Word: forde
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Dates: during 2000-2009
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...Wagoner's travel plans are still secret but he won't be traveling via corporate aircraft. Wagoner also said he was reducing his salary to one dollar and four other top GM executives agreed to reduce their cash compensation by 50 percent. Both Ford and GM also announced they plan sell their corporate aircraft...
After all, while GM was down 41.3% for the month, Ford Motor, Toyota and Honda - healthier companies all - also reported U.S. sales drops of 30% or more. (Read "Why the Big Three Should Fly Corporate Jets...
...sales decline begin way back at the beginning of the year, when its truck-heavy product lineup began to sag in the face of higher gasoline prices. So for the first 11 months of 2008, GM's sales have fallen 21.9%. While that is comparable to Ford and Chrysler (down 20.6% and 27.7% respectively), it's far worse than Asian competitors. Toyota is down 13.4% this year, Honda has declined just 5.4%, and Nissan has shrunk by 9.1%. They will be far better positioned to rebound once the market recovers...
...United Auto Workers has scrapped the jobs bank and is looking to modify other aspects of its existing labor agreements with General Motor Corp, Ford Motor Co. and Chrysler as part of the effort to secure federal aid for the three automakers...
...reinforce the urgent need for progress, Gettelfinger brought in Steve Girsky, managing director of Centerbridge Partners, who briefed the joint meeting of the Union's General Motors, Ford and Chrysler councils about the situation. "They asked me to explain how they got into this situation and I did," Girksy told TIME. He declined to offer any details of the sobering briefing but said the situation was "grim...