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Rick Wagoner

April 29, 2006 | From the Associated Press
General Motors Corp. Chairman and Chief Executive Rick Wagoner's 2005 compensation was cut by nearly half as the automaker lost billions of dollars and its credit rating was slashed to junk status, according to a proxy statement filed Friday with federal regulators. Wagoner received a package worth nearly $5.5 million in 2005, 46% less than the $10-million package he received in 2004. Wagoner's salary remained $2.2 million, unchanged since 2003. He did not receive a bonus, compared with a $2.
July 12, 2006 | From the Associated Press
General Motors Corp. Chairman and Chief Executive Rick Wagoner said Tuesday that he is not against a proposed alliance with Renault and Nissan. "Nothing could be farther from the truth," he said in a live interview on the financial news cable channel CNBC. In his first interview since billionaire shareholder Kirk Kerkorian proposed an alliance of GM, Renault of France and Nissan Motor Co. of Japan, Wagoner said his mind was open but too few details were available to make a judgment.
May 31, 2006
Re "Why GM matters," Opinion, May 26 General Motors Chairman Rick Wagoner restates the case that "if you owe the bank $1,000, the bank owns you, but if you owe the bank $1 million, you own the bank." His argument seems to be that because GM has such a big effect on the U.S. economy, its failure would be disastrous for everyone. Though this may be true, he ignores the fact that GM, along with the other U.S. automakers, squandered their former market supremacy for decades. During this same period, their foreign competitors followed a farsighted strategy of quality improvement, targeted marketing and technological superiority.
January 18, 2007 | From the Associated Press
General Motors Corp.'s 2006 worldwide sales dropped slightly last year to 9.09 million cars and trucks, but it apparently was enough for the Detroit company to keep the title of world's largest automaker for another year. The company's closest rival, Toyota Motor Corp. of Japan, estimates that it sold 8.8 million vehicles last year. Toyota typically releases its final totals near the end of January. GM said Wednesday that worldwide sales last year fell 0.9% from 9.
June 16, 2005 | From Bloomberg News
General Motors Corp.'s program to offer an employee discount to all U.S. buyers is increasing the volume of shoppers by as much as 30% at dealerships in markets with historically low GM sales, a sales analyst said Wednesday. The number of customers visiting GM dealerships rose 30% in Los Angeles and San Diego and 20% in Miami in the first half of June compared with a year earlier, according to Art Spinella, president of Bandon, Ore.-based CNW Marketing Research Inc.
June 2, 2005 | From Bloomberg News
Billionaire Kirk Kerkorian's Tracinda Corp. said Wednesday that it wouldn't increase its offer of $31 each for as many as 28 million shares of General Motors Corp., even as the stock traded above the proposed price. Los Angeles-based Tracinda said it had gotten "repeated inquiries" about its plans. The offer began May 9 in an effort to bring Kerkorian's stake in the world's largest automaker to 50 million shares, or 8.8%, and will expire June 7 unless extended.
September 1, 2006 | From the Associated Press
Carlos Ghosn, chief executive of Renault and Nissan Motor Co., said Thursday that talks on a possible alliance with General Motors Corp. were progressing well. Ghosn described the tone of the discussions as positive but said it was too early to say what their conclusion would be. He and GM CEO Rick Wagoner began exploratory talks in July at the urging of key GM shareholder Kirk Kerkorian. Kerkorian, who owns a 9.9% stake through his Beverly Hills investment firm Tracinda Corp.
June 19, 2008 | From Bloomberg News
General Motors Corp. has delayed indefinitely a program to replace its large pickups and sport utility vehicles as it reassigns workers to develop more fuel-efficient car models. Engineers working on the redesigned Chevrolet Tahoe SUV and GMC Sierra pickup for 2012 are being shifted to other projects, GM spokesman Tom Pyden said. "This is hugely significant," said Rebecca Lindland, an analyst for Global Insight Inc. "This is a clear sign they are reevaluating everything, because this has been the core of their bottom line for years."
April 7, 2009 | Frank Ahrens, Ahrens writes for the Washington Post.
Ford, the only Big Three automaker to refuse government bailout money, said Monday that it had slashed the debt of its automotive division, enabling it to save $500 million a year in interest costs. Ford used $2.4 billion in cash and 468 million shares of its common stock to buy down $9.9 billion in debt, reducing its leverage 38%.
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