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
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.
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.
Don't worry about planning every step of your life.
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.
We're going to take some time here, think in terms of 30 to 60 days, to step back and decide the next step in this journey, ... There's interest among others for various forms of transactions. So we'll have options. We just haven't decided yet what makes the most sense for GM. In 30 to 60 days we'll be ready to try again with something that we expect will work this time.
We disagree with Delphi?s approach, but we anticipated that this step might be taken. GM expects Delphi to honor its public commitments to avoid any disruption to GM operations.
Despite some speculation to the contrary, we at GM are still moving. In fact, we're taking some big steps to get moving fast in the right direction.
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.
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.
I've taken a significant pay cut this year, ... I think I'll have a 50 percent pay cut.
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.
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.
These actions are necessary for GM to get its costs in line with our major global competitors,
These actions are necessary for G.M. to get its costs in line with our major global competitors.