The Obama administration asked Rick Wagoner, the chairman and CEO of General Motors, to step down and he agreed, a White House official said.
You never want to relish when someone gets fired. But don't cry for Rick Wagoner. He made over $63 million during his career at GM, most of which came during his years as CEO (a little under $39 million). When you realize that GM lost approximately $82 billion in the last four years of his tenure, it was obvious that new leadership was needed. Interim chairman, Kent Kresa, also stated that most of the GM board of directors would be changed at the annual meeting in August. Another good move seeing as how they kept on supporting Wagoner year after year while he presided over the meltdown of an American icon. I don't know if the US auto industry can be saved, but it couldn't hurt to have some new blood running things. I want to desparately support American made automobiles and if the stars are aligned, my next car will be American made.