GM CEO Stepping Down

Not a good day to be running a car company. GM is expected to announce its CEO’s resignation and Peugeot fired its CEO today.

Reports are that Rick Wagoner will resign from the helm of GM tomorrow after President Obama addresses the issue of additional aid for the company. Though it’s a little unclear from the reports, it sounds like Wagoner resignation was requested by the administration.

Given that GM has not yet produced a workable plan and that the government is going to give them more time and probably more money something was needed as lipstick for the pig. Axing a CEO works well as a diversion.

Better to be a bank CEO than a auto maker CEO.

more: here and here

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