I would love the see the scared look in the eyes of ANYONE here that was dragged away from their computers and put in Mr. Wagoner’s chair. Just like if one of those armchair quarterbacks where placed behind a modern NFL offensive line. It would go something like this, “Oh my God! I can’t even see over these guys! I think I’m going to die today!” That last comment would be the only thing they were right about.

He’s destroyed billions in shareholder value. He’s the worst thing to happen to GM.

Let’s hope another useless slug (e.g. Fritz Henderson) stay the hell away from the captain’s chair.

No, It takes a threat from the President of the US to get that TURD out of the company.

That fact that he even attained that position is proff positive that its not what you know, but who you know.

NEW YORK (AP) — When General Motors Chairman and CEO Rick Wagoner leaves the automaker, he’ll take with him a financial package worth an estimated $23 million.

The terms of General Motors Corp.’s government loans prevent it from giving executives severance pay, but they don’t affect earned pensions.

As of Dec. 31, Wagoner’s accumulated pension was valued at $22.1 million, but he’ll receive that in payments over the rest of his life, so the actual amount he collects might be different.

According to GM’s latest annual report, Wagoner also will receive about $367,000 in stock awards and about $535,000 in deferred compensation.

Wagoner announced his resignation Monday. Obama administration officials asked him to step aside as part of the government’s plan to assist the struggling automaker.

http://finance.yahoo.com/news/Wagoner-leaving-GM-with-apf-14785896.html?sec=topStories&pos=4&asset=TBD&ccode=TBD

…and yes, that is guaranteed regardless of bankruptcy (its insured). He qualifies for the, “Salaried Retirement Plan” and the “Executive Retirement Plan”

“Most of that will be paid out as an annuity over five years, the remainder is a small lifetime annuity,” GM spokeswoman Julie M. Gibson said in an email earlier today.

He also gets a free car forever, free plane rides and some various other perks, although these…not insured.

Wow, in less than a hundred days the Obama national socialists have
A) Nationalised the Banking Sector,
B) Nationalised the Automotive Sector,
C) Proposed legislation to nationalise the Health Sector.
E) They signed & approved $4 billion to fund their ACORN Brownshirts.
F) The Obamanations have even submitted an Emergency Powers bill,

That is the equivalent, in every thing but name, to Hitler’s 1933 Enabling Act.

It was that act that authorized the dictatorship, and and killed the democracy that he too was elected under.

Surprised because many of Rick’s problems are legacy problems beyond his control. Old labour contracts, old perceptions, etc.

Not surprised because Rick wasn’t a leader with a lot of enthusiasm you can see by just looking at him. Apple’s Steve jobs has enthusiasm. Bob Lutz has enthusiasm.

GM Message from Rick Wagoner

On Friday I was in Washington for a meeting with Administration officials. In the course of that meeting, they requested that I “step aside” as CEO of GM, and so I have.

Fritz Henderson is an excellent choice to be the next CEO of GM. Having worked closely with Fritz for many years, I know that he is the ideal person to lead the company through the completion of our restructuring efforts. His knowledge of the global industry and the company are exceptional, and he has the intellect, energy, and support among GM’ers worldwide to succeed. I wish him well, and I stand ready to support him, and interim Non-Executive Chairman Kent Kresa, in every way possible.

I also want to extend my sincerest thanks to everyone who supported GM and me during my time as CEO. I deeply appreciate the excellent counsel and commitment of the GM Board and the strong support of our many partners including our terrific dealers, suppliers, and community leaders. I am grateful as well to the union leaders with whom I have had the chance to work closely to implement numerous tough but necessary restructuring agreements.

Most important of all I want to express my deepest appreciation to the extraordinary team of GM employees around the world. You have been a tremendous source of inspiration and pride to me, and I will be forever grateful for the courage and commitment you have shown as we have confronted the unprecedented challenges of the past few years. GM is a great company with a storied history. Ignore the doubters because I know it is also a company with a great future.

http://www.media.gm.com/servlet/GatewayServlet?target=http://image.emerald.gm.com/gmnews/viewpressreldetail.do?domain=827&docid=53290