General Motors’ CEO tries to stop North American downfall

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Tuesday April 05, 07:44

General Motors’ CEO tries to stop North American downfall

(by Helen Snow)

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General Motors’ CEO tries to stop North American downfall

General Motors Corp. was shocked by unusual moves of its chairman and chief executive G. Richard Wagoner Jr. as he decided to draw tight rein over worrying North American operations. Wagoner reassigned two top executives, Robert A. Lutz and Gary L. Cowger that have been in charge of the region. According to their new appointments they will have to deal with global product development, global manufacturing and labor instead of heading North American market.

"North America is the really important part of the business, and I think [Wagoner’s move] is just recognizing that and putting his neck in the noose to do what it takes," said David E. Cole, chairman of the Center for Automotive Research consulting firm.

Yesterday’s reshuffles seem to be a great and well-considered step of GM Chairman after his dumbness about how he plans to solve the problems with North American business being in a mess.

Wagoner shocked Wall Street last month with the announcement stating that GM would incur losses for the first quarter of the year and cut in half the expected incomes for the rest of the year. The announcement raised concerns about the risk that the world’s biggest automaker may sink to the bottom. The company’s stock fell to a 12-year record, and several credit-rating services showed that its bonds are not far from the threatening possibility to approach junk status.

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