Rick Wagoner
Rick Wagoner
George Richard "Rick" Wagoner, Jr.is an American businessman and former Chairman and Chief Executive Officer of General Motors. Wagoner resigned as Chairman and CEO at General Motors on March 29, 2009, at the request of the White House. The latter part of Wagoner's tenure as CEO of General Motors found him under heavy criticism as the market valuation of GM went down by more than 90% and the company lost more than $82 billion USD. This led to his being...
NationalityAmerican
ProfessionBusinessman
Date of Birth9 February 1953
CountryUnited States of America
actions costs global gm line major necessary
These actions are necessary for GM to get its costs in line with our major global competitors,
actions costs global line major necessary
These actions are necessary for G.M. to get its costs in line with our major global competitors.
costs dropped health obviously pension tougher
We haven't dropped the goal, ... It's obviously tougher right now as we have pension and health-care costs right now, for example.
best bring build business costs government necessary
To make this happen, we need to bring down costs and build the necessary infrastructure -- and the best way to do that is by business and government working together.
cost excited good moving news people price products successful supported
The good news is, we know what we need to do to be successful in the business. What we need to do is get products that people are excited about and price them the right way, supported by the right kind of cost structure, and I think in that sense it's moving pretty good.
competition cost factor overall primary
It's one factor that's important in our overall cost competitiveness. I can't tell you it's the only or the primary thing for us,
adjust burden cost costs exposed fully huge inability legacy line north operations structural weaknesses year
It was a year in which two significant fundamental weaknesses in our North American operations were fully exposed - our huge legacy cost burden and our inability to adjust structural costs in line with revenue.
address announcing billion costs efforts health next plan rate reduce run structural today update
Today we are announcing a significant update on our plan to address our health-care burden, which is the cornerstone of our efforts to reduce structural costs by a $5 billion (US) run rate by the end next year.
actions announcing costs decisions difficult employees global impact line major necessary reach today
The decisions we are announcing today were very difficult to reach because of their impact on our employees and the communities where we live and work. But these actions are necessary for G.M. to get its costs in line with our major global competitors.
broad business businesses costs good range
As we look at the responsibilities we have to a broad range of constituents, as we look at what we need to do to make the business successful, as we look at our businesses around the world, we think there are significant costs to bankruptcy. We don't think it's a good option.
action benefits companies conceived continue costs decades difficult explosive face foreseen global greatest high increasing inflation necessary number recent rise rising similar simply taken
This is a difficult but necessary decision, and it was made only after the greatest deliberation. A number of other U.S. companies have already taken similar action in the face of these rising costs and increasing global competition. In particular, U.S. health-care costs continue to rise at high rates. When these benefits were conceived decades ago, no one could have foreseen the explosive cost inflation that we have been experiencing in recent years. These costs are simply not sustainable.
announce biggest build cost forward history reduction single step
This is a very big step forward that we will build on, ... the single biggest cost reduction that we've probably been able to announce in a single day in the history of G.M.
actions address basis costs financial further global gm good implement improve line moving north order position quickly reduce results several sight steps structural weaknesses
In order to improve financial results in 2006 and 2007, we are moving quickly to implement several important actions that will address these weaknesses in North America. And we have a good line of sight on the steps we need to take to further reduce structural costs on a global basis that will position GM for long-term success.
america control costs country critical gm health improve north overall soon
Health costs in this country are out of control, ... This will significantly improve our overall cost competitiveness ... and will be critical to getting GM North America back to profitability as soon as possible.