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
Rick Wagoner quotes about
Jerry brings years of business experience and knowledge of the automotive industry to the GM board. We are pleased to welcome him to our Board.
I remember very clearly at the first budget review having a pretty direct conversation with the head of manufacturing... We began to get huge improvements in productivity and responsiveness. I got a chance to see that firsthand.
Our fate is going to be determined in the next three to five years on getting this business in the U.S. turned around and profitable,
Most of the model consolidation we've done is behind us. There will be some fine tuning.
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.
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.
While our 'pay-for-performance' executive compensation system is already structured to significantly reduce total compensation when our business performance and stock price are underperforming, we all agreed that this is the right step to take at this time.
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.
History shows you don't know what the future brings.
I have given no thought to anything but turning the business around, ... I wasn't brought up to run and hide when things get tough.
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.
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.
This is a game that's going to play as long as you're playing it. It's never going to end. It'll go until I retire, and when the next person has the job, they'll be on it too.
A lot of other things come along with Chapter 11, which basically end up in a lot of pain.