While our 'pay-for-performance' executive compensation system is already structured to significantly reduce total compensation when our business performance and stock price are underperforming, we all agreed that this is the right step to take at this time.
More Quotes from Rick Wagoner:
I own a huge number of shares of the company and have experienced the downside with our investors. I like it that way. That's the way it should be.Rick Wagoner
The recent discovery of prior-year accounting errors has been extremely disappointing and embarrassing to all of us. Credibility is paramount, for GM as a company and for me personally.
Rick Wagoner
DETROIT - General Motors Corp. chairman and CEO Rick Wagoner said Tuesday that the automaker's turnaround plan for its North American division is on track, but he wouldn't update the company's earnings forecast. GM withdrew its earnings guidance in April after it lost 1.1 billion in the first quarter. Wagoner noted that the company had previously estimated earnings of 4 to 5 a share for the year. We will not meet that, ... North America is missing, and missing badly.
Rick Wagoner
I don't think having me do both the jobs, the corporate job and the North American job, is the right long-term answer. But I think while we're in the midst of the turnaround, the value of the shortened lines of communication speaks for itself. And so we're going to stick with it for a while longer.
Rick Wagoner
Whoever is ahead in this area can get a big advantage versus the other guys. Just being big isn't enough. We really want to pick up the pace in everything we do in the company.
Rick Wagoner
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My message to you all is of hope, courage and confidence. Let us mobilize all our resources in a systematic and organized way and tackle the grave issues that confront us with grim determination and discipline worthy of a great nation.
Muhammad Ali Jinnah
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Jim Cramer
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