General Motors plans to buy back $5 billion in share as part of a deal reached with activist investor Harry J. Wilson. Both GM and Wilson called the deal an example of “constructive dialogue.”
In the process, Wilson, a former member of the Obama Administration’s automotive task force, agreed to withdraw his request for a seat on the GM board of directors. And the deal falls short of his original goal of an $8 billion buyback.
“GM is moving ahead with its comprehensive capital allocation framework, and constructive dialogue with our shareholders has helped ensure that we are addressing these key initiatives with the appropriate level of clarity and transparency,” GM CEO Mary Barra said in a statement.