General Motors CEO Rick Wagoner doubtless sighed with relief last week after announcing a deal with the UAW to reduce GM's health care costs.
The UAW's rank and file is expected to ratify the plan to shift some health insurance and prescription drug costs onto retirees and active workers. If so, GM's after-tax savings would total $1 billion a year.
That's not chump change, but it won't be enough to restore GM's profits. Last week, the automaker announced that its North American automotive operation lost $1.6 billion in the third quarter.
Restive investors (read: Kirk Kerkorian) are demanding a quick turnaround. Over the next year or so, here's what Wagoner must do to save his job: