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White House and GM sources had told CNN Sunday that Wagoner would resign as part of the federal government's bailout strategy for the troubled automaker.
"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," Wagoner said in a statement posted to the GM Web site.
He is being replaced by GM's president and chief operating officer, Fritz Henderson. Kent Kresa will serve as interim chairman.
Originally posted by mental modulator
I think what some of us are thinking is fact that America invented the industry to a large degree and to let it die is not a good option economically. What I see some of the opposition doing is snipe everything without having to pander to the reality of the considerations at hand.
I know it is frustration for those who are opposed to all the goings on... But it is just as frustrating to see very little consideration of the impact of such massive systemic failures
in industry. We lose five million jobs, those jobs are gone, poof... they don't come back in a couple weeks. Those five million in turn weaken the stream of revenue to other industries, which in turn sheds more jobs. Please tell me if I am wrong anybody?
The other problem I have is the insinuation that all of this is an insidious plan to destroy America. Provided you can agree with the domino effect of job loses, would it not be irresponsible to let nature take its course? We are not hunters and gatherers I remind you all, would it be responsible to let millions and millions and millions citizens exist without a quantity of jobs to match their numbers? Would we not pay for these people in social services, policing and crime - eventually.
I think the wild west attitude is cool and all, but how can we compete with more populous, better educated countries if we submit to social darwinism and failure of our institutions?
Woh. Hold on there. Who is Kent Kresa?
In addition to his work as a member of the board of GM, he’s also a Senior Advisor at the Carlyle Group. Since his bio on the Carlyle Group’s website is the most complete one that I came across, I’ll quote from it. Everything in bold references links to the black world of special access programs:
Global private equity firm The Carlyle Group today announced that Kent Kresa, the former Chairman and CEO of Northrop Grumman Corporation, has joined Carlyle as a Senior Advisor to its aerospace and defense group.
Mr. Kresa was Chairman of the Board of Directors of Northrop Grumman Corporation from September 1990 until October 2003. He served as Chief Executive Officer from January 1990 until March 2003, and President from 1987 until September 2001. In 1982 he was appointed Group Vice President of the company’s Aircraft Group and in 1986 was named Senior Vice President-Technology Development and Planning. Mr. Kresa joined Northrop Grumman in 1975 as Vice President and Manager of the company’s Research and Technology Center, developing new proprietary processes and products for the company. From 1976-82 he served as Corporate Vice President and General Manager of the Ventura Division, a leader in the production of unmanned aeronautical vehicles.
Before joining Northrop Grumman, Mr. Kresa served with the Defense Advanced Research Projects Agency, where he was responsible for broad, applied research and development programs in the tactical and strategic defense arena. From 1961-68 he was associated with the Lincoln Laboratory at the Massachusetts Institute of Technology (M.I.T.), where he worked on ballistic missile defense research and reentry technology.
Originally posted by kosmicjack
Behold, the new head of GM:
Originally posted by Solarskye
The only way the automobile industry can be saved is to get government out and smart decisions in.