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MJ business mobileGM's restructuring plan includes some Ohio wins
> GM exec: A new product for GM plant 'not likely', more
Tuesday, June 03, 2008
Here are winners and losers in General Motors Corp.'s announcement Tuesday, June 3, of a restructured manufacturing plan in response to shifting consumer preferences to cars and crossover vehicles and away from trucks and sport utility vehicles.
GM said it will:
Extras
•Close the Moraine Assembly Plant, whose products include Chevrolet TrailBlazer, GMC Envoy, Saab 9-7X and Isuzu Ascender SUVs.
•Close the Janesville, Wis., plant that makes medium-duty trucks.
•Close the Toluca, Mexico, plant that makes Chevrolet Kodiak medium-duty trucks.
•Close the Oshawa plant in Canada which makes the Chevrolet Silverado and GMC Sierra trucks.
•Fund production of the Chevrolet Volt extended-range electric vehicle, with plans to get it into Chevy showrooms by the end of 2010. Plans are to build the Volt at GM's Detroit-Hamtramck (Mich.) Assembly Center.
•Add a third shift in September to the Orion (Mich.) Assembly Center, which makes the Chevy Malibu and Pontiac G6.
•Add a third shift at the Lordstown (Ohio) Car Assembly plant, which makes the Chevy Cobalt and Pontiac G5.
•Build a next-generation, fuel-efficient Chevy compact for the U.S. and global markets. Production is to begin in mid-2010 at the Lordstown plant.
•Produce a 1.4-liter, turbocharged version of GM's global four-cylinder engine in Flint, Mich., for the next-generation Chevy compact. With this engine and a manual transmission, the new Chevy is expected to achieve a nine-miles-per-gallon improvement over the current Chevy compact, GM said.
Comments
By dissatisfied customer
January 22, 2009 2:41 AM | Link to this
@ Alice, what children?? I never got to have any because of GM! Let their kids suffer at the hands of yours, around their necks!! Read a book “The Working Life” DR. Joanne Ciulla
By dissatisfied customer
January 22, 2009 2:33 AM | Link to this
Hey I was a poor shlub back in the 70’s when they cheated me on several occasions on cars. I’ve found other ways to get around ever since and never worked a day for any auto industry. Now that I’m retired all I can say is, you made your bed, now lie in it! LET them DIE! They killed plenty of things themselves over the years, some of them yours and mine! I say, its Their turn!
By dissatisfied customer
January 22, 2009 2:26 AM | Link to this
Hey I was a poor shlub back in the 70’s when they cheated me on several occasions on cars. I’ve found other ways to get around ever since and never worked a day for any auto industry. Now that I’m retired all I can say is, you made your bed, now lie in it! LET them DIE! They killed plenty of things themselves over the years, some of them yours and mine! I say, Their turn!
By Joe
December 22, 2008 11:36 AM | Link to this
Hi, I’m trying to get a tour of the GM Moraine Assembly plant. Does anyone know of contact information so I can take a tour before the plant is shut down. Thanks.
By Wordell
December 21, 2008 8:04 AM | Link to this
Denial of anything GM and their employees have done wrong reminds me of the A&E show “Intervention”. Facts and truth are evident in this case of GM failure. GM & Toyota produced 9.3 million vehicles each world wide in 2007. Why did GM loose 38 billion, and Toyota make over 17 billion on these sales? Can anyone do the math? Any lights going on now that it’s too late shine any light? Germans reacted the same way after the war. “I didn’t know, I didn’t do it, It’s a lie, THEY caused it.”
By GM Stucks
November 7, 2008 3:31 PM | Link to this
Not the assemblers on the line fault, but they sure take the brunt of the closing.
Basically, GM has been building crap for years. Oversized hackey mom (tribute to Palin) carrying SUVs made for one female. GM has no automobiles worthy of buying either. The company really does need to go under.
By Jeff
September 30, 2008 9:04 AM | Link to this
There is a terrible price to pay for the unfair trade we are being subjected to.
I hope your Hondas and Toyotas are worth the terrible suffering they are causing thousands of people.
Your house will go down in value because of this as well.
Not to mention… they will have to raise taxes in many areas to make up for lost revenue from the loss of the GM jobs in this area.
How many GM and Delphi jobs have we lost now? 15000? 20000? More than a billion dollars in direct payroll lost
By Janesville
September 13, 2008 12:44 AM | Link to this
They have GM haters in Wisconsin, too. I think it some type of weird socialist jealousy that drives the hate.
A large part of the corporate troubles that the domestic automakers are having is due to people buying foreign brands. When whole cities are destroyed due to plant closings, be sure and ask the import buyers if they are happy now.
By the way, I am not a GM employee.
By Jeff
August 6, 2008 10:20 AM | Link to this
R”ivethead: Tales From The Assembly Line”
That book is completely outdated and the jobs now are nothing like that book suggests. 20 years ago the factories were a mess with drunks and lazy people but it is nothing like that now. Perceptions of the domestic plants are WAY behind.
If you so much as drop a bolt … on some of the assembly jobs… you can’t finish the vehicle and have to call for help.
By danny
August 3, 2008 7:04 PM | Link to this
Do any of you so called intelligent people know what a toyota or honda employee earns. Do they have benefits and what are their pensions like? It seems odd that everyone knows what a GM employee earns etc. but NOTHING SAID ABOUT THE INFERIOR TWO. I think most of you that are anti-GM are envious and perhaps a little disturbed that it isn’t you earning the money. The employees work hard. You on the other hand may have a cushy job, or no job. Sitting at work typing emails at your employer’s expense
By sandra
August 3, 2008 7:03 PM | Link to this
Do any of you so called intelligent people know what a toyota or honda employee earns. Do they have benefits and what are their pensions like? It seems odd that everyone knows what a GM employee earns etc. but NOTHING SAID ABOUT THE INFERIOR TWO. I think most of you that are anti-GM are envious and perhaps a little disturbed that it isn’t you earning the money. The employees work hard. You on the other hand may have a cushy job, or no job. Sitting at work typing emails at your employer’s expense
By sandra
August 3, 2008 7:03 PM | Link to this
Do any of you so called intelligent people know what a toyota or honda employee earns. Do they have benefits and what are their pensions like? It seems odd that everyone knows what a GM employee earns etc. but NOTHING SAID ABOUT THE INFERIOR TWO. I think most of you that are anti-GM are envious and perhaps a little disturbed that it isn’t you earning the money. The employees work hard. You on the other hand may have a cushy job, or no job. Sitting at work typing emails at your employer’s expense
By danny
July 22, 2008 12:24 AM | Link to this
To “I Hate GM”, first of all your name indicates your intelligence. Secondly, if GM has been peddling junk for 30 years, why has it lasted so long? Have you ever seen an older GM vehicle from the 50’s or 60’s. It is really something to admire. I don’t recall ever seeing any classic Hondas or Toyotas. Get realistic and write something sensible next time. Unfortunately it is people like you that are giving Toyota and Honda owners a bad reputation.
By danny
July 22, 2008 12:23 AM | Link to this
To “I Hate GM”, first of all your name indicates your intelligence. Secondly, if GM has been peddling junk for 30 years, why has it lasted so long? Have you ever seen an older GM vehicle from the 50’s or 60’s. It is really something to admire. I don’t recall ever seeing any classic Hondas or Toyotas. Get realistic and write something sensible next time. Unfortunately it is people like you that are giving Toyota and Honda owners a bad reputation.
By danny
July 19, 2008 9:47 PM | Link to this
Bob: you seem to have an awful lot to say, especially regarding loyalty and warmest feelings towards business??? Perhaps you have had bad experiences in the past with the BIG THREE. But one thing I do know for sure, I have always bought GM vehicles and will continue to do so. I have always been treated with respect and when it comes to service, I have been treated very well. The sales people are curtious and I never felt pressured. Go ahead and buy second best, a Toyota or Honda - Good Luck.
By Bob
July 19, 2008 7:45 PM | Link to this
BUY WHAT AMERICA BUILDS
Why should anyone in the USA be loyal or even buy a Ford, Chrysler, or GM car?
The Big #3, soon to be the lesser three hasn’t worried whether or not U.S. customers buy their product, nor do they care if the American worker even survives.
Loyalty is a Two way street and the Big Three are headed out of town on it like an expressway.
They would like to bash their counterparts, but in reality the foreign cars are now American made and the American cars are now Foreign made. Duh…………..!!!
At least the foreign car makers are investing in the American Worker; at least they will have a place to work.
The Quicker the” Big Three” leaves the Faster the so called imports will sell. After all the foreign Manufacturers are investing in the American Worker.
I hate it. It’s a shame. It’s reality. It’s free enterprise, survival of the smartest, biggest and best. It’s Truth, Justice, and the American Way.
We used to do business in this country with the Country and its people in mind. Now it’s the Big Threes contention that the World Market is more important than keeping our Country Strong.
It’s only GREED and Greed does bite back.
My next NEW vehicle will not be decided upon if the Big Three built it; it will be decided upon who offers me the warmest feeling toward business and its Loyalties to me.
They have alienated me to their cause, I just hope the U.S. behemoths wake up and smell the exhaust, open the windows and reach out for help.
Become aware that other countries want to make money and are willing to invest in AMERICA.
Give Americans Jobs and treat them with RESPECT. They will buy your product.
Ain’t it a shame that Foreign Companies are more American than their American Counterparts?
Ain’t it a shame that Foreign Manufacturers are investing more in the American worker than Ford, Chrysler and GM.
Instead of blaming the American worker for all of their contrived problems, why not embrace the American worker and learn from the competition. Rather than bash the American Worker, Move the Plant, and diversify to sell where our competitors live.
Why not figure out what the Foreign Companies have figured out. Americans are Loyal and will be Loyal as long as they are a part of the loop.
Maybe, Just Maybe this is why Toyotas and Honda are passing American Manufacturers (LOL) in sales.
Wake up American Manufacturers!
The Competition thinks about profitability 20 years down the road, not what the Stock Market return will be 20 seconds from now. Convince the stockholders it’s in their best interest to invest in the people at home not abroad. It’s about winning back the American market through LOYALTY. It makes the return larger and sweeter and instills the American worker with confidence in their product.
You can build a competitive product. You can even build a better product than your competition, but without Loyal Customers you will only sell them once. Loyal customers come back and they tell their friends, neighbors, and co-workers.
Loyalty of the people built this Great country, Loyalty to your Companies built them too. Why not be loyal to the people.
Sincerely, Bob (one of the people)
P.S. I sold American automobiles and trucks for 30+ years and I was LOYAL to my Customers and my Products.
By Bob
July 19, 2008 7:43 PM | Link to this
I wrote this when the first round of employee buyouts were taking place and it holds true now even more so!
BUY WHAT AMERICA BUILDS
Why should anyone in the USA be loyal or even buy a Ford, Chrysler, or GM car?
The Big #3, soon to be the lesser three hasn’t worried whether or not U.S. customers buy their product, nor do they care if the American worker even survives.
Loyalty is a Two way street and the Big Three are headed out of town on it like an expressway.
They would like to bash their counterparts, but in reality the foreign cars are now American made and the American cars are now Foreign made. Duh…………..!!!
At least the foreign car makers are investing in the American Worker; at least they will have a place to work.
The Quicker the” Big Three” leaves the Faster the so called imports will sell. After all the foreign Manufacturers are investing in the American Worker.
I hate it. It’s a shame. It’s reality. It’s free enterprise, survival of the smartest, biggest and best. It’s Truth, Justice, and the American Way.
We used to do business in this country with the Country and its people in mind. Now it’s the Big Threes contention that the World Market is more important than keeping our Country Strong.
It’s only GREED and Greed does bite back.
My next NEW vehicle will not be decided upon if the Big Three built it; it will be decided upon who offers me the warmest feeling toward business and its Loyalties to me.
They have alienated me to their cause, I just hope the U.S. behemoths wake up and smell the exhaust, open the windows and reach out for help.
Become aware that other countries want to make money and are willing to invest in AMERICA.
Give Americans Jobs and treat them with RESPECT. They will buy your product.
Ain’t it a shame that Foreign Companies are more American than their American Counterparts?
Ain’t it a shame that Foreign Manufacturers are investing more in the American worker than Ford, Chrysler and GM.
Instead of blaming the American worker for all of their contrived problems, why not embrace the American worker and learn from the competition. Rather than bash the American Worker, Move the Plant, and diversify to sell where our competitors live.
Why not figure out what the Foreign Companies have figured out. Americans are Loyal and will be Loyal as long as they are a part of the loop.
Maybe, Just Maybe this is why Toyotas and Honda are passing American Manufacturers (LOL) in sales.
Wake up American Manufacturers!
The Competition thinks about profitability 20 years down the road, not what the Stock Market return will be 20 seconds from now. Convince the stockholders it’s in their best interest to invest in the people at home not abroad. It’s about winning back the American market through LOYALTY. It makes the return larger and sweeter and instills the American worker with confidence in their product.
You can build a competitive product. You can even build a better product than your competition, but without Loyal Customers you will only sell them once. Loyal customers come back and they tell their friends, neighbors, and co-workers.
Loyalty of the people built this Great country, Loyalty to your Companies built them too. Why not be loyal to the people.
Sincerely, Bob (one of the people)
P.S. I sold American automobiles and trucks for 30+ years and I was LOYAL to my Customers and my Products.
By sherry
July 16, 2008 5:32 PM | Link to this
I agree 100% with Danny and everyone else that thinks people who continue to buy foreign cars and support their economy should go over there and live. And oh yeah-THAT GOES ESPECIALLY FOR ALL OF THE AMERICAN AUTO WORKERS THAT DRIVE THEIR FOREIGN AUTOMOBILES TO AN AMERICAN PLANT THAT IS NOW SHUTTING DOWN. SHAME ON EVERYONE THAT BUYS THEIR CARS!
By Ex GM/Delphi/Now GM Employee
July 16, 2008 5:04 PM | Link to this
Use your Trade Adjustment Assistance and go to school. I hired in at GM 11 years ago, then they spun us off into Delphi and shut us down. It’s been good but looks like the ride is over. I’m going to stay positive, finish school, and hop on the next ride. I used to let the posts people put on this website get me down. Then I came to the realization that they are just upset they they missed out on the oppourtunity we had. To earn a good living and enjoy life as well as family. Good luck!
By murphy
July 16, 2008 12:59 PM | Link to this
Why should a registered nurse make 100k at year?
By mike
July 16, 2008 12:51 PM | Link to this
Remember when NCR shut down it’s manufacturing facility? That’s when I realized that Dayton was finished. Here’s great book for Daytonians Reinventing Collapse: The Sovier Example and American Prospects by Dmitry Orlov. It shows how Russians survived after their economy collapsed
By paper
July 15, 2008 8:50 PM | Link to this
You didn’t think this ride was going last for ever did you?Years of union abuse,strikes,really bad quality control, rember the 80’S?, has cought up it’s time to move to where the jobs are.Make sure that when you leave do not I repeat do not bring your unions with you leave them where they buried you.Florida may not have very high wages and they do not build many car or trucks but there is always work to be had
By sandra
July 10, 2008 5:48 PM | Link to this
To big red caddy: I think your negative GM comments may pertain to yourself. GM Oshawa #2 plant won its gold plant quality award for the second consecutive year. Meaning, it produced vehicles with the fewest defects among car and truck plants in North and South America. You shouldn’t believe everything you hear, unless you perhaps one of the individuals. Also, you can look back and find pictures of quality vehicles (GM)built. I don’t see any toyota or hondas.
By sandra
July 3, 2008 1:53 PM | Link to this
Check out the site, Toyota workers are demanding a wage increase and paid overtime. What????
By door hanger
July 3, 2008 6:27 AM | Link to this
..over looked. some guy on here said frigidaire workers bragged about being high. who didn’t do drugs in 60’s and 70’s?? sure alot of workers did then. everyone who posts something bad about Moraine Assembly, why do you blame workers for pay? If your company had the money to you more, wouldn’t you want more pay? Or would you say, Naaah, i make just the right amount of money. Good luck GM Moraine employees.. miss alot of you guys…
By door hanger
July 3, 2008 6:21 AM | Link to this
i left in 2006. i had a feeling this day was coming. believe me guys it’s rough to start over. but i did, you guys will find another job, not the same pay or benefits. i got lucky and found a job with decent pay and good benefits. use your free schooling, like i currently still am doing. the people who knock us, yes i said us because i am still a gm guy, are the ones who never worked here, the ones would couldn’t pass drug tests, or the ones who tried to get in here when it was good, and gm….
By I told you so!!!
July 3, 2008 5:02 AM | Link to this
Well if its’ any consolation, they may all lose thier jobs with the stock below $10.00 a share. Hey back in 2003/4 I was told by the Union this plant was going to close, people out there laughed at me, said I was crazy.
I don’t hear any laughter now, matter of fact, it’s pretty darn quite.
By danny
July 2, 2008 6:28 PM | Link to this
To all of you with negative GM comments. Here is an idea. If Japan makes such an excellent product(vehicle), why don’t you leave and make your home there.I heard the pay is great, cost of living exceptional, therefore improving your lifestyle immensely. Also, then we can get rid of the negative anti GM comments and proceed to turn our economy around. Thank you for supporting your country.
By Anthony B
July 1, 2008 11:39 AM | Link to this
I worked at Inland on the west side as a contract eng. The boiler operators there have a yearly competition to see who breaks 100,000 dollars first. The winner is announced, usually, in May. That person will probably make 260,000 dollars that year. Spoiled; YES. Coming to an end? Yes. The skilled workers at GM plants have and or will help destroy GM. Go Toyota.
By danny
June 26, 2008 11:24 PM | Link to this
To the people with the negative comments regarding GM closures. Perhaps what you need to do is to go to bed early, have a good night’s sleep.In the morning wake up and write something worth reading. Most of you repeat what you have heard but have not actually researched. By the way, I saw a lovely Gas Guzzler the other day, it was a foreign vehicle. Ya they make them too. Who would have thought.
By Dixon
June 26, 2008 3:27 AM | Link to this
Sorry, The Title to the book is Rivet Head Tales from the Assembly Line !
By Dixon
June 26, 2008 3:22 AM | Link to this
Hey, just get the book and read it its called Tales From The Assembly Line !There is your answer !!!
By Bill
June 13, 2008 11:37 PM | Link to this
Miss Cleo you could’nt last 4 hours working at GM on a assembly line so dont say the money is to good till ya worked your a*s off for that wage. Trust me we work for our money. Just chase a few trucks down the assembly line, Then talk your talk
By Bill
June 13, 2008 7:19 AM | Link to this
I went threw the same thing same place in 1979 when Frigidaire close. There’s not much you can do but move on and hope that they finally decide to put a new car in the plant.
By John
June 11, 2008 4:35 AM | Link to this
to “the big paw”, I won’t assume that you own a house but if you do, ask yourself is the value of your home increasing? I would venture to say no. I do realize the economy may have an impact on that as well but believe me moron even when the economy rebounds the vallue of your home won’t increase to the level if this plant was in operation, Delphi plants still operating and if and when DHL closes. You are of the minority and aren’t worth my time pointing these things out!!!!!!
By John
June 11, 2008 4:26 AM | Link to this
Most of the posts that I have read on this thread actually realize the dynamics of a facility of this size closing and the impact that it will have in the surrounding communities. I must identify the moron “the big paw” and that is a fitting discription for you, as a person that is just clueless to what is not only going on at the Truck Plant but the area in general. I assume that you live nearby and at some point notice the jobs that have been lost in the last 5 years in this area.
By An ex GM man
June 11, 2008 1:48 AM | Link to this
I don’t know if any one has noticed but the new cross over vehicles that get so much better gas mileage than the trailblazer. has anyone actually looked at the gas mileage they only get 2 miles more per gallon city and highway, but they cost $10,000 more they tow 2000 lbs less but Rick and the boys keep pushing this junk down our throat sorry I think I will take my $140,000 and buy a Hyundai I am not giving another dime to that … GM keeps wanting to pay the so called CEO for loosing money.
By mrbyron
June 7, 2008 11:26 PM | Link to this
When i was little Dayton, was great place to raise a family now no body knows any more; their were times when employees use to get over time for their hard work. Oh by the way What ever happen to the American voice such as for the people by the people or did the politicians take that away as well. The republication and democrats need to work together and solve our economic differences maybe just, maybe will have some hope and put our workforce back together.
By Electricain
June 7, 2008 8:41 PM | Link to this
Moraine Assembly one of the best plants GM has. Best work force they can ask for. Willing to work with anyone. And they still closeing it. Why Why Why ??????????????????
By Electricain
June 7, 2008 8:40 PM | Link to this
Moraine Assembly one of the best plants GM has. Best work force they can ask for. Willing to work with anyone. And they still closeing it. Why Why Why ??????????????????
By Dayton is dust in the Wind
June 7, 2008 10:36 AM | Link to this
What is Dayton or Montgomery Co politians doing to keep buisness here at home. Cut them a tax break to keep jobs here. 11 million buisness gone from the Dayton area, Why did the Trap Shooting competition in Vandalia have to leave the area, ask your local politicians that could of changed policies to keep them here. In 1903 Dayton was know for the city of 100 inventions, 100 inventions with patents pending at that time. Now it’s 2008, what is your Dayton known for nothing, “DAYTON IS DEAD”.
By ;KLSJDAF
June 5, 2008 4:37 PM | Link to this
I hate to say it but George Bush created more jobs than the current IUE leadership. way to go J C what a staff you have
By Reading5300
June 5, 2008 3:16 PM | Link to this
Sad to say but with Oil Prices through the roof I am suprised it has not happened sooner. If GM would have had a little forsight and made the SUV’s produced there more fuel efficient or made hybrids there, it could have been saved. Speaking of oil, we can’t drill our way out of this one, your only delaying the inevitable and our children will be the ones to suffer. We need an alternative now, or 100 mile/gallon cars and trucks.
By I Hate GM
June 5, 2008 2:20 AM | Link to this
Sorry folks, you’ve been toiling for a loser. GM has been peddling junk for over 30 years and have remained absolutely clueless to what the people REALLY want & what the trends are. Don’t agree? Then why is this happening? They are corrupt and morally bankrupt, run by a bunch of hedonistic wealthy criminals who detest the working man and his unions and are only out for themselves. GM sucks worst of all the American auto companies. GM invented built-in obsolescence. Arrogant b@stards!
By Dan Hoover
June 5, 2008 2:06 AM | Link to this
Worked at Dayton Tire for 11 years. Life goes on. Moraine plant closes say 2010? You have 2 years to get a degree at Sinclair. At least a start, so go for it boys and girls.
By Jim
June 4, 2008 9:06 PM | Link to this
Its sad to see this happen, but folks how can you continue to build suv’s in a $130 dollar a barrel oil economy. What Dayton needs, is invest in bringing in companies that think long term and deal with energy independence in mind. The next big revolution is going to be getting off of fossil fuel. I think Dayton and Ohio should be making steps in becoming the leaders in these fields.
By Freezin
June 4, 2008 5:58 PM | Link to this
I feel sorry for the workers that will be affected by this announced plant closing. At least some of them are being offered the buyouts.
As stated by others on this forum, the writing has been on the wall for a long time. Every large unionized industry in this country is going away and the jobs aren’t coming back. I grew up in NW Indiana, and what is happening now in Dayton happened in Indiana 30+ years ago. Of all the steel mills along the south shore of Lake Michigan, only a few remain.
By snl
June 4, 2008 5:45 PM | Link to this
In 2003, we purchased a Chevy Tracker small suv. Better mileage and warranty than a traditional General Motors suv. (A tracker is actually a suzuki).
Our next vehicle may be either a Cooper mini, Smart Car, or perhaps a Chevy Aveo. More than likely it will be a foreign vehicle. GM made the mistake of making gas hogs. Why were no lessons learned from the 70’s gas crisis? The Japanese, Koreans and Europeans have been making fuel efficient vehicles for decades.
By Sick and tired
June 4, 2008 4:41 PM | Link to this
If there is ANY justice, there’s a special place in hell for each and every greedy & corrupt CEO & executive who has fleeced the public and stolen such grand sums while riding a company into failure and loss that costs thousands of jobs of hard-working Americans. Just like there is hopefully a special place in hell for a president who costs thousands of young lives to serve his lying dishonest ways and rides his country into financial chaos while cutting taxes for his rich elitist pals.
By Herkin
June 4, 2008 3:07 PM | Link to this
This is how the top GM execs give themselves pay raises, buy throwing 10’s of thousands of their employees out on there butts?
By lesley
June 4, 2008 2:56 PM | Link to this
I’m looking for someone to write a paid blog post on the plant closing, preferably someone connected to the auto industry who can give a different perspective than the one we usually get (we’re an autos site). Email me for details. thanks.
By Herkin
June 4, 2008 2:55 PM | Link to this
General Motors Corp. Chairman and CEO Rick Wagoner’s compensation rose 18% in 2007 to $6.6 million, and the company said Friday it was raising the salaries of Wagoner and other top executives this year.
In a filing with the U.S. Securities and Exchange Commission, GM said Wagoner’s base salary rose from $1.28 million in 2006 to $1.56 million in 2007, and the company gave him $2.56 million in stock, along with $1.8 million in long-term incentives and $697,000 in other compensation.
The automaker also made an adjustment to Wagoner’s retirement plan that added $4 million to its value. But the company said in a note that his future retirement benefits would actually decrease because of a change in his retirement age. GM also gave Wagoner options on 500,000 GM shares that had a book value of $3.8 million, but whose actual value will depend on GM’s share price. Wagoner did not cash in any stock options last year.
GM said the payments reflect “significant progress in improving the overall competitiveness of our business over the past few years.”
Wagoner has spent the past few years trying to slash costs at GM and return its North American automotive business to profitability. While last year’s $38.7-billion loss was due mostly to a bookkeeping change, the company was still losing money and burning through cash.
Analysts have said while GM is further in its turnaround than Ford Motor Co., a full recovery still seems at least a year away, despite well-received new vehicles such as the Chevrolet Malibu and a trio of crossover models.
Wagoner had taken a pay cut in 2006, ahead of negotiations with the UAW that resulted in a historic shift of more than $50 billion in retiree health care costs from GM’s balance sheet to a union-run trust. The savings from that shift are expected to kick in around 2010.
GM said it had raised the base salaries of Wagoner, GM President Fritz Henderson and Vice Chairman Bob Lutz for 2008. Wagoner’s salary is now $2.2 million, while Henderson’s salary was boosted to $1.8 million from $1.3 million. Lutz’s salary was set at $1.75 million, up from $1.3 million.
Henderson’s total 2007 compensation rose 44% to $5.2 million, while Lutz’s total package grew 36% to $4.6 million. Each executive was also granted 250,000 stock options.
GM also said in the proxy that E. Neville Isdell, chairman and CEO of Coca-Cola Co., had been nominated by the company to join the board of directors.
Contact JUSTIN HYDE at 202-906-8204 or jhyde@freepress.com.
By Herkin
June 4, 2008 2:45 PM | Link to this
Wagoner’s pay up 18% GM raises compensation of top execs in 2007 BY JUSTIN HYDE • FREE PRESS WASHINGTON STAFF • April 26, 2008
Print this page E-mail this article Share this article: Del.icio.us Facebook Digg Reddit Newsvine What’s this? General Motors Corp. Chairman and CEO Rick Wagoner’s compensation rose 18% in 2007 to $6.6 million, and the company said Friday it was raising the salaries of Wagoner and other top executives this year.
In a filing with the U.S. Securities and Exchange Commission, GM said Wagoner’s base salary rose from $1.28 million in 2006 to $1.56 million in 2007, and the company gave him $2.56 million in stock, along with $1.8 million in long-term incentives and $697,000 in other compensation.
The automaker also made an adjustment to Wagoner’s retirement plan that added $4 million to its value. But the company said in a note that his future retirement benefits would actually decrease because of a change in his retirement age. GM also gave Wagoner options on 500,000 GM shares that had a book value of $3.8 million, but whose actual value will depend on GM’s share price. Wagoner did not cash in any stock options last year.
GM said the payments reflect “significant progress in improving the overall competitiveness of our business over the past few years.”
Wagoner has spent the past few years trying to slash costs at GM and return its North American automotive business to profitability. While last year’s $38.7-billion loss was due mostly to a bookkeeping change, the company was still losing money and burning through cash.
Analysts have said while GM is further in its turnaround than Ford Motor Co., a full recovery still seems at least a year away, despite well-received new vehicles such as the Chevrolet Malibu and a trio of crossover models.
Wagoner had taken a pay cut in 2006, ahead of negotiations with the UAW that resulted in a historic shift of more than $50 billion in retiree health care costs from GM’s balance sheet to a union-run trust. The savings from that shift are expected to kick in around 2010.
GM said it had raised the base salaries of Wagoner, GM President Fritz Henderson and Vice Chairman Bob Lutz for 2008. Wagoner’s salary is now $2.2 million, while Henderson’s salary was boosted to $1.8 million from $1.3 million. Lutz’s salary was set at $1.75 million, up from $1.3 million.
Henderson’s total 2007 compensation rose 44% to $5.2 million, while Lutz’s total package grew 36% to $4.6 million. Each executive was also granted 250,000 stock options.
GM also said in the proxy that E. Neville Isdell, chairman and CEO of Coca-Cola Co., had been nominated by the company to join the board of directors.
Contact JUSTIN HYDE at 202-906-8204 or jhyde@freepress.com.
Find this article at: http://www.freep.com/apps/pbcs.dll/article?AID=/20080426/BUSINESS01/804260330
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By The Big Paw
June 4, 2008 2:03 PM | Link to this
The GM’er’s mindset just freakin’ breaks me up! Hysterical! Why does GM ‘owe’ you something beyond the paycheck and great benefits you got for ‘working’? “Oh please GM!!!! Time for you to ‘give back’ to us!”…… HA HA HA!!!!! You got a more-than-reasonable paycheck and better-than-most benefits… And you STILL WANT MORE!!!!! Amazing. The ‘Entitlement’ constituency.
By HuberTucky
June 4, 2008 1:51 PM | Link to this
Professional liar & highly-paid corporate stooge Rick Wagoner at GM’s annual meeting of stockholders speaking of plant closings: “These moves are all in response to the rapid rise in oil prices and the resulting changes in the U.S., changes that we believe are more structural than cyclical.” Huh?! Seems none of this had to do with management’s complete lack of foresight and overall incompetence. What exactly is it that guys like Wagoner get these enormous salaries for? Missing the boat? Idiots!
By prdarmymom
June 4, 2008 1:05 PM | Link to this
Hey GM workers I just wanted to say to each and everyone of you. STAY STRONG AND PROUD you guys have done one hell of a job over the years. My prayers and best wishes go out to you and your families. Wishing you the best of luck on your futures.
By WEMR
June 4, 2008 12:51 PM | Link to this
Corporate greed,GM - I’ve worked at the moraine plant for 30yrs.,came to work every day, built a quality product for our customers with great pride.This plant has won quality awards over and over while working under great pressures to perform our duties to GM’s wishes,we have carried the entire GM Corporation many years financially when other plants was losing money for them we were turning a profit and at a time when we need GM to give back to us they turn their back on us and this community
By WEMR
June 4, 2008 12:50 PM | Link to this
Corporate greed,GM* I’ve worked at the moraine plant for 30yrs.,came to work every day, built a quality product for our customers with great pride.This plant has won quality awards over and over while working under great pressures to perform our duties to GM’s wishes,we have carried the entire GM Corporation many years financially when other plants was losing money for them we were turning a profit and at a time when we need GM to give back to us they turn their back on us and this community
By Smitty
June 4, 2008 12:33 PM | Link to this
Dayton is a great place to be FROM. I left in 1992 when laid off @ Shopsmith, couldn’t find a decent job in Dayton, and never looked back. Dayton has NOT improved. I moved to the Southwest and found good work, good weather, a progressive attitude, and virtually no rascism. Dayton is truly circling the drain and this is just one REALLY HUGE nail in the coffin…prhaps the final nail depending on whether the “leadership” there can get it together or just turn off the lights on their way out.
By SteveCy
June 4, 2008 12:15 PM | Link to this
Consider this: American auto companies close plants, lay off tens-of-thousands of workers, move plants to foreign soil,and form partnerhsips with Asian companies and others. At the same time, Honda, Toyota, BMW, etc. build modern plants HERE in the USA & provide high quality products with the same American workers. Hmmm…anybody see a trend? The common denominator seems to be American corporate greed, bloated salaries for big shot do-nothings, and an archaic union entitlement mentality.
By william
June 4, 2008 12:13 PM | Link to this
What this area needs to do is move away from blue collar jobs and invest in green collar jobs. Research and manufacturing solar panels, wind turbines and similar alternative energy devices is the future. It would be a good use for the GM plant if it remains closed, or other vacant industrial areas. I would hope that our elected leaders invest some public funds into enticing this growing industry into the area.
By The Big Paw
June 4, 2008 12:12 PM | Link to this
Rather Than whining and blaming the other guy, the brilliant leaders of the great city of Moron should start figuring out what to do with an obsolete industrial plant. I have made several really brilliant suggestions but it appears that no enlightened interest is there. Oh well. It will probably become the biggest crack-house in the nation. Of course, that could be a real peripheral business draw in itself! The tavern / sleazy-bar clientele won’t change much,,,, Gm’er or Crackhead…. Pretty much the same.
By Roger Moore
June 4, 2008 12:01 PM | Link to this
I lived in south dayton in the 50,s 60s & 70s i knew lots of frigidaire & gm workers. many BRAGGED about how high they got at work, lotsa drinking & drugs, working all scrwed up, places they hid & slept & even had sex at work, take incredible amounts of days off + get their doctor to give them lots of meds like quaaludes, and still make $55k driving a forklift + tons of overtime. and the products went from quality to trash. they ragged me for diving a rice burner - sound familiar arnott?
By william
June 4, 2008 11:41 AM | Link to this
I feel badly for the workers who will lose their jobs, but you can’t blame the union. What did they have to do with GM’s leaders deciding to scrap the EV-1 electric car in favor of SUVs and Hummer? GM’s management are the ones to blame, not the workers. I think they should lose their jobs as well since they are responsible for this situation in the first place.
By Jacque
June 4, 2008 11:10 AM | Link to this
I would like to Thank all of you who posted a nice or friendly comment, most of us who work or worked at Truck & Bus appreciate you, and to those of you petty & very jealous lowlife pieces of excrement who post negative comments about us, I would like to remind you that for each & everyone of us who lose thier job 8 of you will also lose your job because of our loss, and if your one of the lucky ones who get to keep your job you will get to pay the taxes that we used to pay, EOM & fu very much
By unemployed
June 4, 2008 10:54 AM | Link to this
where were all the city and government officials when 70 jobs are being lost next door at cooper tire? these were actually hard workers that paid toward insurance and didnt have a free ride because of union bosses maybe the gm workers can go on strike to protest the plant closing they do it for every other thing they dont like about their job
By BA
June 4, 2008 10:44 AM | Link to this
The world is changing and the US must change with it. When I graduated from high school in Dayton in 1978, only about 25% of my graduating class went to college. There were plenty of high paying jobs in those days for high school graduates. But we can’t expect things never to change. Gas guzzlers are a huge waste of resources and college degrees are mandatory for high paying careers. Unions are wrong to promise jobs for a lifetime. That just isn’t “real life” for the majority of us…
By BA
June 4, 2008 10:44 AM | Link to this
The world is changing and the US must change with it. When I graduated from high school in Dayton in 1978, only about 25% of my graduating class went to college. There were plenty of high paying jobs in those days for high school graduates. But we can’t expect things never to change. Gas guzzlers are a huge waste of resources and college degrees are mandatory for high paying careers. Unions are wrong to promise jobs for a lifetime. That just isn’t “real life” for the majority of us…
By HuberTucky - Part 2
June 4, 2008 10:41 AM | Link to this
All the while, the Japanese have successfully introduced product that people want, while looking to the future and developing greener cars, like the wildly popular Toyota Prius. American automakers just STILL don’t seem to get it, especiall GM, the company that just a few years ago bought Hummer while gas prices soar. Another genius move by big money guys. But hey, I guess all this boneheaded process of elitist decision making it’s STILL the fault of the unions, not executive hogs at the trough.
By HuberTucky
June 4, 2008 10:34 AM | Link to this
DUH! Didn’t the rest of us see this in the 1970s when dealers couldn’t keep VW Rabbits, Dodge Omnis, Plymouth Horizons,Toyotas, Hondas etc. in stock?! The GM braintrust has had their heads in the sand for over 30 years and they just now get it? What direction do they think the American automobile industry has going since the 60s and 70s? Downhill all the way. And their response? Bigger and bigger and thirstier and thirstier products.
By forgiven
June 4, 2008 9:49 AM | Link to this
I am so sorry for the GM workers and pray they find good jobs elsewhere. My dad retired from Moraine City and my mom worked in the exec dining room downtown. It’s a sad day for all as they face the future. My dad took a lot of pride in his worked and retired after 33 years in 1968. He was one of the most intelligent men I knew and hardly ever missed a day of work. Shame on you people glorifying in another’s misfortune. People need encouragement. God Bless you GM workers!
By The Big Paw
June 4, 2008 8:48 AM | Link to this
Congrats to the city of Moraine! Associated Press has declared you a ghost town in the making! You guys actually made the national news! Hmm…. An industrial ghost town / wasteland. What a great movie set for ‘B’ movies!!!!! Maybe you guys can get Robert Rodriguez or Quentin Tarantino to make ‘Night of the living GM’ers ‘! Think of all the bit parts and extras that will be need to play Zombies. And who better to fill those roles than the real thing!!!!!
By prdarmymom
June 4, 2008 8:47 AM | Link to this
Hey cletus the only “turd” that i see is you. As for all you jealous people bitc** about the money that the gm workers make and say they are greedy how many of you are working and on welfare?? what are we on welfare because of the fact we don’t make enough money?? Oh my now shut the he up get your foodstamps and no that its because of the workers at gm and other factories is why you can get your foodstamps and work.
By concerned
June 4, 2008 8:46 AM | Link to this
First off, my heart goes out to all the GM employees and their families. Second, i am really bothered by some of the nasty comments made against them. I am quite sure if you were making that money you could justify it, I know I could. We are all human beings and should not be taking these kind of digs at one another. It does no good to point fingers and take cheap shots, most of these people have children that will suffer too. Remember the golden rule—Treat others as you want to be treated
By william murphy
June 4, 2008 8:23 AM | Link to this
great hello folk of dayton ,ohio,, i was growing up since i was born in dayton , ohio in 1953 ,, i saw that sad news about job places around of dayton ,ohio many yrs ,, it caused lose folk of popultaion of dayon,ohio ,, i found out that in 1975,, i did warned to some folk of dayton,ohio that what happnend will be next for 5 to 35 yrs ago since 1975 ,, i can feel ( esp ) future that dayton will be gone look like rust no job ,, i am sad ,, i live in reynoldsburg, ohio ,,i shock that gov of ohio st
By The Big Paw
June 4, 2008 8:16 AM | Link to this
Hey! How about an industrial theme Casino? The GM’ers could be declared an indigenous Native American tribe. The Moraine plant could then be deeded to them as a reservation. They could work the crap tables and learn to deal black-jack. Hey! They could even sell souvenirs like old GM truck parts!
By cletus
June 4, 2008 7:35 AM | Link to this
I agree this with all you union fellas. This is all GM corporate’s fault. I have an idea, everyone boycott GM to punish corporate and then they will shut down more plants and there will be more complaining and then we can boycott some more. You guys are great. My guess is they couldn’t afford to pay all you screw shooting turds the amount of money you were crying about and still turn a profit against companies like Honda and Toyota. Red you are dumb. Go peel a banana.
By prdarmymom
June 4, 2008 6:46 AM | Link to this
To the GM workers I feel for you workers deepy. I work in Dayton for a supplier to the auto industry and I know we are feeling the crunch to. The one thing that upsets me the most is how GM is closing all these plants and doing all the things they are doing because they are not making money,but yet their top CEO’s and top people are still getting their million dollar bonuses. Go fig.
By Bush supported
June 4, 2008 4:50 AM | Link to this
Hey, Patrick. Gas prices were below $2.00 a gal. before Democratics took over congress. Just thin what a gallon would cost if they win the White House. God forbid.
By Katmandu
June 4, 2008 3:59 AM | Link to this
READ THIS ARTICLE !!!! http://money.cnn.com/2008/06/03/news/companies/taylor_gm.fortune/index.htm
Quoted from the Above article….
”- Retail sales of traditional body-on-frame pickup trucks and SUVs have been falling precipitously for the last three years. According to GM’s own figures, the truck share of the retail sales mix has collapsed by half from around 45% in May 2005. Yet only now is GM announcing the closing of four of its truck plants, and some of them won’t be closed until 2010. What will the retail share of trucks be then? 15%? GM could have stopped building Chevy TrailBlazers at the end of the last millennium, and I don’t think anyone would have noticed. “
By Sarge
June 4, 2008 2:57 AM | Link to this
I’m a ‘born and raised’ Daytonian and worked in a few (then) large industries when I began to see ‘the handwriting on the wall’, being employed at Dayton Tire & Rubber Co. (the plant, which opened in 1905 and was DT&R’s headquarters, closed in 1980 idling approximately 2,000 employees). Dayton was at one time a manufacturing giant, acknowledged and respected the world around as an innovative center of ides in action. My heart, thoughts, and prayers go out to all affected by this tragedy.
By Katmandu
June 4, 2008 2:54 AM | Link to this
WAKE UP PEOPLE !! SUVs are now dinosaurs just like 454 Big Block engines are!
LEARN from what happened to PITTSBURGH people !!!!!
This is the SAME situation they were in back in the 70s with the down fall of the Steel industry!!
Better take action NOW and get back to school!!!
More importantly folks!! You best teach your CHILDREN the IMPORTANCE of an EDUCATION !!
High School diplomas don’t cut it in this society anymore !!!
By boosyb
June 4, 2008 1:19 AM | Link to this
It’s unfortunate that we live in societies that have such ill willed individuals. Being a former Moraine employee I can honestly say that GM employees have earned every dime they made regardless of how they choose to spend it. GM has carried not only the Dayton area but many areas around it. I’m sadden to hear of the plant closure. There are many hard working honest people that will be affected. Instead of using ignorance at a trying time, we all need to pray for guidance and strength.
By Just a boy
June 4, 2008 12:58 AM | Link to this
I feel very sorry for the GM Moraine Plant employees. My heart goes out to you and your families. I know how hard-working people in the auto industry are. My father works at the East Liberty Honda plant, which has seen its share of turbulance from the difficult times that face the auto industry. In my opinion, auto workers are some of the hardest-working, trustworthy, honest people I know. No matter the manufacturer. Who know’s, oil prices could drop again and new product run at Moraine.
By Tom
June 4, 2008 12:17 AM | Link to this
I’m sorry to hear this news.
I own a company making equipment for sewage treatment plants. Columbus had to buy $4 million of equipment that we and 2 other US companies make. Columbus opted to buy from German companies and locked us out. That cost a lot of people in my area the opportunity to work, and gave it to Europeans.
When it was time to buy a new car, I didn’t want to do the same, so I just got a Jeep Wrangler Unlimited made in Toledo. We have to look out for each other.
By teytey
June 3, 2008 11:50 PM | Link to this
I was a teacher in the Dayton area and I used to tell my students to get their education because GM was not going to be there for the rest of their lives. Dayton will become a ghost town with abandoned homes, drugs, and crime if new jobs are not created. This is due to the non-economic policies of George Bush and all the dumb people who voted for him, ie black churches (b/c of the gay thing). Many of you will suffer b/c of that one vote. Goodluck if you get tricked by the Republicans agian.
By Church of Painful Truth
June 3, 2008 11:19 PM | Link to this
This isn’t solely a Dem/Rep influenced event—been developing for over 30 years. Our 535 knotheads bowing down to special interests like the tree huggers is the reason. No drilling for our own energy independence/no new refineries in over 35 years! If the Saudis decide to increase production, it wouldn’t matter—we simply can’t make any more gas than we already do. US/state govts get more from sale of gas than the oil companies. This is what happens when you drink global warming kool-aid!!
By Gus
June 3, 2008 11:12 PM | Link to this
This isn’t solely a Dem/Rep influenced event—been developing for over 30 years. Our 535 knotheads bowing down to special interests like the tree huggers is the reason. No drilling for our own energy independence/no new refineries in over 35 years! If the Saudis decide to increase production, it wouldn’t matter—we simply can’t make any more gas than we already do. US/state govts get more from sale of gas than the oil companies. This is what happens when you drink global warming kool-aid!!
By Miss Cleo
June 3, 2008 10:56 PM | Link to this
Michelle - I did have a chance to work at GM about 10 years ago. I turned it down because I saw the writing on the wall and stayed at my job that I still have today and that I will still have in 2010. I feel bad for you folks but union greed and GM failed you. Economists have been talking about oil prices going up for years and yet GM continued to crank out big SUV’s and trucks that people aren’t buying because they can’t afford to put fuel in them. If I took that job 10 years ago, I would be in the same boat you folks are in and I would be scared.
By GMContractorGeek
June 3, 2008 9:57 PM | Link to this
I have been supporting computer systems at Moraine Assembly for over 8 years and have made many friends among those Union Folks. My heart goes out to every one of them and their families. No doubt the entire region will feel this trickle-down effect on the economy. What really makes me sick is that Mr. Wagoner only mentions one plant closing in Mexico…yet no mention of the dozens of Brand Spanking New GM Plants being built in Mexico, Brazil & all over South America. GM BRING OUR JOBS HOME!
By Mark
June 3, 2008 9:36 PM | Link to this
My heart goes out to the employees who have lost their jobs. Keep your heads up and do not listen to the people who are trying to tear you down on here. It is just a case of jealousy showing its ugly face.
The effects on the area economy will be far reaching. Hopefully something can still be brought into the Moraine plant to ease the losses.
By embarrassed2
June 3, 2008 9:19 PM | Link to this
I live in Florida but was born in Dayton, and I am also embarrassed the way you people are responding to this news. This is part of history for Dayton, My Mother worked at Frigidaire in Dayton. If anyone is to blame it is the government. What happen to standing together and making our country a better place, this isn’t the America I knew growing up! It will hurt everyone even Florida’s tourism. So laugh now if you must be an idiot, but down the road it will be you too.
By embarrassed2
June 3, 2008 9:19 PM | Link to this
I live in Florida but was born in Dayton, and I am also embarrassed the way you people are responding to this news. This is part of history for Dayton, My Mother worked at Frigidaire in Dayton. If anyone is to blame it is the government. What happen to standing together and making our country a better place, this isn’t the America I knew growing up! It will hurt everyone even Florida’s tourism. So laugh now if you must be an idiot, but down the road it will be you too.
By EdMck
June 3, 2008 9:17 PM | Link to this
As one who lost his job in a plant shutdown a few years back, I can tell you from experience that all this finger-pointing is just a waste of time. The jobs are gone and just about everyone in Dayton knew this was coming. You all have families to support and a future to face. Get on the internet and start exploring options. And let’s have none of this crap about being “too old” to learn a new skill. Life is about learning and you don’t quit until you’re checked out. Be a man and face life.
By Michelle
June 3, 2008 8:35 PM | Link to this
Any person who is laughing about Moraine closing is fooling themselves if they think they would not work for the money and benefits we have. Nobody would turn them down AT ALL!!!!
By Alice
June 3, 2008 8:24 PM | Link to this
2000 jobs at $52,000 per year equals $104,000,000 less dollars in the area. That’s $104,000,000 less spent on the economy which will affect every aspect of the community….both the private and public sector. This will affect you and me…and our children. The trickle down effect will be costly. Instead of enjoying the loss of jobs of others, we need to support each other and work toward a unified solution. We owe it to our children and grandchildren. God Bless American and God Help Us.
By red
June 3, 2008 8:18 PM | Link to this
Cletus is a MORON!
By nicole
June 3, 2008 8:16 PM | Link to this
Eveyone should have known this was coming and took the buyouts. Moraine, German Village, etc. will turn into the Ghetto because of this! Shame on you GM!!
By Dennis Gannon
June 3, 2008 7:53 PM | Link to this
Quit your whining get dat a$$ off dat couch and find a job! Sitting there complaining about it doesn’t help any.
By zilla1
June 3, 2008 7:44 PM | Link to this
Just wondering if all the IUE international union reps will still have their 100k jobs when there is no one left to represent? How bout it jimmy clark. Beware of your International union reps. These are the same people that told their membership at delphi to to take the buyout for there was no place for them to flow and had no chance of transfering to UAW plant. I hate to say it but George Bush created more jobs than the current IUE leadership