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
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We are viewing the U.S. economic and auto market environment with considerable caution, ... That, combined with our poor business results in the first three quarters this year, really highlight that we are at a critical juncture in our company's history. And so we are accelerating the pace and scope of our turnaround actions.
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This transaction will allow us to preserve our business relationship, while further building up GM's already significant liquidity position during this critical phase of our turnaround.
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With the ongoing globalization of GM's product development organization, and the implementation of our global architecture strategy, Bob felt he needed to devote his efforts to product development full time, and I agreed, ... Bob's legacy at GM will be in our future cars and trucks. It makes sense for him to devote his full energies to that critical task.
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This 'hand-in-glove' working relationship between GM Auto and GMAC provides ample benefits to our dealers and our stockholders, and is critical to our ability to compete in the marketplace,
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Our relationship is strong, and we look forward to our continued partnership. This transaction will allow us to preserve our business relationship, while further building up GM's already significant liquidity position during this critical phase of our turnaround.
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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.
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I've taken a significant pay cut this year, ... I think I'll have a 50 percent pay cut.
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These bold initiatives are designed to immediately improve our competitiveness and position GM for long-term success and today's transition is a further step in that direction.
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These results reinforce the need to step up our efforts to eliminate waste and lower costs, ... The industry continues to venture into new territory -- near-record demand mixed with unprecedented price pressures and intensely strong competition on all fronts.
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These negotiations were done in a positive, cooperative, problem-solving spirit, ... While it may have taken some time to reach this cooperative solution, I think it was time well-spent.
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These markets are going to grow. They're going to have their ups and downs, just like the American market. But Asia will be the fastest growing area of the world.
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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.
There's pressures, of course, but I actually feel energized by the challenge.