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
alter benefits current decided employees fair financial pension provide reduce risks
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.
affected changes impact plan reduce
will reduce the impact of plan changes on affected individuals.
agreed business executive performance price reduce step stock structured system total
While our 'pay-for-performance' executive compensation system is already structured to significantly reduce total compensation when our business performance and stock price are underperforming, we all agreed that this is the right step to take at this time.
additional change dramatic financial global improve industry reduce requires risk ways
We are confronting a dramatic change in our industry and in the global competitive environment, and that requires us to look for additional ways to reduce financial risk and improve our competitiveness for the long term.
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.
brands car decent job models number products reduced segment showing side strategy work
If you look from 1992 to 1997, we've really reduced the number of car models from more than 100 to about 81. Our strategy is to have the right number of products. Segment the brands better. There's a lot of work being done on the distribution side of the business. And the data's showing that our new products are doing a very decent job in the market.
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.
cut pay percent taken
I've taken a significant pay cut this year, ... I think I'll have a 50 percent pay cut.
bold designed further gm improve position step success transition
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.
reach taken time
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.
area asia fastest growing markets ups
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.
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.