Filed under: GM , Earnings/Financials Despite only holding the reins of General Motors for the last four months of 2010, company CEO Dan Akerson received $2.5 million in compensation last year. Akerson took over the post from Ed Whitacre on Sept. 1, after Whitacre stepped down.
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Report: GM CEO Dan Akerson earned $2.5 million in 2010
Filed under: Hirings/Firings/Layoffs , Marketing/Advertising , Cadillac , GMC , Hyundai It took seven months to find the right candidate, but it appears Hyundai has found their new marketing boss. Automotive News is reporting that the Korean automaker has hired former General Motors marketing exec Steve Shannon to run its U.S. operations. Shannon had been away from GM since March, 2010 when he was cut as part of a larger marketing shakeup lead by former CEO Ed Whitacre.
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Report: Hyundai taps ex-GM exec Shannon for top marketing post
Filed under: Hirings/Firings/Layoffs , GM General Motors has announced that Chris Liddell (above left), the company’s vice chairman and chief financial officer, is leaving the automaker. Liddell joined GM in January 2010 and was instrumental in guiding the manufacturer through its recent initial public offering. At this point, the reasons for Liddell’s departure remain unclear. According to Automotive News , Liddell was initially viewed as one possible successor to Ed Whitacre as CEO of GM, though that changed when Whitacre unexpectedly announced his plans to retire.
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Report: CFO Liddell leaving GM, Treasurer Dan Ammann named replacement
Filed under: GM , Earnings/Financials After next month’s elections, General Motors will rev up its engines to go on the road and try and sell its initial public offering of common stock to savvy investors, especially the big institutional investors with millions of dollars, hundreds of millions in some cases, to put into a stock they like. So, is the new GM a buy? Let’s look at some facts. It has had four CEOs since Spring 2009
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Is the New GM a Buy?
Filed under: Government/Legal , GM It was only last week when Reuters reported that Ed Whitacre, Jr. told the media that General Motors IPO shares would ” likely to be priced between $20 and $25 in the initial public offering by the automaker in November.” GM didn’t respond immediately, but now, like a judge giving instructions to the jury to disregard a courtroom outburst, The General is essentially saying “ignore everything you just heard.” According to The Detroit News , a GM response filed with the Securities and Exchange Commission refutes everything, saying that the price hasn’t been set, the IPO might not happen in November, and the company doesn’t know if it “will be successful or whether it will work.” GM is in a self-imposed “quiet period” before its IPO “to comply with SEC regulations,” which Whitacre’s comments blew out of the water. According outside observers , “Any comments beyond what is included in GM’s regulatory filings could be construed as breaking SEC rules during the quiet period and could jeopardize the timing of the IPO.” Whoopsie.
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Followup: GM officials take issue with Whitacre’s IPO share price estimates
Filed under: GM , Earnings/Financials General Motors chairman Ed Whitacre is readying the world for GM’s Initial Public Offering . The IPO is slated to happen next month and Whitacre has reportedly said that he expects shares to be priced between $20 and $25. That price will likely be achieved via a stock split, with sources saying GM plans to offer shares in a four-to-one split. This could be good news for past and present employees, as well as dealers, who are invited to purchase shares at the IPO price.
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Report: Whitacre suggests GM IPO shares will be $20-$25