GM CEO Wagoner forced out as part of gov’t plan

Finally some commonsense new from Detroit.

GM CEO Wagoner forced out as part of gov’t plan – Yahoo Finance.

After the ineffectual board did nothing while Wagoner presided over the destruction of $82 billion and failed to grasp what had to be done from a product standpoint and to wring genuine concessions from the UAW, the Obama administration has done what had to be done. The board will also undergo a massive purge in due course.

Nor surprisingly, gasps of outrage from the both the UAW and the CAW are the first sounds to reverberate across the industry.

Canadian Auto Workers president Ken Lewenza called the Wagoner move “shocking” and said it “makes Canadian workers nervous.”