Thursday, July 23, 2009
We have heard many comparisons made between General Motors and the Titanic. Management shuffles at GM are often referred to as rearranging the deck chairs on the Unsinkable, and how the biggest difference is that the Titanic had a band. Both were most severely damaged by management error, Captain Smith attempting to set a record Trans-Atlantic crossing, and Red Ink Rick wasting Billions on the Fiat Fiasco and Delphi Debacle, all the while stripping the company of assets and enriching the Banker controlled Board of Bystanders.
Even though both were believed to be too big to fail, unlike the Titanic, GM has resurfaced after being shipwrecked. Given another lease on life by the American taxpayers, one would suppose the newly installed CEO would be sure to assemble the very best crew available. Yet he has instead exhibited "Olympic" mistakes, which make one wonder if the decisions Star White Lines?
Mark LaNeve and Brent Dewar are still even employed at GM? Give me a break, these two men shouldn't have just been fired. They deserved to be tarred, feathered, and made to walk the plank. John Smith on the new Executive Committee? He dropped sales like an anchor to new depths. Where's the promised accountability Fritz? You should be ashamed to offer such a Crew of Casualties (Causalities)! While Ed Peper is a keeper, Bryan Nesbitt in marketing?...questionable, although the guy has been successful in design. Susan Docherty remains at Buick? Hasn't anyone a clue that she is completely out of her element?
As for those retiring, I'll be kind and simply say goodbye. (Good Riddance to you know who you are).
Combining his retention of the most grossly incompetent and allegedly, perceived corrupt individuals responsble for hitting the iceburgs (then backing up and ramming them again), Mr Frederick Henderson has made the dumbest, most illogical, and disastrous choices yet seen at General Motors. His closing of Pontiac and forcing dealerships out of business with such reckless abandon will overshadow the decimation that occurred under G. Richard the Terrible. Rick only drove us to the brink of bankruptcy losing $80 Billion or so along the way. Fritz actually took us there and is now setting the course for the eventual and inevitable Chapter 7 liquidation.
Shame, I believed in the guy. Silly me.
oh, BTW, here's the low down on our newest Board members...geez who makes these choices anyway?
New GM directors Russo and Akerson serve on D-rated Boards
Patricia Russo serves on the boards of Alcoa Inc. and Schering-Plough Corporation each of which have D-rated boards according to The Corporate Library.
Daniel Akerson serves on the American Express board (AXP), a D-rated board according to The Corporate Library.
David Bonderman is designated a 'flagged director' [aka Problem director] according to The Corporate Library due to his involvement with the board of Magellan Health Services, Inc., which filed for Chapter 11 Bankruptcy in 2003.