to the plans that are presented. :enguard:

But you are 100% right. The stock holders have been screwed. :ripped:

At some point the Board is supposed to stand up and say, "B*****it"! :here!: and give him 90 days to come up with a turn around plan.

If they approve, it should be with a timetable attached and progress measured at regular intervals.

Miss it once or twice, maybe you still have a shot. :fingersx:

More than that, they should have dumped him. :getout:

If you miss it over and over and over and over again and STILL have a job...he must have a pile of photos of somebody and a goat or worse. :Alchy:

In which case...:postpics:

[Jim Nilsen]

What if he is really just doing what he is told to do and make it look like a stupid mistake on his part? What if the whole thing is to just get all of us to blame the wrong guy for the fall of a major corporation. When the workers start to scream and the public starts to panic and we have to bail out another corporation at the cost of the dollar to keep the illusion going. Because of stupidity we have learned to say that it wasn't my fault and some believe that kind of excuse from others when they think that it could have been a mistake they would have made too.

I wish them all of the luck in the world with the Volt. It will work great and do just what they expect it to do . But if you don't have the raw materials to build some of the components in mass quantities production will cease. Shortages along with classification of hazardous materials can make it impossible for them to succeed. Think about lead in the paint of toys? Will environmentalist get in the way of what they are wanting to do? It seems that the last word is our Government leaders as to what they will let happen since it will be debated on the floor and voted on. It is going to be interesting to see who can break the energy usage barrier and make a fuel efficicient vehicle in mass quantities to make an impact ? Will they even have able buyers?

Corporations can't seem to do anything without the government and the government can't seem to do it without corporate money, and when you don't have money you are at the mercy of the one who has it. The paradox of this is that the government gives the We the People money to the corporations and the corporations use it to get the laws changed to their favor. Result, corporations and government end up being in charge of the people instead of the other way around until you become a slave of both. They don't care about the value of money because they are the ones with the resources to change the money any way they want to and they are doinga good job of making it worthless with all of the good intended desires to keep America safe and stable. It's a trap and we are falling for it with our eyes closed. Stop giving your money away and start giving support to your family and your neighbors and we have proven that to be a much better way to get through a crisis than to depend on the government doing it right. Invest in the people and the money will eventually make it to the corporations if they have what we need and want ,leaving only the corporations that we need and want! So clean up America the right way.
There was a whole horse and buggy world that got replaced but Fischer Body still survived didn't they. Who did Fischer body really become? They can kill themselves and reinvent it into a new company because it is the way America was setup. Now why do we have to believe the world would end if GM,Freddie , Fannie or any other corporation goes out of business. It's our lives ending as we know them and if we all help each other we won't have to panic.The real assets don't just disappear they get aquisitioned by someone. Hopefully we may just be on the edge of another way of living and it is a race to be the ones in control ? Will it be the PEOPLE ? They are using the rules of freedom to reach their goals and when they reach them they will change the rules. They have elready change almost every one of them that needed to be changed to give them the freedom to do the final steps. Read the patriot act and then you might see who you will be working for when you get your new job with the government that you didn't apply for.

[trapin]

I swear to god, he could probably take early retirement and live like a king in Japan....
He could live like a king in Dubai if he wanted to. That's how much he's worth.

I personally never understood the exorbinant amount of money CEO's and Executives make at the Big Three. You would have thought those days would have been long gone in today's market place.

[minendrews68]

I'm thinking with his salary and perks he could live like a king just about anywhere he wanted. I agree with trapin, I've never understood whu big time CEO's have to make THAT much money. It just doesn't take millions of dollars a year to live, at least it sure doesn't for anyone around here..

[Scottem]

Maybe if they install the Volt driveline in the new Camaro, that may spur huge sales. The first electric muscle car?

Can only imagine what GM employees are thinking. I'm sure Ford and the Dodge boys are right there to.

[Jim Nilsen]

Does anyone know what is going on at the plants in Mexico? Are they working overtime? Are they tooling up for something different? I haven't heard anything clear about what is happening out of the foreign plants other than they are going to adopt some other platforms to build off of.

[Jim Nilsen]

Maybe if they install the Volt driveline in the new Camaro, that may spur huge sales. The first electric muscle car?

Can only imagine what GM employees are thinking. I'm sure Ford and the Dodge boys are right there to.

Praying is in order at this moment along with a lot of hope :fingersx:

[Jim Nilsen]

He could live like a king in Dubai if he wanted to. That's how much he's worth.

I personally never understood the exorbinant amount of money CEO's and Executives make at the Big Three. You would have thought those days would have been long gone in today's market place.

I still remember when Lee Iococca worked for $1 and got paid when the company turned around. It was one heck of a lot of money but he deserved every bit of it for saving the company the way he did. The American people got paid back and it is a model for what should be happening now. If they were to go back and help like they did with Lee we would get our money back with interest. To this day I can't think of another corporation and a CEO that actually made people in this country proud. Instead ,now it is a grant we can't afford if we follow suit.

[Nine Ball]

I don't understand big CEO salaries either, especially from companies in a financial bind. Hell, I'd gladly accept his CEO position for a "normal" salary. That would save GM millions right up front ;)

[Surfer]

I don't understand big CEO salaries either, especially from companies in a financial bind. Hell, I'd gladly accept his CEO position for a "normal" salary. That would save GM millions right up front ;)Here's the funny part, I had a good article awhile ago, wish I could find it. Talked about the high paid ceo's vs low paid....to sum it up, the mega-pay ceo's and all their extra bonues and this and that were the worst performing with companies either losing insane amount of money or barely breaking even, and the low-paid ceo's were improving business year and year after year.

I must be missing something :lmao:, made no sense to me

[trapin]

Does anything about this country make any sense?

I guess it doesn't really matter. One day we'll all be working for and answering to foreign corporations and governments.

[Young Gun]

Does anything about this country make any sense?

we were founded by a bunch of punk hooligans...nothing makes sense hahah

[1969CamaroRS]

In my experience executive management only takes the credit for positive things. The negative things, blame is passed around enough to dilute it.

What never makes sense to me is still getting a bonus when the company is doing poorly...