Last fall, I suggested that General Motors Corp. (GM) ought to follow a six point restructuring plan. One of those steps was to can GM's CEO Rick Wagoner. Under his tenure, which began in 2000, GM's stock has lost 95 percent of its value and GM has posted $30 billion in 2008 losses while presiding over a North American market share slide from 33 percent to 19 percent. What amazes me is that GM's board did not step in years ago. So as part of the restructuring plan, President Obama has officially asked Wagoner to step aside.
Regrettably, getting rid of Wagoner leaves an important question unanswered: Who is willing to step into GM's CEO position who is clearly better able to fix the problems that ail GM?