Fox New Just Reported, GM Board of Directors Gone Also.

Scott@Bjorn3D · 03-30-2009, 06:37 AM

They just reported that the White House has terminated the entire board of directors of GM.

Zabo · 03-30-2009, 07:14 AM

... Strangely I was expecting this. Ugh, April is going to be a dreary month.

Angrybird 12 · 03-30-2009, 09:03 AM

I just thought of something funny but scary...

Now that the government has set a example of forcing out the CEO and BOD of a company it loaned money, will the Banks follow suit?
If your wife (Or you) run up a $20,000 credit card debt, and you take out a bill consolidation loan to pay it off, will the bank be able to force you to get a divorce so your spouse cannot run up any more debts?

PQ · 03-30-2009, 09:10 AM

Quote:

Originally Posted by Skyman 08

I just thought of something funny but scary...

Now that the government has set a example of forcing out the CEO and BOD of a company it loaned money, will the Banks follow suit?
If your wife (Or you) run up a $20,000 credit card debt, and you take out a bill consolidation loan to pay it off, will the bank be able to force you to get a divorce so your spouse cannot run up any more debts?

Or even further, will the mortgage company be able to tell you what color carpet you can put in the living room like a landlord would?

Scott@Bjorn3D · 03-30-2009, 09:12 AM

We will have to see what happens when Obama talks latter today. Look out all you business that got SBA loans. You could be heading down this road.

Zhawk · 03-30-2009, 09:18 AM

Link please? I would like to read the article.

Scott@Bjorn3D · 03-30-2009, 09:32 AM

They said it this morning on Fox and Friends. More details are supposed to come out latter today from White House.

I hope it is not true, that is to drastic in my mind.

Zhawk · 03-30-2009, 09:40 AM

OK, thanks, I'll be watching for more info.

One request to everyone. Please, let's keep partisan political talk out of this. Thanks.

Angrybird 12 · 03-30-2009, 09:52 AM

Just thought of something else.. Don't we owe China Billions of dollars too? Can they urge the President and Congress to step down??
Just saying these things because things are on a slippery slope and now anything may be possible... It really scares the heck out of me...

rmyers · 03-30-2009, 09:53 AM

This has to be a joke right? How the hell can the white house dictate to a private company who is going to run it? Do you mean they said it would be a condition on more bailout money? If this is true it ought to scare the hell out of every one of us! Considering the White House is being run by people that have never run so much as a lemonade stand...if this is happening....the automakers won't be here long.

Futhermore, the White House is not the only part of government that makes the rules. They did not make the decision alone to bail out GM. It was a Congressional decision. It seems to me, it would take a congressional decision representing the tax payers to force GM to do anything.

a6pk2go · 03-30-2009, 09:54 AM

Not sure if this has been posted. Just got off work this morning and I'm too tired to use the SEARCH button.

FOR RELEASE: 2009-03-30

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.

FOR RELEASE: 2009-03-30

GM Statement on Officer and Board Announcements

Detroit, MI

GM is announcing the following changes in the corporate officers and the board of directors:

Rick Wagoner is stepping down as chairman and CEO, effective immediately. Wagoner, 56, was named president and CEO in 2000, and assumed the role of chairman in 2003.

Fritz Henderson, GM president and chief operating officer, will serve as CEO. Henderson, 50, was named to his current position in 2008. He was previously vice chairman and chief financial officer.

Kent Kresa, chairman emeritus, Northrop Grumman Corporation, has been named interim non-executive chairman of the board of directors. Kresa became a GM director in 2003

GM is awaiting further announcements by the President and the Task Force on Automotive Reconstruction, and we will have additional comments at that time.

GM Board of Directors statement, attributable to Kent Kresa, Chairman

“The Board has recognized for some time that the Company’s restructuring will likely cause a significant change in the stockholders of the Company and create the need for new directors with additional skills and experience. The Board intends to work to nominate a slate of directors for the next annual meeting that will include a majority of new directors taking into account the addition of new directors, retirement, and decisions by individual directors not to stand for re-election, although the specific individuals who will be nominated or choose not to run or leave the board are not yet known.”

# # #

GM strives to ensure that all of the information contained in a press release is accurate at the time it is issued. However, changes in materials, equipment and specifications, prices, availability, etc do occur over time. For the most up-to-date information on currently available models, please visit GM.com/shop.

PQ · 03-30-2009, 10:22 AM

Quote:

Originally Posted by Scott@Bjorn3D

They said it this morning on Fox and Friends. More details are supposed to come out latter today from White House.

I hope it is not true, that is to drastic in my mind.

Now you see why I went ahead and ordered. May not mean anything but the Gov. is allready starting to dictate structure and policy.

Quote:

Originally Posted by Zhawk

One request to everyone. Please, let's keep partisan political talk out of this. Thanks.

What do you mean? There is only one party now.

Xmicro_SS · 03-30-2009, 10:27 AM

Take government money and they are on your board. I do not know why they did not just cut back what wasn't profitable, lay off some fat salaries and move forward.........They opened Pandora's box.

justmeron · 03-30-2009, 10:58 AM

Wonder why they didn't do something like this with AIG.
Kinda scarey, wonder how this will effect the camaro and more specifically our pre sold camaros that havent been delivered or made yet. WOW!!

03-30-2009, 06:37 AM	#1
Scott@Bjorn3D Drives: Kami, 2013 2SS LS3 Luvin Join Date: Oct 2008 Location: Eufaula, Alabama Posts: 6,427	Fox New Just Reported, GM Board of Directors Gone Also. They just reported that the White House has terminated the entire board of directors of GM. Last edited by Scott@Bjorn3D; 03-30-2009 at 07:23 AM.

03-30-2009, 09:03 AM	#3
Angrybird 12 7 year Cancer Survivor! Drives: 17 Cruze RS, 07 G6 GT, 99 Astro Join Date: Dec 2007 Location: East Tennessee Posts: 21,546	I just thought of something funny but scary... Now that the government has set a example of forcing out the CEO and BOD of a company it loaned money, will the Banks follow suit? If your wife (Or you) run up a $20,000 credit card debt, and you take out a bill consolidation loan to pay it off, will the bank be able to force you to get a divorce so your spouse cannot run up any more debts? __________________ Cancer's a bitch! Enjoy life while you can! LIVE, LOVE, DRIVE... The Bird is the word!

03-30-2009, 09:18 AM	#6
Zhawk Iroc's Love Slave Drives: 3 Camaros, 1 Vette, a Buick, & a 57 Join Date: Jul 2008 Location: Lost Posts: 311 View My Garage	Link please? I would like to read the article. __________________ Camaros:87 IROC-z, 95 Z/28, 2010 RS/SS Corvettes: 90 Vert Has anyone seen my sanity? I am hiding from it and don't want it sneaking up on me!

03-30-2009, 09:40 AM	#8
Zhawk Iroc's Love Slave Drives: 3 Camaros, 1 Vette, a Buick, & a 57 Join Date: Jul 2008 Location: Lost Posts: 311 View My Garage	OK, thanks, I'll be watching for more info. One request to everyone. Please, let's keep partisan political talk out of this. Thanks. __________________ Camaros:87 IROC-z, 95 Z/28, 2010 RS/SS Corvettes: 90 Vert Has anyone seen my sanity? I am hiding from it and don't want it sneaking up on me!

03-30-2009, 09:52 AM	#9
Angrybird 12 7 year Cancer Survivor! Drives: 17 Cruze RS, 07 G6 GT, 99 Astro Join Date: Dec 2007 Location: East Tennessee Posts: 21,546	Just thought of something else.. Don't we owe China Billions of dollars too? Can they urge the President and Congress to step down?? Just saying these things because things are on a slippery slope and now anything may be possible... It really scares the heck out of me... __________________ Cancer's a bitch! Enjoy life while you can! LIVE, LOVE, DRIVE... The Bird is the word!

03-30-2009, 07:14 AM	#2
Zabo Gunning for Sixth Drives: '03 ZR2 Blazer Join Date: Sep 2008 Location: Woodhaven, Michigan Posts: 9,358 View My Garage	... Strangely I was expecting this. Ugh, April is going to be a dreary month.

03-30-2009, 09:12 AM	#5
Scott@Bjorn3D Drives: Kami, 2013 2SS LS3 Luvin Join Date: Oct 2008 Location: Eufaula, Alabama Posts: 6,427	We will have to see what happens when Obama talks latter today. Look out all you business that got SBA loans. You could be heading down this road.

03-30-2009, 09:32 AM	#7
Scott@Bjorn3D Drives: Kami, 2013 2SS LS3 Luvin Join Date: Oct 2008 Location: Eufaula, Alabama Posts: 6,427	They said it this morning on Fox and Friends. More details are supposed to come out latter today from White House. I hope it is not true, that is to drastic in my mind.

03-30-2009, 09:53 AM	#10
rmyers Drives: Both American Made Join Date: Feb 2008 Location: Texas Posts: 781	This has to be a joke right? How the hell can the white house dictate to a private company who is going to run it? Do you mean they said it would be a condition on more bailout money? If this is true it ought to scare the hell out of every one of us! Considering the White House is being run by people that have never run so much as a lemonade stand...if this is happening....the automakers won't be here long. Futhermore, the White House is not the only part of government that makes the rules. They did not make the decision alone to bail out GM. It was a Congressional decision. It seems to me, it would take a congressional decision representing the tax payers to force GM to do anything. __________________ 2012 ZL1 #213 M6 Black on Black 2013 ZL1 #2638 Convertible Auto 2010 Chevrolet Suburban 2011 GMC Seirra HD Denali

03-30-2009, 09:54 AM	#11
a6pk2go Drives: ... Join Date: Oct 2008 Location: ... Posts: 1,721	Not sure if this has been posted. Just got off work this morning and I'm too tired to use the SEARCH button. FOR RELEASE: 2009-03-30 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. FOR RELEASE: 2009-03-30 GM Statement on Officer and Board Announcements Detroit, MI GM is announcing the following changes in the corporate officers and the board of directors: Rick Wagoner is stepping down as chairman and CEO, effective immediately. Wagoner, 56, was named president and CEO in 2000, and assumed the role of chairman in 2003. Fritz Henderson, GM president and chief operating officer, will serve as CEO. Henderson, 50, was named to his current position in 2008. He was previously vice chairman and chief financial officer. Kent Kresa, chairman emeritus, Northrop Grumman Corporation, has been named interim non-executive chairman of the board of directors. Kresa became a GM director in 2003 GM is awaiting further announcements by the President and the Task Force on Automotive Reconstruction, and we will have additional comments at that time. GM Board of Directors statement, attributable to Kent Kresa, Chairman “The Board has recognized for some time that the Company’s restructuring will likely cause a significant change in the stockholders of the Company and create the need for new directors with additional skills and experience. The Board intends to work to nominate a slate of directors for the next annual meeting that will include a majority of new directors taking into account the addition of new directors, retirement, and decisions by individual directors not to stand for re-election, although the specific individuals who will be nominated or choose not to run or leave the board are not yet known.” # # # GM strives to ensure that all of the information contained in a press release is accurate at the time it is issued. However, changes in materials, equipment and specifications, prices, availability, etc do occur over time. For the most up-to-date information on currently available models, please visit GM.com/shop.

03-30-2009, 10:27 AM	#13
Xmicro_SS Thank You GM Drives: Sky Redline & Camaro 2SS/RS Join Date: Mar 2009 Location: Las Vegas, NV Posts: 2,876	Take government money and they are on your board. I do not know why they did not just cut back what wasn't profitable, lay off some fat salaries and move forward.........They opened Pandora's box. __________________ ITS HERE! : 2010 Camaro 2SS / 6 Speed Manual (No other way) / Silver Ice Metallic / Inferno Orange Interior Accent / RS Package / Polished Wheels / SOLO MACH X CAT BACK

03-30-2009, 10:58 AM	#14
justmeron Drives: 2010 camaro Join Date: Nov 2008 Location: Northwest Indiana Posts: 1,256 View My Garage	Wonder why they didn't do something like this with AIG. Kinda scarey, wonder how this will effect the camaro and more specifically our pre sold camaros that havent been delivered or made yet. WOW!! __________________ 2010 2011 Chevrolet Camaro Faded Black Side Vent Highlight Decal Kit Life is not like a box of chocolates, its more like eating a whole jar of jalapenos.... what you do today may burn your ass tomorrow!!!!