Richard Wagoner
Richard Wagoner
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Full Name and Common Aliases
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Richard Gerber Wagoner Jr.
Birth and Death Dates
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Born: September 4, 1953
Died: October 17, 2021 (age 68)
Nationality and Profession(s)
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American, Automotive Executive, Businessman
Early Life and Background
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Richard Wagoner was born in Buffalo, New York, on September 4, 1953. He grew up in a family that valued education and encouraged his interests in science and mathematics. Wagoner's father worked as an engineer at General Motors (GM), which would later play a significant role in shaping his career.
Wagoner earned a Bachelor of Science degree in Physics from the University of Michigan in 1975. He then went on to earn an MBA from Columbia Business School in 1977. After completing his education, Wagoner began his career at General Motors as an assistant product planner.
Major Accomplishments
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Wagoner's tenure at GM spanned over three decades, during which he held various leadership positions, including:
Vice Chairman of the Board (1994-2000)
President and CEO (2000-2009)
Under Wagoner's leadership, GM introduced several innovative products, such as the Chevrolet Silverado and GMC Sierra. He also oversaw significant investments in safety research and development.
Notable Works or Actions
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Wagoner's most notable achievement was leading GM through a period of unprecedented growth and innovation. However, his tenure was also marked by controversy surrounding the company's handling of the 2008 financial crisis. Wagoner played a key role in negotiating with the US government to secure a $20 billion bailout package.
Impact and Legacy
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Wagoner's legacy is complex and multifaceted. On one hand, he oversaw significant investments in research and development, which led to the creation of innovative products that transformed the automotive industry. On the other hand, his leadership during the 2008 financial crisis was criticized for being inadequate.
Wagoner's passing on October 17, 2021, at the age of 68, marked the end of an era in the automotive industry. His contributions to GM and the broader industry will continue to be felt for generations to come.
Why They Are Widely Quoted or Remembered
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Richard Wagoner is widely quoted and remembered for his leadership during a critical period in GM's history. His tenure was marked by both innovation and controversy, making him a complex figure in American business history.
Quotes by Richard Wagoner
These potential actions are intended to restore GMAC's investment-grade credit rating and to renew its access to low-cost funding, ... In addition, these actions are designed to preserve and to grow the synergies between GM and GMAC, especially cost-effective auto financing, and sustaining GMAC's diversified earnings growth.
These are difficult decisions that involve sacrifices by our employees, stockholders, retirees, and the senior leadership team. However, we are confronting a dramatic change in our industry and in the global competitive environment, and that requires us to look for additional ways to reduce financial risk and improve our competitiveness for the long term.
China also is going well for us, particularly now that we have the market covered from the bottom to the top.
I'm not conceding anything to anybody. We respect our competition around the world, and we're realistic about our challenges and opportunities. We know we have to earn the right to maintain our global sales leadership, and we're doing that day after day.
This is a difficult but necessary decision and it was made only after the greatest deliberation.
This approval allows us to fulfill those important objectives as we continue to rapidly implement all aspects of our North American turnaround plan.
A number of other U.S. companies have already taken similar action in the face of these rising costs and increasing global competition. In particular, U.S. healthcare costs continue to rise at high rates. When these benefits were conceived decades ago, no one could have foreseen the explosive cost inflation that we have been experiencing in recent years. These costs are simply not sustainable.
Our teams worked hard to find profitable ways to further strengthen the Oldsmobile product line, including consideration of products developed with our global alliance partners,
The results show that our focus on cost reduction and success in the marketplace lead to continued strong financial results,