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.
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.
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.
agree american-businessman blow time whistle
We don't always agree on stuff, but when it's time to blow the whistle and start the game, we're not still debating.
chance interested level playing
We're not interested in a bailout, but we would like a chance to play on a level playing field.
allow building business critical further phase position preserve
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.
american-businessman believe dollar exchange fair intervene japan massive practice rates
We believe in fair exchange rates and Japan doesn't practice that. They have massive U.S. dollar reserves, and they use them to intervene regularly.
believe dollar exchange fair intervene japan massive practice rates
We believe in fair exchange rates and Japan doesn't practice that, ... They have massive U.S. dollar reserves, and they use them to intervene regularly.
affect bigger combined consumer desires efficient fuel gasoline move people seen smaller trade
What I've seen around the world is if the regulatory desires are combined with things that affect consumer behavior - such as in Europe, they tax gasoline very heavily - you do get people to move to very fuel efficient cars; trade off bigger vs. smaller cars.
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.