From the Wiki entry
When Lutz became chairman of GM North American development in 2001 one of the first things he stated was that his new 500 hp car was going to save General Motors. His full compensation in 2008 is estimated at $6.9 million.[3]
[…]
He will retire from GM at the end of 2009. Lutz said that one reason for his decision was the increasing regulatory climate in Washington that would force him to design what Federal regulators wanted, rather than what customers wanted.[4]
The arrogance and refusal to learn, the gross overcompensation, and the ideological rigidity of the upper management class in a nutshell. And think of the management who hired and kept Lutz, paid 10x more, and the board of directors that kept that managements, and the stockholders and bondholders who didn’t care about the board. Comprehensive systems failure.
