Rick Wagoner's departure doesn't come as a big surprise and has nothing to do with Guy-Carbonneau syndrome (where the coach is fired instead of the players, as is often the case in professional sports). In this instance, Wagoner had long since paved the way for his exit.
It was under his management, for instance, that GM acquired 51% of Korean manufacturer Daewoo's shares, which they later unsuccessfully attempted to establish as a global brand.
He was also the man behind the Oldsmobile shutdown (although it was rather a good thing under the circumstances, where it not for the exorbitant sum of 6 billion US needed to accomplish it).
And although Rick Wagoner also presided over Delphi's bankruptcy, his stint will mostly be remembered for GM's refusal to partner up with Nissan and Renault, an association that would have contributed to altogether more harmonious global development in the minds of many.
It was only with the highly publicized intervention of outspoken Bob Lutz that GM would make the shift towards greener cars - a little against Wagoner's will, who first favoured more profitable sport SUVs and was behind the jettisoning of the EV1 project, the electric vehicle of the early 2000s. And contrary to his competitors, he never believed in investing in hybrid technologies.
In the end, even though the economic crisis accelerated his departure, Rick Wagoner had long been living on borrowed time. And the fact that the American government itself demanded his resignation proves beyond the shadow of a doubt how little confidence he had from the outside.
Reaction for the press release:
Rick Wagoner is stepping down
photo:General Motors
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It was under his management, for instance, that GM acquired 51% of Korean manufacturer Daewoo's shares, which they later unsuccessfully attempted to establish as a global brand.
He was also the man behind the Oldsmobile shutdown (although it was rather a good thing under the circumstances, where it not for the exorbitant sum of 6 billion US needed to accomplish it).
And although Rick Wagoner also presided over Delphi's bankruptcy, his stint will mostly be remembered for GM's refusal to partner up with Nissan and Renault, an association that would have contributed to altogether more harmonious global development in the minds of many.
It was only with the highly publicized intervention of outspoken Bob Lutz that GM would make the shift towards greener cars - a little against Wagoner's will, who first favoured more profitable sport SUVs and was behind the jettisoning of the EV1 project, the electric vehicle of the early 2000s. And contrary to his competitors, he never believed in investing in hybrid technologies.
In the end, even though the economic crisis accelerated his departure, Rick Wagoner had long been living on borrowed time. And the fact that the American government itself demanded his resignation proves beyond the shadow of a doubt how little confidence he had from the outside.
Reaction for the press release:
Rick Wagoner is stepping down
photo:General Motors