Gestion pourries dans l'ancien GM

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Salsa
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Gestion pourries dans l'ancien GM

Post by Salsa » Wed Oct 21, 2009 1:04 pm

autonews.com wrote:U.S. was 'shocked' by poor management at GM, Rattner says

Automotive News
October 21, 2009 - 10:46 am ET

DETROIT (Reuters) -- The White House auto task force chief who led the rescue of Chrysler and General Motors said he was astounded by the poor quality of management at the automakers.


"Everyone knew Detroit's reputation for insular, slow-moving cultures. Even by that low standard, I was shocked by the stunningly poor management that we found, particularly at GM,” said Steve Rattner, the investment banker who headed the Obama administration's auto task force until July.


GM had “perhaps the weakest finance operation any of us had ever seen in a major company," Rattner said in an account of his stint in the administration, published by Fortune magazine today.

The task force was also deeply divided over whether to fund Chrysler's restructuring in bankruptcy and whether the automaker could survive to repay the investment.

Rattner said the decision to offer Chrysler $12 billion in emergency financing to restructure under the management control of Fiat S.p.A. had been "a close call." He added that the administration was ultimately swayed by the view that allowing the automaker to liquidate would cost 300,000 jobs.

"The group was torn," Rattner said, noting that at one point key members of the task force had been split 4-to-4 on whether to offer Chrysler financing.

Odds of saving Chrysler

Rattner said when pressed by White House economic adviser Larry Summers, he had estimated the odds of Chrysler surviving for two years at 51 percent.

He said the automaker under former owner Cerberus Capital Management "never had a chance" because of its high debt and "years of mismanagement."

White House economic aide Austan Goolsbee, meanwhile, had "led the charge against Chrysler," arguing that allowing the automaker to fail could bolster GM's chances of success.

The revelations from Rattner on the closed-door deliberations on the autos bailouts come at a time when GM is struggling to win back American consumers and Fiat CEO Sergio Marchionne is readying a five-year turnaround plan for Chrysler.

Rattner forced the resignation of former GM CEO Rick Wagoner and provided a first-hand account of his March ouster in his article.

Wagoner: ‘Friendly arrogance'

Rattner said he found Wagoner "to be likable, dedicated and generally knowledgeable," but he also said the former GM CEO had "set a tone of friendly arrogance that seemed to permeate the organization."

"It seemed completely obvious to us that any management team that had burned through $21 billion of cash in a year and another $13 billion in the first quarter of 2009 could not be allowed to continue," he said.

Rattner said the automaker's current chief, Fritz Henderson, had been "enthusiastic" about his promotion and had asked not to be tagged as an "interim" choice.

Wagoner, he said, also supported the selection of Henderson as his successor and questioned at one point whether Rattner also intended to fire UAW President Ron Gettelfinger, a political ally of the Obama administration.

Rattner said Wagoner had also cautioned him against hiring an outsider at GM to replace him, citing the example of Ford Motor Co.

"'Alan Mulally called me with questions every day for two weeks after he got to Ford,'" Rattner quoted Wagoner as saying.

Wagoner, who retired in August with a package worth $8.6 million, has not commented on the meeting with Rattner or his ouster.
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