Presidents GM and Peugeot-Citroen, dethroned!
President General Motors (GM), Rick Wagoner, resigned at the request of the government led by Barrack Obama, Wagoner's place will be taken by Fritz Henderson (50 years), operating director of financial director in 2008 and was the GM. Obama Administration deplored the restructuring plans submitted by GM and Chrysler. In order to give financial support to future U.S. administration has put new conditions: Chrysler must conclude a partnership with Fiat in more than one month, and GM must redo the recovery plan in the next two months. According to Working Group President Obama, the two giants have debts "unbearable" and need a new starting point. Thus, bankruptcy law could be best chance for GM and Chrysler. These statements, corroborate the rejection of the restructuring plan had an immediate effect on the stock exchange in New York, where GM's shares have collapsed by 30%, today at the opening.
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Another earthquake on top was used this time to PSA (Peugeot - Citroen), one of the largest European car industry. Sunday, March 29, Christian Strife was replaced as CEO of the group, by a decision of the board of directors. Strife of PSA led in February 2007. Place will be taken by Philippe Varian, who comes from the steel industry. SAP last year lost 343 million Euros and is expected to return to profit until 2010.
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