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GM Board Remains Resolute in Fight With Greenlight

Company points to reports condemning stock split proposal.

by on May.31, 2017

David Einhorn, head of Greenlight Capital, wants GM to split its stock into two classes. He believes the move would nearly double the company's stock price.

General Motors is reminding shareholders this week that the incumbent board of directors has the support of two groups that advise institutional investors, such as pension funds, on how to vote on resolutions presented by shareholders.

Both Institutional Shareholder Services and Glass Lewis, two organizations that advise on proxy issues, have recommended that GM shareholders vote for the GM Board’s director nominees and against a proposal from New York-based Greenlight Capital that would divide GM stock into two new classes.

Beyond the Headlines!

Greenlight maintains that its proposal will “unlock” the true value of GM’s shares, which have seen little appreciation since it was issued anew after the company’s 2009 bankruptcy despite substantial spending on share buybacks and hefty dividend payments. (more…)

Barra Leads GM Trip Exploring Growth in India

Maker searching for ways to avoid pitfalls.

by on Sep.12, 2014

General Motors CEO Mary Barra and GM India Managing Director Arvind Saxena roll out the first Chevrolet Beat for export from the GM Talegaon manufacturing facility in India.

For the world’s automakers, India is a land of unlimited potential. It has a large, well-educated and growing middle-class with an entrepreneurial tradition and a dynamic culture that has spread its influence around the world.

General Motors certainly is no exception when it comes to its interest in India. In fact, Mary Barra, GM’s CEO, and several board members traveled to the country to gain more insight into how the automaker can avoid the pitfalls other automakers have experienced.

We Stretch Your Horizons!

The auto industry in India has been hobbled by seeming intractable infrastructure problems that have limited the attraction of automobiles despite the rising incomes from India’s proficient tech culture. (more…)

Is 13 a Lucky Number for GM’s Board?

With a lot of help from the U.S. Treasury, General Motors Company has a new governance structure.

by on Jul.23, 2009

Over to you Fritz, if the government actually lets you run the company.

Over to you Fritz, if the government actually lets you run the company.

The reorganization of General Motors finally caught up with the speed of its bankruptcy sale two weeks ago when the final appointments to its U.S. Government  vetted  Board of Directors  were announced this afternoon and most its new executive committee were  named.

The Executive committee will run the recovering company, and it replaces two previous boards, the Automotive Strategy Board and Automotive Product Board. Led by GM Company CEO Fritz Henderson, executive committee membership includes:

  • Bob Lutz, vice chairman, marketing and communications;
  • Tom Stephens, vice chairman, global product development;
  • Nick Reilly, executive vice president, GM International Operations;
  • Ray Young, executive vice president, chief financial officer;
  • Tim Lee, group vice president, global manufacturing and labor relations;
  • John Smith, group vice president, corporate planning and alliances, and secretary of the executive committee;
  • Mark LaNeve, vice president, U.S. sales;
  • Bob Socia, vice president, global purchasing and supply chain.
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“With these announcements, most of the new GM leadership team is in place,” Henderson said in a statement. “We expect to have the final round of announcements next week.”

At least six senior executives are retiring including Jonathan Browning, Troy Clarke, Gary Cowger, Michael Grimaldi, Maureen Kempston Darkes and Ralph Szygenda. More retirements are expected as the  company continues to pare its bloated executive ranks.

As Henderson previously noted, when announcing that senior management ranks would be trimmed by 35%, by year’s end, “We have a lot of good executives.  We just have too many of them.”

(more…)