Word: wagonerã
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Henderson’s resignation comes eight months after the Obama administration forced the resignation of former CEO G. Richard Wagoner??a 1977 graduate of the Business School...
...can’t fairly blame all of GM’s decades-long troubles on a man who has been CEO for only nine years. High cost union contracts and close competition from rivals like Toyota made Wagoner??s job a difficult one. And, to his credit, he closed unnecessary plants, laid off workers, and renegotiated union contracts in an attempt to streamline the company. But he did little to pull his company out of its unsustainable reliance on sales of sport utility vehicles and trucks, which plummeted when gas prices rose to $4 per gallon last...
...Whether it is Wagoner??s fault or not, however, GM’s current position is financially untenable. The auto company is dependent on government handouts, and there are no signs that its status will be able to stand on its own any time soon. Thousands, even millions, of jobs and a significant part of the American economy (especially the battered manufacturing sector) depend on GM remaining afloat. Whether or not pulling GM out of the red is possible at this point, though, it is clear that Wagoner is not the person for the job. By urging...
...course, Wagoner??s “retirement” was a delicately orchestrated affair. Few people, after a career of executive perks, can complain about a pension from a company that is currently operating on taxpayer funds. A deal like this does not exactly send the message to other executives that they will be penalized for failure...
...very fact of Wagoner??s resignation serves as a reminder that executives can be held accountable for their performance. Wagoner was one of the most visible CEOs making bad decisions and, until now, receiving little chastisement for it. While it will not likely be repeated in every company that is doing poorly, a resignation like Wagoner??s tells executives in other industries, especially corporate finance, that their jobs are still contingent on performance. If they do not lead their companies to success, they will be held responsible...