GM newer board members quit

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Just Facts - 10 Oct 2006 19:47 GMT

Kirk K and Jerry Y couldn't stand the GM top management so they left.
Not good for GM. Obviously new ideas aren't welcome from an entrenched
management.

> http://www.theglobeandmail.com/servlet/story/LAC.20061007.RGM07/TPStory/?query
> =gm

> Kerkorian ditches his plans to raise GM stake
>
> POORNIMA GUPTA
>
> Reuters News Agency
>
> DETROIT -- Billionaire investor Kirk Kerkorian shelved plans to raise his
> stake in General Motors Corp. yesterday, and his aide quit the auto maker's
> board two days after GM nixed a three-way alliance with Renault-Nissan.

> Former Chrysler executive Jerry York, who became a GM director in February,
> tendered his resignation from the board yesterday.
>
> His resignation letter acknowledged GM's progress in cost cutting and in
> taking other steps that he said had "greatly" reduced "the risk of near-term
> bankruptcy."
>
> But he criticized "an environment in the boardroom" that made it hard to
> challenge management, and he raised doubts about the auto maker's longer-term
> outlook.
>
> "I have grave reservations concerning the ability of the company's current
> business model to successfully compete in the marketplace with those of the
> Asian producers," Mr. York said in his resignation letter to GM lead director
> George Fisher. A copy of the letter was obtained by Reuters.

Reply to this Message

John Horner - 10 Oct 2006 22:44 GMT

> Kirk K and Jerry Y couldn't stand the GM top management so they left.
> Not good for GM. Obviously new ideas aren't welcome from an entrenched
> management.

Everything old is new again. This is oddly reminiscent of the 1980s
when GM bought EDS and brought Ross Perot onto the board as part of a
strategy to shake things up and to bring GM into the computer era.
Perot was EDS' founder.

In a short time Ross quit is disgust and sold his GM stock. EDS under
GM ownership floundered and lost it's position as the premier computer
services outsourcing company.

John

Reply to this Message

Gosi - 11 Oct 2006 07:49 GMT

http://www.generalwatch.com/editorials/editorial.cfm?EdID=148

> > Kirk K and Jerry Y couldn't stand the GM top management so they left.
> > Not good for GM. Obviously new ideas aren't welcome from an entrenched
[quoted text clipped - 10 lines]
>
> John

Reply to this Message

William H. Bowen - 11 Oct 2006 06:35 GMT

I say "Good Riddince to Bad Rubbish", and "Don't let the screen door
hit you in the a.s on your way out".

The only reason Kirk K. invested in GM (and had his pet stooge Jerry
York put on the board) was to do a quick flip and burn - in other
words, do something to temporarly inflate GM's stock price so he could
make a killing, then sell and bail. He DID NOT and DOES NOT have the
long term interests of GM at heart.

This jackass tried the same trick with Chrysler, leaving Chrysler in
such a condition that they became prey to Daimler.

Just watch: now that GM has stood up to him and his insanity, he'll
take his stooge and his "grand plan" across town and try to peddle it
to Ford. Hopefully Bill F. will be smart enough to tell him to stick
it in his ear too.

Regards,
Bill Bowen
Sacramento, CA

>Kirk K and Jerry Y couldn't stand the GM top management so they left.
>Not good for GM. Obviously new ideas aren't welcome from an entrenched
>management.
>
>> http://www.theglobeandmail.com/servlet/story/LAC.20061007.RGM07/TPStory/?query
>> =gm

Reply to this Message

Mike Marlow - 11 Oct 2006 12:47 GMT

> I say "Good Riddince to Bad Rubbish", and "Don't let the screen door
> hit you in the a.s on your way out".
[quoted text clipped - 12 lines]
> to Ford. Hopefully Bill F. will be smart enough to tell him to stick
> it in his ear too.

Agreed!

Signature

-Mike-
mmarlowREMOVE@alltel.net

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