GM CEO Rick Wagoner to get $20 million retirement package
Rick Wagoner will leave his post as CEO of bailed-out General Motors with a $20 million retirement package, the company’s financial filings show. Although the Treasury Department has barred GM from paying severance to Wagoner or any other senior executive, Wagoner is eligible to collect millions in retirement benefits from his former employer, according to the documents reviewed by ABC News. The Obama administration asked for Wagoner to resign Sunday, as part of its restructuring of the auto industry. President Obama said this morning that forcing Wagoner out indicated it was a time for new leadership. Under Wagoner’s leadership, GM lost tens of billions of dollars, took billions in taxpayer-financed aid, and announced plans to cut 47,000 employees by the end of 2009. – From ABC News





April 4th, 2009 at 6:46 pm
There is no one worth that kind of pay or retirement.
April 4th, 2009 at 7:02 pm
When I was 25 years old I worked in the car business, as one of the first and very few women who worked in the capacity as finance and insurance manager, ( it was the 70’s)? Having acquired the necessary insurance agents licensing, bonding and went to work for several auto dealers that were mainly American Manufacturered products. Eventually,I was hired and went to work for Del Amo Dodge in the Torrance, California area. Years later, ( it is now mid 80’s), after having children, I went back into the industry first as a Customer Service Manager for Mazda, later went to work for Toyota, Mazda, Mitsubishi, and Isuzu. This is my observation from my experience…After the Unions abused their privileges and became more like those that had accused of being greedy and unyielding,
( to which I assure you those in the corporate power such as C.E.O.’s, G.M.?, whatever,. etc. were definetely meeting their “match” in that matter), and the two groups who suffered because of the “short term American thinking” ethic, ( or I say lack thereof?), which was adopted from the status quo of “good old boy” politics and power would be “the customer” and the “worker bees”?
Continuing to use the tactics of “short term thinking”, American auto dealers, GM, Ford and Chrysler all adopted the silent but overtly obvious and arrogant attitude of, ” We don’t give a flying fig about our customers, our reputation, or product safety, service and quality control” ! Sure, the advertising and propaganda would try to prey on the companies product history of the past, ( when there was some quality control at least?), and that had been built up for many years as having good reputation, ( also now in the past)? The powerful inner-corporate and company politics motivated by personal power and greed had created powerful friends in the political arena. These “ties” and lies that continued to be just accepted as the status quo? As time went on the company and corporate plan would be to hire more attorneys or fail to respond or to even care when dealing with product safety and endangerment issues, quality control and product issues, ethical and responsible service departments and by ignoring complaints and any other customer service issues other than with some vague “lip service” in “passing the buck”…Since the mid 70’s and as 2004, the attitude, recognition and response concerning the production of unsatisfactory, unreliable, service and product satisfaction continued to decline,and the new foriegn import car companies,though awkward and finding dissatisfactions with their products at first, did not “run and hide” from the problem? They were interested in learning and trying to make their products “better”, and “better”, and “better”. This small country, with it’s long history and the up’s and downs, world war participation only to suffer the humiliation of having lost “face” and having to surrender when all was said and done, took this wretched state of events and painful experience and tried to learn somethingfrom it?
( What a concept, eh? Instead of harboring resentment, or wanting vengencence or retribution, they chose to do something different? Imagine? Trying to learn from one’s mistakes, instead of passing the buck or blaming someone or something else, and then moving forward and not living in the past wasting time wishing this or that hadn’t happened)? Wasting energy on wishful thinking is not productive, and will not change what occurred or what can occur? Therefore,it is an unacceptable practice. This tiny country is no less powerful because of size, or becuse they don’t have a large pool of population they can afford or allow to be used or discarded as like an experiment or necessary sacrifice? That’s because they recognized that their power and place in the world and their future would require a different approach and plan other than world domination by force? In exchange for a battlefield and trying to minimize the losses as when in war, they saw their opportunity in focusing their talent, knowledge, self-discipline and ability in the understanding of spacial creativity and functionality to applying this to the manufacturing world market? They forsaw an opportunity in the auto industry, ( is one example). They recognized and were willing to take the risk in trying to design, build and manufacture an automobile that was below the pumped up prices and inefficient gas guzzling toxic emmission autos currently being thrust on the American market? They didn’t want to create something like what current American auto industry was producing? They focused at first on those people who weren’t able to afford these impractical and costly new beasts of iron. People who needed and wanted a safe, practical, functional, more economical and fuel efficient newer vehicle and that targeted producing a vehicle that would allow young families, students, lower and middle-middle class hard working folks, the opportunity to being able to afford a new car!
Whereas, the current trend of focus had changed and the prices of the vehicles that were not considered “luxury” as such. Nonetheless, the majority of cars and respective pricing remained out of reach and too expensive for the average wage earner? And though some of the initial vehicles offered may have had their problems or shortcomings, the Japanese manufacturers did not try to ignore or be irresponsive to the customer’s needs, or complaints.
In any retail business it is no secret that one dissatisfied customer has the power to influence and cause to prevent all those that they know, ( family and friends), and anyone that they meet that they decide to share their negative impression and experience? Being as Americans weren’t fond and had little confidence in the ability of some “foriegn” country, ( especially as Americans were still harboring bad feelings or memories about what had happened in WWII with Japan in particular)? Japan recognized that in order to stand a chance in being able to work out the “cliches” and problems concerning designs, performance, safety, comfort and appealing to the fact that they need to continue to support their research and development engineering departments, and that any of these challenges wouldn’t be a “quick fix”? It would take time, it would have to be serious commitment and it would take the ability to recognize that it may sometimes be literally a learning of and by trial and error? IN order to maintain and build up customer loyalty, ( as like American Automobile manufacturers and entrepeneurs had initially built up their companies with?), but now, it seemed was being ignored, for whatever reason? What was once thought of as being the accepted goal and philosopy, ( “Customer satisfaction guaranteed?”,or ” The customer is always right!”, or ” Quality and service is our goal!”), had somehow been replaced with a bunch of crap!…And, when I say this, what I mean is that the “fat cats’ kept getting fatter, followed by their being greedier and less concerned or inclined about caring the customer base that were supposed to be serving? Products that had become their own “spokesperson” or ad agency because they were worthy? Products that demonstrated the integrity of the company, which was reflected as the company standard and policy, and as demonstrated by the employees’ and their work ethic and personal pride? Originally, and up until the mid to late 70’s, it was “understood” and believed that there existed a mutual company and staff focus and goal. The design, creation, manufacturing and sales were as like that of a “team”. A team does not function well, (or at all?), if those involved are “not on the same page”, ( ethically and morally), and having and believing in the same goals? ” There is no ‘ I ‘ in the word team! “, right?
What I learned about Mazda and Toyota, the way they organize, and they way they structure their approach to business, product knowledge, safety and improvement, their intelligent approach to requiring and informing each and every salesmen/woman, every manager, whether F & I, or Fleet, or Administration, Closer or G.M. and their understanding and efforts to providing and paying for the education of same, while trying to provide a pleasant and enjoyable experience which includes a lovely quality FREE luncheon, and providing FREE beverages, utilizing a video or DVD format to specify and point out the detailes changes or additions made and why, in this next new year’s model? The luncheon is followed by a required “hands on” road testing of every and each new model that will be available.
In contrast,let me share with you the educational plan and program that is a part of G.M., Dodge/Chrysler, ( I can’t report on anything current about what Ford is or is not doing to that regard?).
But, heh! Let’s stick with GM? Here’s there “plan”…Brochures. Yep, you heard it right, they send and expect the average salesperson to educating themselves through their reading of the new brochures for the new car year? There is a couple of problems with that “plan”?
First of all, seldom to they ever provide the dealership with each and every brochure for each and every model?! ( So, unless a person were psychic, or Superman, I don’t see how a person can use “read the brochure” as a referential tool and resource to inform and educate those people who will be in charge of selling the product, when there “was never a brochure” distributed for anyone to read?…Hey! Call me “crazy” but is that beyond absurd and is just plain stupid!?
Ok, but what if one or two of the saleperson’s “got lucky” and grabbed the two brochures and the model it shows. Did a salesperson get the job because of their proficiencey test score results for their ability in reading, writing, and comprehension? How many people do you know understand the engineering aspects, and the mechanics or terminology concerning machines, ( in this case a car)? How many brochures, ( other than German engineering, Mazda, Nissan and Toyota), have you ever read that clearly and specifically explain the who, what. why and how of the changes in specs, or dimensions, spacial advantages or decreases, or any other minute or even when it may be a major change or difference when looking at an American MFG auto???…POssibly the higher-end product brochures would want to put abunch of stats and numbers so that a buyer might be “impressed”.or “informed”? So much so, that they would be so motivated as to creating the desire to want to buy? Did you ever read or see a brochure that was the deciding or motivating factor that convinced, or that caused you to want to purchase that big ticket item? Or, had you already made up your mind and the brochure just gave you some good photos to dream about? And, have you ever purchased an item due to salesperson using it a reference or selling tool????…
Well, I could go on and on but it’s my Birthday and I’ve been on this thing for hours. Sincerely, Deborah Pullen Barstow, CA. 92311
April 4th, 2009 at 8:57 pm
I just want to know, where else would an employee, head of a corporation, be rewarded with the exhorbatant overpayment of the hideous sum of $286 MILLION DOLLARS A YEAR + BENEFITS, be allowed to continue to collect his salary and benefits year after year while it is self-evident that the corporations’s financial losses in revenue, continuing decline in sales and in customer satisfaction, and the continued practice for the manufacturing undesirable and unwanted products? The practice and complacency in allowing the manufacturing of these poorly designed, inferior products, the oversight or ignorance and lack of care or concern when it comes to the products and lack of attention or importance concerning substandard manufacturing and any quality control, the indifference and inattention to details,began before this thief starting collecting,
( or should I say stealing), his millions and making sure that he wasn’t going to suffer because of it? It has been the practice of those before him? Maybe he thought, “Hey! If it was ok and good enough for my predeccessors to rob and rape the company and shareholders and they ignored the competition, and avoided customer service complaints or caring and doing anything to change or imporove things, so why should I?”
Who, as a leader and the head of a corporation/company, with any ethical or moral conscience does nothing to change or try to improve the products, sales and customer service and satisfaction to offset or change this situation that has and continues to slide? He does and did “nothing” to change the situation, nothing to deter or defer the losses? ( It wasn’t a case like what President Obama is having to face? He didn’t “create” the mess we’re in? He’s having to try to offset situations and an unprecedented economic crisis? There are no clear cut avenues or precedents he can use to help him make good choices)?
However, this pompous arrogant and immoral thief, has continued to make a mockery of his position! His incompetence and record for being nothing but a blood-sucking, ineffective, irresponsive uncaring guy with a huge appetite for money and power, but only helpful when it comes to helping himself? His business card introduces him as C.E.O. ? ( Everyone would assume that must stand for “Chief Executive Officer”? More like ” Clandestine Executive Oligarch”?)! His continued lack of change or in taking any action to change the situation has been an ongoing, year after year downslide in sales? As the CEO, of a year, after year, after year sinking corporation’s and with losses that continue to increase and multiply, with the corporation itself heading for ruin, and the stockholders powerless to change the turning tide and their stock becoming doubtful as to having any monetary worth now or in future? The employees and Union people have no power to change their,( very likely potential in probably and very soon), having to face these facts? Their employment days are numbered, lay-offs seem inevitable? As to peoples pensions and any future financial or benefits promised or planned on is now a serious question? But, you can make a bet that ole Rick the d _ _ _ _ has his and will get more? And, he’ll probably have purchased his own island somewhere where he can avoid and escape his contribution to so many peoples’ heartache, the loss of homes, the breaking up and strain of families, and all those “loyal” but stupid GM buyers, ( I have a Saturn), will have worthless cars and what service or warranty can you collect from acompany that’s no longer in operation? You won’t be able to ask or get any help from Old Rick? What a piece of work he is! I’m going to pray for him cause you know what I know that he doesn’t ?…All the money in the world isn’t going to buy him any joy or true inner peace? I pity the fool who thinks they can outsmart God and the karma they alone have created and will one day steal and rob them of whatever it is that they value the most?…Just like OJ, your day wil come pal? Shame, shame on you and your little unscrupulous greedy cohorts too!
What a LOSER!…( I know,I know? But “how do I really feel”? Right!)