The hundreds of pages of documents released by lawmakers last week shed new light on General Motors Co.’s more than decade-long failure to respond to auto-safety complaints, underscoring the struggle ahead for Chief Executive Officer Mary Barra as she seeks to refocus on the company’s new fleet of cars.
Ally Financial Inc. investors who bought $2.38 billion of stock in an initial public offering yesterday join hedge fund manager Dan Loeb and private equity executive Stephen Feinberg seeking to profit from auto lending.
General Motors Co. Chief Executive Officer Mary Barra fielded pointed questions and accusations from U.S. senators, with one saying GM had a “culture of coverup” and another predicting it may face criminal liability.
When General Motors Co.’s Mary Barra begins Congressional hearings tomorrow as an emissary of what she’s portrayed as a more responsive GM, she will face down decades of skepticism -- plus fresh indications that the automaker decided it would be too expensive to fix the flawed ignition switches behind several deadly crashes.
General Motors Co.’s Mary Barra will bring corporate baggage to Washington when she testifies before Congress this week: GM’s history of contentious battles over vehicle safety stretching back 50 years to the Corvair.
By David Welch April 29 (Bloomberg BusinessWeek) -- The 15 General Motors dealers who flew to Detroit last September for a dinner with GM management were not an easily rattled bunch. They had endured the worst auto sales slide in 25 years, as well as the bankruptcy of the iconic carmaker on which they had built their businesses. Only three months had passed since GM accepted a $50 billion federal bailout, announcing the retirement of four of its eight brands and the shutting down of 1,900 dealers—a third of its domestic retail network. These dealers were the survivors, some of the more prosperous people in their towns, and they wanted a little reassurance. CEO Fritz Henderson gathered the group in a private conference room at the Westin Detroit Metro Airport and tried to demonstrate that he had a plan, according to an executive in the room who asked not to be named because he was not authorized to describe the dinner. Henderson announced that GM was going on the
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.
General Motors Co. is free from U.S. taxpayer ownership almost half a decade after first receiving government aid, underscoring the domestic auto industry’s rebound from the deepest downturn since the Great Depression.