When you essentially run a company into the ground leaving many of your employees unemployed, and have to borrow billions from the government, with more to come, your time as the CEO has to eventually end. Rick Wagoner was essentially fired by President Barack Obama yesterday as CEO of General Motors while the government continues to inject money into the ailing auto company. This may have been our president's first act of toughness while in office. He'll have some other tough choices to make if certain people in his cabinet don't start performing better very soon.
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This is what happens when you lose your position as #1. It doesn't take long for people to start envisioning a world without you. GM started on the road to irrelevant years ago by focusing internally rather than on the market - missing all major shifts and becoming also-ran. Obama's team is telling everyone (auto and banking) that if you can't prove you know where the market is heading and demonstrate you can get back in front, then there's little reason to support you. Read more http://www.ThePhoenixPrinciple.com
One bad decision after another was made by this guy. Sure he should cut him loose. The Prez may prove to be tougher than people think.
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