Richard Wagoner
Richard 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...
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Over the years we've shown the Saturn brand can carry a premium in the segment that it plays in,
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At this point we don't see big concerns, ... We're looking for some big sales over the next 30 days or so.
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The results show that our focus on cost reduction and success in the marketplace lead to continued strong financial results,
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I'm not conceding anything to anybody. We respect our competition around the world, and we're realistic about our challenges and opportunities. We know we have to earn the right to maintain our global sales leadership, and we're doing that day after day.
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I think this is tough medicine for everybody involved with our company, ... I don't want to make this sound like an easy call for us or for them, but this is our call. We are responsible for running this part of the business.
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The North American market is red hot and brutally competitive,
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China also is going well for us, particularly now that we have the market covered from the bottom to the top.
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A number of other U.S. companies have already taken similar action in the face of these rising costs and increasing global competition. In particular, U.S. healthcare costs continue to rise at high rates. When these benefits were conceived decades ago, no one could have foreseen the explosive cost inflation that we have been experiencing in recent years. These costs are simply not sustainable.
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Our teams worked hard to find profitable ways to further strengthen the Oldsmobile product line, including consideration of products developed with our global alliance partners,
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This is a difficult but necessary decision and it was made only after the greatest deliberation.
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These potential actions are intended to restore GMAC's investment-grade credit rating and to renew its access to low-cost funding, ... In addition, these actions are designed to preserve and to grow the synergies between GM and GMAC, especially cost-effective auto financing, and sustaining GMAC's diversified earnings growth.
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This approval allows us to fulfill those important objectives as we continue to rapidly implement all aspects of our North American turnaround plan.
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During his 36-year career at GM, Mike has made a tremendous contribution to GM in a broad range of assignments, ... And, he's been a long-time advisor and friend to me and many others in the company. We thank him and wish him well.
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These are difficult decisions that involve sacrifices by our employees, stockholders, retirees, and the senior leadership team. However, 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.