The WaPo is scouring the business world looking for the perfect talent to lead the failing company. Today, they announced they’ve hired the guy who drovem GM into the ditch to its board.
Rick Wagoner, who was fired as chief executive of General Motors by the White House, has been elected to The Washington Post Co.’s board of directors, increasing the board to 11 members, the education and media company said today.
The Post Co.’s release says that Wagoner “retired from General Motors Corporation in August 2009,” but the White House acknowledged that it forced Wagoner to step down two months before the struggling automaker was forced to declare bankruptcy, following a $51 billion government bailout. As part of the bankruptcy, the federal government took a 61 percent stake in GM, which it still holds. GM plans an IPO in coming months to pay back the taxpayer money.
Because just about the only people with more expertise in dying industries than news executives are automotive ones.
Teddy wants to know, though, whether this makes Newsweek Pontiac.