General Motors Co. named Mary Barra to succeed Dan Akerson as chief executive officer, completing the GM insider’s rise from a factory-floor worker to the industry’s first female CEO after more than a century of global automaking.
Eli Lilly & Co. Chief Executive Officer John Lechleiter said during a panel discussion in Washington that U.S. lawmakers should renew the research-and- development tax credit to make it easier for companies to compete globally. The Oct. 5 event, sponsored by Harvard University and the Business Roundtable and hosted by Bloomberg News in Washington, centered on ways to spur innovation.
Dana Holding Corp. and Cummins Inc. plummeted after the automotive and truck industry suppliers lowered their annual forecasts. Goodyear Tire & Rubber Co. fell after quarterly revenue declined and missed analysts’ estimates.
The road to financial success started in H.J. Mennie’s garage in rural Illinois, where the tool and die maker built a parts-manufacturing business selling to Fortune 500 companies from Caterpillar Inc. to Cummins Inc. His strategy worked for four decades, until the last recession and global commerce’s volatility cut into the firm’s profits and workforce.
BorgWarner Inc., the world’s biggest maker of automatic-transmission parts for vehicles, filed a lawsuit accusing Cummins Inc. of infringing three patents for a titanium wheel used in engine turbochargers.
Five corporate executives and seven university leaders discussed with John Holdren, President Barack Obama’s science adviser, and David Kappos, head of the U.S. Patent and Trademark Office, ways to boost the economy through promoting innovation during an Oct. 5 event in Washington sponsored by Harvard University and the Business Roundtable and hosted by Bloomberg News.