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GM IPO “Successful Beyond Expectations,” Proclaims CEO Akerson

No hard date for selling off remaining government shares.

by on Nov.30, 2010

GM's IPO was "successful beyond expectations," said CEO Dan Akerson.

General Motors considers the initial public offering of its new stock a great success after raising an all-time record $23.7 billion for its principal shareholders and the company itself, said CEO Dan Akerson during his first public appearance since the IPO was completed.

However, GM’s board of directors won’t have a voice in the timing of the sale of the next block of GM stock Akerson cautioned.

“The IPO was successful beyond expectations. We’re very proud of that,” Akerson said.  “I don’t know when the next road show will be,” Akerson said after the ceremony marking the “official” start of production for the Chevrolet Volt, at the company’s Detroit-Hamtramck assembly plant.

(For more on the Volt roll-out and GM’s plans to add 1,000 jobs at its battery vehicle program, Click Here.)

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“The board is responsible for the management of the business.  The government has stayed out of the management of the business,” Akerson said. “That’s the preserve of the board,” he said.  But GM’s principal shareholders, notably including the U.S. Treasury Department, will determine whether additional GM share are put up for sale.

“They’re like any other shareholder. They are going to determine the next step,” Akerson said.