Ask the Best and Brightest: "Could U.S.-shaped GM Board Impede Automaker's Recovery?"
June 7th, 2009 1:42 AM Share
The question/headline comes to us straight from Automotive News [AN, sub]. Is there ANYONE who DOESN’T see this as a possibility? Probability? Certainty? Done deal? Meanwhile, I love this riff from AN‘s unnamed writer: “Two decades ago, Texas tycoon Ross Perot dubbed his fellow GM directors ‘pet rocks’ who sat silently beside then-CEO Roger Smith. More recently, the board was considered too close to former CEO and Chairman Rick Wagoner, who was ousted by President Barack Obama’s administration in March after the company lost tens of billions under his watch. New blood for GM’s board may be a welcome thing.”
Published June 6th, 2009 8:27 PM
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Oh boy, is this a blood-in-the-water shark bait issue or what? My 2 cents. After 50 years of motoring towards the cliff and then over it, while having their "vision" firmly fixed in the rear-view mirror, *any* change in GM's management would have to be really excreably inspired to do worse the previous GM old-boy management. Boy Scouts, grannies with walkers could do better.
The New York Times, on June 2, writes an editorial about democratizing BODs. http://is.gd/SVwU SEC proposes a rule change that members/groups with at least 1% of stock can submit their own candidate for election to the BOD. This can lead to groups proposing their own agenda but it doesn't mean the remaining 99% of shareholders have to vote for their candidate. Interesting article and on topic.