GM Set To Announce "Important Changes to Our Business"

by Robert Farago

Published: November 5th, 2008

gm set to announce important changes to our business

TTAC has intercepted a memo from GM PR Spinmeister-in-Chief Steve Harris to the troops. [Full text of missive after the jump.] In the message, Harris advises GM employees to tune-in to the internal TV channel for an announcement from GM CEO Rick Wagoner and COO Fritz Henderson (former CFO and Harvard MBAs both) that will “share third quarter results and tell employees about important changes to our business to address the challenges brought on by the volatile global economic situation.” At this point, we have no idea what’s going down (other than GM’s cash reserves, stock price, credit-worthiness, etc.). Our best guess is the one we made for Monday (which didn’t materialize as predicted): a few GM brands are about about to go away. But it could be the GM Chrysler merger. Or… I dunno. Anyone with a lead can email me at robert.farago@thetruthaboutcars.com or place their idle speculation below.

Please plan on viewing GM’s Third Quarter Business Update broadcast at 11 a.m. on Friday, November 7. Rick Wagoner, chairman and CEO, and Fritz Henderson, president and chief operating officer, will share third quarter results and tell employees about important changes to our business to address the challenges brought on by the volatile global economic situation. The broadcast will last approximately one hour. Since GMNA results will be discussed during this meeting, GMNA will not hold a separate broadcast.

The broadcast will be shown on our internal TV network (Channel 55 for the RenCen, Tech Center and PPC; Channel 5 for all other locations.) Employees can view the broadcast in the Dome and are encouraged to watch this message live and visit Global Socrates for related materials later in the day.

Steve Harris

Vice President

GM Global Communications

Robert Farago

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2 of 32 comments

Alex Nigro on Nov 07, 2008
Richard Chen: If true, GM's fucked. There should be a shareholder revolt...

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Psarhjinian on Nov 07, 2008
Holy crap - Jalopnik’s got a little birdie singing that the Volt is on hold. Well, that raises two points: One: Fair enough, they didn't want--and probably didn't intend--to build it anyway. With fuel prices dropping they have their chance to do so without looking quite so bad. Two: All the products they need to build to weather economic downturns more effectively are getting canned or delayed. The Volt, Cruze, Malibu and Beat are effective no-shows, but we can bet on low-volume turkeys like the Saab 9-4. GM is all but admitting defeat if they're shuttering the bread-and-butter products.

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