Girsky Named to GM Board
One-time Car Czar candidate Steve Girsky has been elected to GM’s board as the sole representative of the UAW’s VEBA trust fund, reports Automotive News [sub]. Girsky had previously worked on the spin-off of Saturn, which was eventually purchased by Roger Penske. He has also worked at Morgan Stanley, and advised the UAW during the ill-fated GM-Chrysler merger talks. Too bad the Harvard B-School boy didn’t end up at Ford; back in the day, Girsky loved him some Blue Oval . . .
From TheStreet.com in June ’01:
The Morgan Stanley analyst says that if he had to own an auto stock, it would be Ford ( F Quote). “Basically, it’s the most profitable auto company in North America. You’ve got a lot of restructuring in [the company’s European divisions] that’s gaining traction, you have one of the strongest balance sheets in the business, big dividend yield, and [the company is] buying back a lot of stock.” In addition, Girsky notes, Ford has the world’s largest luxury vehicle business — a segment that typically holds up better when sales weaken.
More by Edward Niedermeyer
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Sounds more intelligent than the turds that GM has working for them. (Not a rocket scientist, just smarter.) If I had to own NA auto stock I'd own Ford also.
Good luck, Mr Girsky...
I still have a problem with Fords though. The CEO, Allan Mullalay is crying "poverty" while at the same time he is making $13.5 million buck-a-roos a year and wanting concessions (more) because GM and Chrysler are coming out of Bankruptcy without debt. Ford seems to have borrowed huge amounts before the "cave in" which was a great move at the time but GM interet rate on borrowed money has been reduced to "O". Mark Fields, Ford President continues to fly back and forth to Florida on the weekends on company jets and 8th level supervisors and abouve still get free vehicles to drive home. Employees are not real fond of this while being asked to fork over even more concessions.
instant rebate: Mark Fields stopped flying to Florida on company jets a couple of years ago. Mulally has also cut his own salary when asking for UAW concessions, and I bet if he has to to get more concessions, he will cut it again.