It appears The White House is laying down the gauntlet on General Motors and Chrysler as the U.S. auto industry tries to remake itself. Chrysler has 30 days to work out a partnership deal with Italian automaker Fiat or it can forget about additional government help. General Motors, on the other hand, has 60 days to complete a restructuring plan and the company will do so without Rick Wagoner at the helm.
Associated Press and NBC News report the Obama Administration on Friday asked Wagoner to step aside as chairman and chief executive officer. He complied on Sunday issuing the below statement to GM employees. President Obama, speaking from the White House this morning, said this move "is not a condemnation of Mr. Wagoner" whom the President acknowledged, devoted his career to General Motors. Mr. Obama calls this a necessary step forward for the company.
My family ties to General Motors drive my deeper interest in that company's future. However, knowing and understanding the importance of Chrysler and Ford to the City of Detroit, the State of Michigan, and this nation, I want all three companies to survive and once again thrive.
If this latest move is in the best interest of GM, then so be it. But it will be interesting to see if the Obama Administration now lights the same type of fire under the big banks and other Wall Street companies, like AIG. It seems unfair that one industry receiving federal help to survive is treated differently than another on the same dole.
Oh, Good Evening!
Rick Wagoner's Statement to General Motors Employees
For posting: March 30, 2009 6:10 am
GM Message from Rick Wagoner
On Friday I was in Washington for a meeting with Administration officials. In the course of that meeting, they requested that I “step aside” as CEO of GM, and so I have.Fritz Henderson is an excellent choice to be the next CEO of GM. Having worked closely with Fritz for many years, I know that he is the ideal person to lead the company through the completion of our restructuring efforts. His knowledge of the global industry and the company are exceptional, and he has the intellect, energy, and support among GM’ers worldwide to succeed. I wish him well, and I stand ready to support him, and interim Non-Executive Chairman Kent Kresa, in every way possible.
I also want to extend my sincerest thanks to everyone who supported GM and me during my time as CEO. I deeply appreciate the excellent counsel and commitment of the GM Board and the strong support of our many partners including our terrific dealers, suppliers, and community leaders. I am grateful as well to the union leaders with whom I have had the chance to work closely to implement numerous tough but necessary restructuring agreements.
Most important of all I want to express my deepest appreciation to the extraordinary team of GM employees around the world. You have been a tremendous source of inspiration and pride to me, and I will be forever grateful for the courage and commitment you have shown as we have confronted the unprecedented challenges of the past few years. GM is a great company with a storied history. Ignore the doubters because I know it is also a company with a great future.
CONTACT(S):
Renee Rashid-Merem
313-665-3128 (o)
313-701-8560 (c)
renee.rashid-merem@gm.com
Tom Wilkinson
313-667-0366(o)
313-378-6233 (c)
tom.wilkinson@gm.com
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