U.S. Sen. Dodd says GM CEO should move on

[Truth Teller]

Source: Reuters

...

Dodd said management changes have to be part of conditions for a bailout to help the companies restructure, but that does not mean an across-the-board housecleaning.

"Ford is fairly healthy, so we don't want to brand all of these companies exactly the same way," Dodd said.

Dodd agreed with suggestions by fellow lawmakers that GM should probably consider replacing CEO Rick Wagoner and restructure with a new team.

"I think he has to move on," Dodd said.

...

Read more: http://www.reuters.com/article/innovationNewsConsumerGoodsAndRetail/idUSTRE4B619D20081207

[DUlover2909]

1. If he "moves on" does he get to take millions of $ with him?

[Fire_Medic_Dave]

2. I'm quite sure he will, probably 10's of millions.

[pjt7]

3. Ceberus is going to get bail-out money for owning

Chrysler & GM finance. & their Chair of the board is ex. Treasurer John Snow.

What a robbery Bush's boy's are STILL pulling.

[Festivito]

5. Either way, they steal from US.

If we don't bail them out, the housing market they serve will become worse making the bail needed even larger.

If we do bail them out, we pay for the excessive housing prices that probably won't return the value we end up paying, but they get the dollars, taxed dollars.

It's the millions out of work. If we need a CEO scapegoat, okay, at least Wagoner was in a position to know about the CDSs and CDOs and had to approve it along with ten-thousand other decisions bunches of committees passed in front of him.

[Odin2005]

14. Snow is Ceberus's chairman of the board? Holy Shit, I didn't know that.

The corruption smells.

God, I'm sick and I've been puking all morning, just reading that makes me literally wretch...

[depakid]

4. "GM should probably consider replacing CEO Rick Wagoner..."

:think:

[LiberalFighter]

8. Considering that the GM board did nothing to replace Wagoner

They should be replaced too!!

[Blue_Tires]

6. there should also be a suggestion that

the companies re-invest in building factories in the U.S....the ratio of cars and parts that come from canada, mexico, china, etc. needs to come down...

[all.of.me]

16. and they have to commit to high energy efficiency. soon. nt

[defendandprotect]

7. Dodd is right -- the obvious couldn't be more obvious--!!!

[MaineDem]

12. Totally! n/t

[LiberalFighter]

9. Here are the GM Board of Directors

Percy N Barnevik (AstraZeneca PLC, Retired Chair) since 1996

Erskine B Bowles (President University of NC) since 2005

John H Bryan (Sara Lee Corp, Retired Chair and CEO) since 1993

Armando M Codina (Flagler Development Group, President and CEO) since 2002

Erroll B Davis Jr (Chancellor University of Georgia) since 2007

George M C Fisher (Eastman Kodak, Retired Chair and CEO) since 1996

E Neville Isdell (Coca-Cola Co, Chair and CEO) since 2008

Karen Katen (Pfizer Foundation, Chair) since 1997

Kent Kresa (Northrop Grumman Corp, Chair Emeritus) since 2003

Ellen J Kullman (DuPont, Exec VP) since 2004

Philip A Laskawy (Ernst & Young, Retired Chair & CEO) since 2003

Kathryn V Marinello (Ceridian Corp, Chair and CEO) since 2007

Eckhard Pfeiffer (Compaq Computer, Retired President & CEO) since 1996

G Richard Wagoner Jr (GM Chair & CEO) since 1998

[natrat]

10. isnt dodd one of the bitches that gave it all to the banks? if so he should stfu

[ryanmuegge]

13. Dodd should be in jail like Ted Stevens.

[Jennicut]

11. Dodd is right here, GM's ceo is a joke

He is not running the company well.

[ContraBass Black]

15. Only removing the CEO is a token gesture.

The loan should be contingent on the resignation of all of the executives, particularly the CFO's, and their decision-making staff, in all three companies.