One of the biggest issues nearing the end of 2008 would be a bailout for the automotive industry. For that that have kept track, the automotive industry (the Big Three) had requested to be part of the financial bailout. Today, the automotive industry bailout still remains a major issue.
A breaking story was revealed in the Wall Street Journal, Rick Wagoner plans to step down from his position as head of the General Motors Corporation. He holds the position as CEO and Chairman. Wagoner has been the CEO of GM ever since 2000. Soon, Wagoner will no longer be the head of GM.
Why is Wagoner stepping down? This is all part of a precondition set by the administration of United States President Barack Obama. It was one of the stipulations for restructuring GM. A plan of the automotive industry will be revealed in a matter of days.
However, there is no further information on who will be Wagoner’s replacement. Who will be Wagoner’s replacement? This will be something that many people will be paying much attention to.
Obama in an interview with CBS’ “Face the Nation” addressed the automotive industry. He explains that the companies need to do more and take harder steps if they want help.
“We think we can have a successful U.S. auto industry. But it’s got to be one that’s realistically designed to weather this storm and to emerge – at the other end – much more lean, mean, and competitive than it currently is,” Obama said.
While this move to resign comes at Obama’s request, it is considered to be a surprising move. Another question needs to be asked: What is the future for General Motors?