The Obama administration asked Wagoner, 56, to leave the company and he agreed, said an administration official who declined to be identified before the move was announced. The likely replacement, unless the government hires from outside the company, would be Chief Operating Officer Fritz Henderson, said John Casesa, managing partner at New York-based consulting firm Casesa Shapiro Group.
Take whatever rationale is offered for this move:
- Company has no faith in him
- Better for the company's future
- Demanded by the baying masses
-and ask yourselves:
Why does the CEO of an industry getting a $30 billion dollar bridge loan get the sack - when CitiGroup's Vikram Pandit still employed? or Bank of America's Ken Lewis?
1 comment:
In fairness to Pandit, he's only been there since essentially the start of 2008, Chuck Prince is the greater moron who was canned.
Delicious irony is that almost certainly some ex finance industry blokes were part of the decision to can him.
Waning GDP contributor, meet masters of the Universe. Enjoy your retirement.
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