GM CEO is Out!

Rick Wagoner will reportedly step down from the CEO post at embattled General Motors Corp., according to Reuters.

Mr. Wagoner, 56, is cited in the report to be leaving after eight years, and a spokesman is said to have declined to comment. But he won’t be leaving empty handed…He will leave with a severance or bonus of US$ 23 million. Why in the world since under his direction GM lost a huge percentage of its value on Wall Street and extremely high losses.

The troubled automaker has been seeking government funding to keep it from bankruptcy. The beleaguered Mr. Wagoner has been the public face of GM in its quest for funding.

I think the timing is not good though as they have only 60 days to get a plan in place to restructure…who will drive that change?

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