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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.

GM logo.
GM logo.   (Getty Images)
General Motors chairman and chief executive officer Rick Wagoner. (AP Photo/Pat Crowe II)
General Motors chairman and chief executive officer Rick Wagoner. (AP Photo/Pat Crowe II)   (Associated Press)
General Motors shareholder Evelyn V. Davis shakes GM chairman Rick Wagoner's hand during the company's 2007 Annual Meeting of Shareholders at the Hotel du Pont in Wilmington, Del., Tuesday, June 5, 2007. (AP Photo/Pat Crowe II)
General Motors shareholder Evelyn V. Davis shakes GM chairman Rick Wagoner's hand during the company's 2007 Annual Meeting of Shareholders at the Hotel du Pont in Wilmington, Del., Tuesday, June 5, 2007....   (Associated Press)
General Motors Chairman and CEO Rick Wagoner, left, and International UAW President Ron Gettelfinger talk at the bargaining table after shaking hands to the kick-off the 2007 UAW-GM national contract negotiations in Detroit, Monday, July 23, 2007. (AP Photo/General Motors, John F. Martin)
General Motors Chairman and CEO Rick Wagoner, left, and International UAW President Ron Gettelfinger talk at the bargaining table after shaking hands to the kick-off the 2007 UAW-GM national contract...   (Associated Press)
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