Is GM’s Rick Wagoner a goner?

Newswheel staff :: 10 February 2006 :: Filed under GM, Europe & UK, US

He’s toast. Maybe

Plants closing, dividends cut in half, executive salaries slashed. It’s a laugh a minute over at GM. So, it’s not terribly surprising that the first rumours of the demise of GM’s head honcho, Rick Wagoner, have emerged on ye olde interweb.

Of course, that doesn’t make them true. But for the record, US site Autospies reckons Wagoner’s days are numbered. He has 30 left, to be precise, before the board of GM unceremoniously defenestrate the Ricker from his job. Or at least send him packing on the company Gulfstream.

Meanwhile, Wagoner has just announced that he himself will be taking 50 per cent shoeing to the ghoulies cut in his pay packet. GM will also cut its dividend payment to shareholders in half. Other members of the GM board are being hit with 10 to 30 per cent pay cuts. Desperate times. Desperate measures. It ain’t gonna be pretty.

Linkage:
Autospies
Inside Line