The departure of director Jerry York stalls the once-promising GM ( GM - Get Report) turnaround story, Jim Cramer said Friday on CNBC's "Stop Trading!" segment.

Cramer said he believes the resignation of York, investor Kirk Kerkorian's chief lieutenant, makes GM a much less attractive investment. Cramer said the stock, down 6% Friday at $32, was headed to $40 with fix-it specialist York on board. But with York out and GM chief Rick Wagoner firmly in control, a successful turnaround looks like a much longer shot.

"I wish this had not happened," Cramer said, noting that GM shareholders "need York inside the tent" to change GM's culture. York "has worked so well with people," Cramer noted, pointing to his efforts at IBM ( IBM - Get Report) and previous Tracinda investment Chrysler.

"The problem is that York is the name with the credibility," Cramer said. "I would have preferred to see Wagoner go."

Cramer also said Friday's selloff at Agco ( AG - Get Report) signals that it's time to "ring the register" on rival Deere ( DE - Get Report).

Agco warned Friday of a sharp second-half earnings slowdown, citing weakness in the U.S. and Asia. "They're like Rand McNally," Cramer said, jocularly suggesting that the company may soon report weakness in Antarctica as well.

All kidding aside, Cramer said Deere is a better-run company -- but investors should take profits in the stock anyway, since Deere has jumped 25% off its mid-August low.

At the time of publication, Cramer had no positions in stocks mentioned.

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