GM’s Wagoner Weathering the Storm

Despite $39B loss, he's earned respect, making progress
By Jim O'Neill,  Newser User
Posted Nov 8, 2007 9:31 AM CST
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(Newser) – CEO heads are rolling on Wall Street as third quarter red ink stains their reps and boards act to soothe shareholder worries with new management, cost cutting, and reorganization. But it's business as usual in Detroit, where GM CEO Rick Wagoner just announced a staggering $39 billion loss, reports Business Week. Motor City madness? Just dealing with reality.

GM's "management is doing their best to play the hand they've been dealt," said one analyst. In 2007, Wagoner led successful labor negotiations, introduced popular models, increased US market share, and pushed GM ahead of Toyota in sales. He’s earned respect and loyalty from workers, his board, and analysts. Nevertheless, a poor fourth quarter could put another head on the block.