In “General Motors Death Watch 251,” I suggested that The Presidential Task Force on Automobiles (PTFOA) terminate GM’s entire management “team” and replace them with fresh talent. Easier said than done. The number of people qualified to run a car company may stretch to a couple of dozen. But it may not. The number of executives who’d want to run GM—or Chrysler or GMAC—is some fraction of that number. Finding board members for these federally administered companies will easier, but not easy. As The Wall Street Journal‘s pet expert points out, “Executives and directors at these companies will have to balance obligations to taxpayers and other shareholders, all the while under close scrutiny by Congress and the media. Directors ‘are in an impossible position,’ said Charles Elson, head of the Weinberg Center for Corporate Governance at the University of Delaware’s business school. ‘No one who has much sense will want to put themselves in that position.'” Oh, and did we mention? Your salary would be capped. Can’t upset the voters. Evil bankers and all that. Still, that’s why recruiters SpencerStuart and Ennis Knupp & Associates get the big bucks, courtesy of you-know-who (hint: you).
RF, you talked me into it. I’ll do it! I’ll run GM.
Certainly I can’t run it worse than Wagoner and his Board. I’m certainly not talented enough to sink the stock price by 90%, market share by 40%, while increasing debt by billions.
But I’m willing to take a shot if it means signing a bankrupcy-proof compensation package!
My nomination for marketing none other than TTAC’ very own…… BUICKMAN!
Finding qualified people no one can scream about their connections to this organization or that group will be impossible. And no Republicans are allowed, first rule. Look at the nominating process for cabinet members. Think of the ridiculous background investigations. If someone worked at a company that had problems, even in the mail room, right away they’re out. All this done in the name of protecting the taxpayer, who they didn’t give a shit about when they started this mess by giving out money.
We are learning why government should not run companies. But many in America have to learn the hard way.
sounds good;
I’ll do it.
100k/year, access to a jet (official company use only) and full benefits that anybody making 100k would expect to get.
Termination clause / Buy out of 250k.
Even have a doctorate, so I can impress all those capital hill folks having to call me Dr.
The class warfare crowd should realize that those who can run a car firm are already comfortable. Run GM? Why would they take such a job?
Of course, when it comes to compensation, more is not necessarily better. I don’t think Toyota NA compensates as well as the domestics.
Chrysler filed for protection April 30 after the U.S. was unable to persuade secured lenders to swap $6.9 billion in claims for $2.25 billion in cash. A union retiree health-care trust was offered a 55 percent stake in Chrysler.
“This confirms the fear, which right along has been that the Obama administration is more sensitive or beholden to the unions than the bondholders,” he said. “It makes it clear that GM bondholders aren’t likely to be able to work out anything outside of bankruptcy.”
http://www.bloomberg.com/apps/news?pid=20601087&sid=awCyiNlvcfUA&refer=home
I am sure we can find some European or Asian executives who can run a car company very well, and that the pay would be more than anything they would have ever imagined.
But there is always the little political problem with such a move.
I’d gladly take a director position at either GM or Chrysler for half the salary those guys make right now.
All kinds of talented people have gotten the axe. Finding someone for these posts who are politically unattached shouldn’t be much of a problem.
The problem will be finding people who are qualified to do the job, appear to be politically unconnected but aren’t, AND actually want the job.
The Rule of Life is that people who are connected always have work.
De Lorenzo will need a job. He appears to have all the answers (or is that excuses). He also has that hard to quantify dismissive mad genius streak.
Look at these Ford sales figures
and tell me how a company can sell at one third of it’s previous rate and still pay all the huge fixed costs like pensions?
The answer is they can’t.
http://www.blueovalnews.com/index.php?categoryid=22
I would be willing to join the BOD even with the salary cap. I couldn’t F-it up any worse than these Bozo’s.