We just came across a post at the blog “The Truth About Cars” (TTAC) that is spreading a rumor (could you imagine that… RUMOR mongering !) that Rick Wagoner, the CEO at General Motors, will be taking a much needed vacation within the next couple of days. A permanent vacation.
According to this profile at forbes.com, Mr. Wagoner’s compensation for FY 2007 was just shy of $5 million. And that’s despite shareholder value that is melting away faster than an ice cube on a hot August day. Not a bad gig if you can get it, in our opinion.
We have no idea whether the story posted at TTAC has any basis in fact. It will be interesting to see if Rick Wagoner gets to take his “vacation”… whether he resigns, is dismissed, or takes a different position within GM (he’s been there for the past 30 years). If the rumor is true, it shouldn’t surprise anyone, especially the motorheads here at Routing By Rumor. In the past, we have written about why we are one GM customer that will never buy another vehicle from this company. And since we are a die-hard proponent of that quaint notion of “Buy American”, and we were a loyal GM customer for nearly our entire driving career, you know that something is very wrong with this company. We feel that if they couldn’t hold on to us as a customer, they have little chance of holding on to anyone else.
Those poor GM shareholders. Back in January, 1999, GM’s share price was sitting pretty at $90. When we checked it this morning, it was below $10 (view the current GM share price). That equals a loss of shareholder value of almost 89% from it’s all-time high. GM shares are also more than 76% off their 52-week high of $43.20. If you’re invested heavily in GM, chances are you can’t afford to buy one of the gas guzzling GM SUVs piling up in dealer’s lots, no matter how worthless they become. Thanks to $4.00 a gallon gasoline and an economy that is on life support, the only thing dropping faster than GM’s share price is it’s SUV and pickup sales.
So Rick, if it turns out you’re looking for work, and you have any writing experience, send us your resume. Blogging experience, a familiarity with WordPress, and some Internet savvy will all be helpful. Please include a cover letter with your salary requirements.
– Routing By Rumor