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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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.
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Stan O'Neal has been a great asset on the GM Board and to General Motors management over his 5 years of service as a director. We are grateful for his many positive contributions to General Motors and wish him the best.
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If I look at our priority list on the things we need to do to get cost-competitive, wage rates are nowhere near the top for us. We have a far greater burden in legacy costs, in flexibility of using our work force, in jobs banks than we do in wage rates.
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I'm like Sergeant Schultz, I know nothing. We are trying to share ideas around the world. We don't just come up with a great idea in Brazil and ignore it in the rest of the world.
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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.
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Really, a lot of our share loss this year is a strategy to -- and I think it's the right thing to do -- lessen the daily rental fleet,
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We have decided to substantially alter the pension benefits for current U.S. salaried employees so that we can provide a competitive and fair benefit but also reduce the financial risks to GM.