Management Turnover as Change Agent

Monday, August 11, 2008

CEO Watch - Rick Wagoner, General Motors Update 7

As the news  General Motor's performance and sales continues to send tears down the cheeks of General Motors' shareholders, I find myself in a surprising position. I am in total agreement with Henry Blodgett, the former analyst and now successful writer in chief, CEO and co-founder for New York City's Silicon Alley Insider.  While I was on vacation last week, Blodgett wrote a short piece about the horrendous job Wagoner has done for GM as CEO and the surprising fact that his board continues to provide him with "solid support". The piece appeared in the Huffington Post.   According to Blodgett,
In the past three and a half years, General Motors (GM) has lost more than $67 billion. In the past eight years, the company's market cap has dropped by $37 billion. Add the two numbers together, and GM's shareholders have lost more than $100 billion so far this decade.
I rarely find myself in agreement with Blodgett, but his views on Wagoner and mine are exactly the same.  If you are interested in GM or the auto industry, I suggest you check out Blodgett's piece and the other journalist stories he refers to.  

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