General Motors boss Rick Wagoner is apparently stepping down as of… now. So says a source of the Associated Press. The Good Car Guy learned of this through a CTV.ca article posted minutes ago. Reports also surfaced today that the Obama administration will be forcing GM and Chrysler to comply with a restucturing deadline or else face a government-backed chapter 11 bankruptcy with an announcement on that coming soon. One media release from General Motors today said in no uncertain terms (and with one sentence) that GM had no comment on that subject.
Wagoner has been employed by General Motors since 1977 when he began work in GM’s Treasurer’s Office. He eventually became the VP of GM Canada in 1987 and the director of Pontiac-Chevrolet-GMC Canada the next year. A move to Switzerland landed Rick Wagoner a job as GM’s VP of finance for Europe. At General Motors do Brasil, Wagoner was the president and managing director in ’91 and ’92. Beginning later in ’92, G. Richard Wagoner became the chief financial officer and executive VP of General Motors and held that position until 1994. 1993 also saw the additional role of worldwide purchasing added to his portfolio.
However, 1994 saw Rick Wagoner take over North American operations. Yes, that does make it appear as though GM’s greatest fall from grace in their own backyard came under his watch. The real story is much more detailed and complex; a story where blame (and credit) needs to be spread around. In June of 2000, Wagoner took over as the CEO of General Motors and was also named company president. He remained the CEO when he became the chairman on May 1, 2003.
Rick Wagoner has a bachelor of economics from Duke University and a master’s degree in business administration from Harvard. He was born in Delaware in 1953. More later…