One down, one to go.
The White House has asked General Motors Chairman and CEO Rick Wagoner to vacate and he has allegedly done so. Thank god. He's been GM's Chairman and CEO since 2003 but his time with GM dates back to 1977, and he makes for a reasonable fall guy in the ongoing automotive crisis.
His tenure as the head of GM has been a colossal disaster. Company shares have lost close to 99% of their value since 2000, when Wagoner became president and CEO (he was elected Chairman in 2003).
Fresh on the heels of the AIG executive bonus scandal, it'll be interesting to see how GM deals with Wagoner's departure. At any other time, he could expect a get-the-fuck-out package from the board valued in the tens of millions of dollars, but since GM is by their own accounts breathing financial fumes, it seems unlikely they could afford to do such a thing even though his contract was surely established years ago.
Either way don't worry about him, he'll be OK. Not only does he currently serve on several other corporate boards, in 2007 his total compensation amounted to over $14 million and in 2008, over $12 million.
Next up, Chrysler's Chairman and CEO Robert Nardelli. This guy is one of the biggest tits in the executive suite and he needs to go. Nardelli came to Chrysler after a rocky stint as CEO of Home Depot, where he was finally forced out after making some of the most appalling and ludicrous demands in executive history. Not only that, but on getting fired from Home Depot he hit the pavement with a compensation package valued at over $200 million.
$200 million. For doing a bad job.
And Chrysler hired him. Let's hope the White House fires him.