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
alone good hand incentive others playing surpass
We had a good hand and I think we overplayed it, ... We're not alone in that, by the way, and others are still playing that hand as they surpass us now in incentive programs.
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The good news is, we know what we need to do to be successful in the business. What we need to do is get products that people are excited about and price them the right way, supported by the right kind of cost structure, and I think in that sense it's moving pretty good.
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We don't always agree on stuff, but when it's time to blow the whistle and start the game, we're not still debating.
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We hope it eases up, but I can't obviously tell you've we've seen a lot of evidence of that,
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We have decided to substantially alter the pension benefits for current U.S. salaried employees so that we can provide a competitive and fair benefit but also reduce the financial risks to GM.
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We believe by being sensitive to the balancing act these women face each day, we're increasing their commitment to General Motors. It's not only the right thing to do, it's also good business for GM and helps us retain the brightest, most capable workers.
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We believe in fair exchange rates and Japan doesn't practice that. They have massive U.S. dollar reserves, and they use them to intervene regularly.
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This transaction will allow us to preserve our business relationship, while further building up GM's already significant liquidity position during this critical phase of our turnaround.
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We are very pleased with the market's reaction to our launch products. In the first three months of the year, our new products accounted for about 30 per cent of our total sales ? more than double where we were a couple of years ago.
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We are viewing the U.S. economic and auto market environment with considerable caution, ... That, combined with our poor business results in the first three quarters this year, really highlight that we are at a critical juncture in our company's history. And so we are accelerating the pace and scope of our turnaround actions.
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We're not interested in a bailout, but we would like a chance to play on a level playing field.
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Today we are announcing a significant update on our plan to address our health-care burden, which is the cornerstone of our efforts to reduce structural costs by a $5 billion (US) run rate by the end next year.
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We are disappointed with our own sales and market share results so far this year,
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While this sounds like a large number, we recognize that it only goes part of the way we need to go to put GM North America in the fully competitive position that is necessary to maintain and enhance our future viability and growth.