GM Prez gets axed.....no replacement
04-03-2006, 07:01 PM
#1
GM Prez gets axed.....no replacement U guys see CNBC today? Looks like no successor has been announced, so wonder what this does to the next gen Camaro? 
According to the critics, these steps should have been taken (2) years ago!
Plus this causes reason for alarm also:
http://www.msnbc.msn.com/id/12130253/
According to the critics, these steps should have been taken (2) years ago!
Plus this causes reason for alarm also:
http://www.msnbc.msn.com/id/12130253/
04-03-2006, 09:37 PM
#2
TECH Resident
iTrader: (4)
Join Date: Aug 2004
Location: Palm Harbor, Fl
Posts: 880
Likes: 0
Received 0 Likes
on
0 Posts
“While there is still much work to be done, the GM board has great confidence in Rick Wagoner, his management team and the plan they are implementing to restore the company to profitability,” presiding director George Fisher said in a statement.
GMAC Chairman and Chief Executive Eric Feldstein, who will continue to lead the company after the sale
Morgan Stanley analyst Jonathan Steinmetz said GM appears to be hoarding cash so it can fund buyouts, offer cash to the United Auto Workers in exchange for benefit cuts or weather a future strike.
04-03-2006, 09:45 PM
#3
Not exactly, I was listening to CNBC, and their analysis of the change. Kinda felt like GM wasn't sure exactly what the succession planning would be, but then that was early this morning.
Thanks, I'll go back and research, but all this talk about the next gen Camaro, and the financial crisis they are currently going through, just seems they are shooting in the dark for a "success" story, or NEW vehicle that can dominate market share. Of course, these are not the 60's where domestics were the dominant force in world economics. Times have changed, but GM and Ford have not adjusted to the times, or have been too slow to react.
Damn shame too!
Thanks, I'll go back and research, but all this talk about the next gen Camaro, and the financial crisis they are currently going through, just seems they are shooting in the dark for a "success" story, or NEW vehicle that can dominate market share. Of course, these are not the 60's where domestics were the dominant force in world economics. Times have changed, but GM and Ford have not adjusted to the times, or have been too slow to react.
Damn shame too!
04-04-2006, 12:06 AM
#6
TECH Resident
iTrader: (4)
Join Date: Aug 2004
Location: Palm Harbor, Fl
Posts: 880
Likes: 0
Received 0 Likes
on
0 Posts
The buyout plan to try to eliminate the job bank is a good idea. Personally, I don't think they should ever have established a job bank (paying people who aren't working nearly full salary and benefits). It just doesn't make sense. I can't see why either side would want it. GM is just giving money away, and as lazy as I am, I couldn't sit idly all the time and collect workman's wages for doing nothing.
Also, if you watch the clip from this thread https://ls1tech.com/forums/automotive-news-media-press/481381-redesigned-cts-partially-revealed-60-minutes.html, Bob Lutz, the person everyone here loves to rag on, says everything dead on. To summarize, "Being successful is all about the products and the recognition, and when auto manufacturers are in trouble, they seem to produce their best vehicles."
While I think it is in some ways bad to sell off this large a share in a profitable venture, the profit from GMAC is really all about selling product, and if they can reduce wasted spending and focus on producing great vehicles it may very well be worth it. For the most part, I think Rick Wagoner and Bob Lutz are on point. For GM's sake, I hope I'm right.
Also, if you watch the clip from this thread https://ls1tech.com/forums/automotive-news-media-press/481381-redesigned-cts-partially-revealed-60-minutes.html, Bob Lutz, the person everyone here loves to rag on, says everything dead on. To summarize, "Being successful is all about the products and the recognition, and when auto manufacturers are in trouble, they seem to produce their best vehicles."
While I think it is in some ways bad to sell off this large a share in a profitable venture, the profit from GMAC is really all about selling product, and if they can reduce wasted spending and focus on producing great vehicles it may very well be worth it. For the most part, I think Rick Wagoner and Bob Lutz are on point. For GM's sake, I hope I'm right.
04-04-2006, 12:56 AM
#7
TECH Senior Member
iTrader: (10)
Join Date: Nov 2001
Location: Gainesville, Denton TX
Posts: 8,766
Likes: 0
Received 0 Likes
on
0 Posts
2002BlackSS, good point. the job bank and the amazing benefits package they gave is a good part of what puts them in the hole. I try to follow the progress in the news and on a select few news sites during the work day, but time doesnt allow for me to catch up all the time.
guess i should read in here more often.
guess i should read in here more often.