Bob Lutz would fall on sword for Wagoner

Filed under: Hirings/Firings/Layoffs, GM

Bob Lutz has been eerily silent of late. One would expect the Vice Chairman of General Motors might have something to say about the recent trips taken by GM, Ford and Chrysler to Congress, but he left the talking to his boss, CEO Rick Wagoner. When it comes to members of Congress suggesting Wagoner step down as CEO, though, Lutz could stay silent no longer. In fact, Blogger Bob even went so far as to offer up his own head for the gallows in order to keep Wagoner in charge. Lutz told the Detroit Free Press that he should go if someone has to resign, and he pointed out his controversial remarks regarding global warming as a reason to pick him instead. Lutz went on to praise his boss for transforming GM into a global automaker and streamlining the company's processes.

It should be pointed out that the current legislation on the table for $15-17 billion in federal loans doesn't include a requirement that any of the Detroit 3 CEOs resign. Senator Chris Dodd (D-Connecticut) did, however, mention in a TV interview that he thought Wagoner should "move on".

[Source: Detroit Free Press]

Bob Lutz would fall on sword for Wagoner originally appeared on Autoblog on Tue, 09 Dec 2008 09:57:00 EST. Please see our terms for use of feeds.

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UAW wants executive pay to be limited

Filed under: Plants/Manufacturing, Chrysler, LLC., Ford, GM, Earnings/Financials, UAW/Unions

The president of the United Auto Workers union, Ron Gettelfinger, said in a recent CNN interview that U.S. automakers need to tell Congress they will limit corporate pay, bonuses and severance packages in return for more government loans. Gettelfinger also said that the Detroit Three only need the loans to hold them over during these tough times. While the first statement from the union's top player seems like basic common sense, the second seems highly optimistic... especially when one considers the size of the industry and the depth of its issues. While no single event (or loan, for that matter) will likely turn around the downslide, all of those affected by the auto industry's potential demise will be interested in tomorrow's events. That's because Dec. 2 is the day House and Senate leaders told the automakers that they need to submit a "credible restructuring plan" that's convincing enough to get Congress to open its wallet when it reconvenes next week.

[Source: Reuters]

UAW wants executive pay to be limited originally appeared on Autoblog on Mon, 01 Dec 2008 12:32:00 EST. Please see our terms for use of feeds.

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