Calling for GM bailout may cost Wagoner his job

[jamz]

Filed under: Government/Legal, Hirings/Firings/Layoffs, GM, Earnings/Financials


General Motors' CEO, Rick Wagoner, who's been manning the helm for the last eight years and a part of its staff since 1977, has taken some heat for asking the Feds for a bailout. A possible condition for those funds may be the symbolic sacrificial death of its current leader, according to a slew of analysts polled by Bloomberg. Whether true of false, there seems to be a sense that the CEOs of U.S. automakers are some of "the dumbest people in the world," according to ex-Chrysler prez. Thomas Stallkamp. Ouch. Ford has stated that it doesn't need a bailout and Chrysler is actively looking for partners to keep itself alive.

In the last few months, when the government has bailed out institutions such as AIG, Fannie Mae and Freddie Mac, one stipulation was that its top management be replaced, and that sentiment may stick around if the Detroit 3 receive packages of their own. Although Wagoner isn't likely to step down willingly, he may not be given the choice if some legislators get their way. Here's an unanswered question, though... who would be the best man to replace him?

[Source: Bloomberg]Calling for GM bailout may cost Wagoner his job originally appeared on Autoblog on Fri, 14 Nov 2008 16:42:00 EST. Please see our terms for use of feeds.


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