DETROIT (AP) - Time and time again, General Motors Corp. board of directors reaffirmed its support for Chairman and CEO Rick Wagoner, even as the company piled up billions of dollars in losses and begged for government loans to stay alive.
But Wagoner is now a high-profile casualty of government intervention, forced out as part of the Obama administration's effort to save the century-old auto giant.
Wagoner, 56, who spent 32 years with GM working all over the world, stepped down effective immediately, the company said in a statement early Monday. He was replaced as CEO by Fritz Henderson, the company's vice chairman and chief operating officer.
What you have here is the government making decisions for a Board of Directors/Stockholders. But since the government is propping-up GM with money, they should have a say.
Do you think the government is going to hand you money and not have strings attached?? GET USED TO IT! I hope other companies, and their executives, are paying attention.
Oh, by the way:
That should make GM stockholders happy!!