GM'S CHAIRMEN EDWARD WHITACRE IS LOST AND A WASTE OF TIME
WHITACRE LOOKS LIKE A DESPERATE MAN MAKING CHANGES FOR THE SAKE OF MAKING CHANGES WITHOUT UNDERSTANDING WHAT HE IS CHANGING:
What he has done so far is very dissappointing. Yes Freddie Henderson had to be dumped. Henderson's results running the company were very bad. And yet Whitacre has replaced him with an excutive just like Henderson. A Gm bureaucrate and an unaccomplished paper shuffler. None of the excutives(bureaucrates) Whitacre promoted has ever shown any success in their previous jobs. If they had done a good job in the first place Gm wouldnt have gone bankrupt. But Gm did go bankrupt and its still struggling to find its footing.
Why dosent Whitacre pick successful excutives? Phil Mertaugh is credited by everyone for the success Gm has had in China and yet he has been completely overlooked for a top excutive position at Gm. Does that make sense? Why was he fired in the first place? Gm never gave an explanation for Mertaughs termination even though he produced some great results. It was heard through the grapevine that Mertaugh was fired because Butch Wagoner the man most responsibe for Gm's bankruptcy was jealous of his success. The way Butch ran things that explanation wouldnt be far off the mark.
Unfortunatly the Butch Wagoner way of picking excutives is still alive and well at the New Gm. Its not what you know but who you know that gets you a promotion at Gm. Take care of your boss and he will take care of you.
Mark Reuss the new president of the new Gm is the son of Loyld Reuss a former excutive at the old Gm. Mr. Ruess the younger has never shown any promise as an excutive. He was the creator of the Pontiac Ardvark the uglyest vechicle ever built by an automobile company.
Gm must appoint comptent excutives if its to survive and so far Whitacre's has fallen far short of the mark.
THE DETROIT TIMES STOCK RECCOMDENATIONS: For the first time in over a year we are going to take a loss on one of our picks. Get out of ATK. Buy back your shares. It was a short sale that didnt work.
What he has done so far is very dissappointing. Yes Freddie Henderson had to be dumped. Henderson's results running the company were very bad. And yet Whitacre has replaced him with an excutive just like Henderson. A Gm bureaucrate and an unaccomplished paper shuffler. None of the excutives(bureaucrates) Whitacre promoted has ever shown any success in their previous jobs. If they had done a good job in the first place Gm wouldnt have gone bankrupt. But Gm did go bankrupt and its still struggling to find its footing.
Why dosent Whitacre pick successful excutives? Phil Mertaugh is credited by everyone for the success Gm has had in China and yet he has been completely overlooked for a top excutive position at Gm. Does that make sense? Why was he fired in the first place? Gm never gave an explanation for Mertaughs termination even though he produced some great results. It was heard through the grapevine that Mertaugh was fired because Butch Wagoner the man most responsibe for Gm's bankruptcy was jealous of his success. The way Butch ran things that explanation wouldnt be far off the mark.
Unfortunatly the Butch Wagoner way of picking excutives is still alive and well at the New Gm. Its not what you know but who you know that gets you a promotion at Gm. Take care of your boss and he will take care of you.
Mark Reuss the new president of the new Gm is the son of Loyld Reuss a former excutive at the old Gm. Mr. Ruess the younger has never shown any promise as an excutive. He was the creator of the Pontiac Ardvark the uglyest vechicle ever built by an automobile company.
Gm must appoint comptent excutives if its to survive and so far Whitacre's has fallen far short of the mark.
THE DETROIT TIMES STOCK RECCOMDENATIONS: For the first time in over a year we are going to take a loss on one of our picks. Get out of ATK. Buy back your shares. It was a short sale that didnt work.
posted by thedetroittimes at 12:48 PM
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