TRENDING NOW:
As General Motors CEO Dan Akerson looks for solutions to speed up product development without (hopefully) cutting any corners, The Daily Beast has provided a report claiming that GM is looking to get back together with the legendary “Maximum” Bob Lutz. File this under awesome and continue reading.
General Motors has made it official and completed its voluntary pension fund contribution with 60.6 million shares of GM common stock valued at exactly $2 billion. Of the 60.6 million shares, 40.4 million shares will go towards supporting the pensions of retired hourly workers while the remaining 20.2 million shares will be used for the pension plans of salaried workers. This addition of stock also puts the tab at an estimated $6 billion in contributions and provide benefits for exactly 688,000 participants. Continue for the presser.
Continuing to put revenues to good use, GM has announced a “voluntary” $4 billion cash contribution to its United States hourly and salaried pension plans – a huge account that provides pension plans to roughly 688,000 people. That’s almost nine times more than the amount of people GM currently employs in the U.S. Continue reading.
If the title of this heavy and somewhat left-field news article caused you to spit out your Mountain Dew, coffee, or whatever you prefer to drink at this hour, don’t worry. You’re not the only one. When General Motors held a conference call to discuss its second quarter earnings, we only expected to report on just that, and not Big Ed’s resignation just when we were starting to get comfortable with him leading The General. And no, Maximum Bob Lutz will not be the one grabbing the reins.
Effective September 1st, 2010, GM board of directors member Daniel Akerson will be filling the big shoes Whitacre is stepping out of. Whitacre will stay on as chairman until the end of 2010, at which poin Akerson will take over the position.
Akerson, 61, is a former telecommunications CEO (much like Whitacre) for the business telecommunications company XO Communications, where he served from 1999 to 2003. Since 2003, he has been the managing director for global investment firm The Carlyle Group and still holds his position today. Akerson has also lead Nextel as its CEO from 1996 to 1999 and its chairman from ’96 to 2001.
It pretty much goes without saying that Akerson is no more a car guy than Whitacre. But he has been a voice in virtually every key decision since July 2009, when GM exited bankruptcy. We’re expecting great things from Mr. Akerson! Keep reading for GM’s presser.
When there’s retirement, there tend to be retirement parties. This was the case for the legendary “Maximum” Bob Lutz, arguably GM’s most famous (if not notorious) executive since John Delorean – and definitely the favorite of the GM Authority crew.
Maximum Bob decided to leave the executive life behind for the pursuit of writing his still unnamed book and to tear up the sky in his L-39 Albatross and Dornier Alpha Jet A fighter planes. Golf and sailing just doesn’t cut it for the 78 year-old former U.S. Marine fighter pilot.
To reflect on the departure of one of its most hailed executives, General Motors hosted a gathering at its Warren Technical Center this past week. Bob was always a catalyst for change and a big proponent of transforming GM from a company with stodgy business practices and mediocre product offerings to a product-focused machine. Lutz is currently confident in the company’s leadership team, but still encourages workers to speak up on whatever they feel is a bad idea and to always suggest positive ideas (such as this one).
“Being an irritant and pointing out deficiencies in the company and the way it operates doesn’t always make you very popular in the short term, but I did it my whole career, and it worked for me.”
So join us in raising our proverbial glasses to the one and only “Maximum” Bob Lutz (and the statement above).
We have the press release after the jump!
After a decorated 47-year career in the automotive industry, General Motors Vice Chairman Bob Lutz will retire effective May 1, 2010. Maximum Bob’s contributions to the trade are far too great to be named in a single article, but most recently the legendary exec spearheaded the return of the 5th gen Camaro, the development of the Chevrolet Volt, and – of course – led GM though its product-based reincarnation.
Lutz’s decision to retire came in part because of the success of GM’s newest and best-selling vehicles such as the Buick LaCrosse, Cadillac SRX, GMC Terrain, Chevrolet Equinox, and Chevrolet Camaro. The super-star executive and uber car guy is also very satisfied with GM’s transformation into a company with a product-focused culture, one that Lutz believes to be in place for the long term.
I can confidently say that the job I came here to do more than nine years ago is now complete – the team I have been fortunate to lead has far exceeded my expectations. Our product lineup is as strong as it has been in GM’s history. The perception of our products and brands is beginning to catch up with reality. And most importantly, the absolute commitment to being a product-driven company is ingrained throughout the organization – from the top down – and I am confident that, under Ed Whitacre’s leadership, the straightforward, singular focus on product will endure.
Lutz was appointed senior advisor to newly-appointed CEO and Chairman Ed Whitacre in December 2009. He will continue to provide guidance on design and key product initiatives until he retires May 1. Whitacre had the following to say about Lutz’ forthcoming departure:
The influence Bob Lutz has had on GM’s commitment to design, build and sell the world’s best vehicles will last for years to come. I, along with many other men and women in GM and throughout the industry, have greatly benefited from his passion, wisdom and guidance.
Lutz, 78, rejoined GM September 1, 2001 as the head of product development after having held positions at BMW, Chrysler, and Ford
We image Bob will finally be able to fully enjoy his impressive collection of toys, including cars, planes, and suits. And Bob, you’re still welcome on the GM Authority podcast any time.
GM’s full press release after the jump! (more…)
Future Product Guide: GMC Vehicles For 2012, 2013, 2014 Model Years 
Rumormill: All-New Chevy Silverado/GMC Sierra To Resemble Cheyenne Concept 
Spied: The All-New 2014 Chevrolet Silverado 1500 
The 2014 C7 Corvette: What We Know Rumormill: 2014 Cadillac ATS-V To Come With 470 Horsepower? 
Officially Official: 2012 Corvette Sees Much-Needed Upgrades 
NAIAS 2012: Cadillac ATS Kicks Off The Show One Night Early 
Alex Luft on GMC Axes The GraniteOh boy :)
http://gmauthority.com/forum/discussion/18/who-thinks-its-time-to-start-talking-about-p...Grawdaddy on GMC Axes The GraniteNot to be inflamitory, but what was Pontiac offering that wasn't done so at great cost to GM?
The...Grawdaddy on GMC Axes The GraniteThat's the thing. Cadillac is a brand aimed at consumers with a certain level of disposable income i...Alex Luft on GMC Axes The GraniteYeah, too bad it's making money hand over fist... and making the best products in the world. But hey...BRINGBACKPONTIAC on GMC Axes The GraniteWhy am I not surprised.... it was stupid to axe this car just like it was TOTALLY STUPID to axe the ...
Jim on Ford Asked Chevrolet, NBC To Pull Silverado Apocalypse Super Bowl AdSo, if .... "it’s also stupid of ford to think that consumers are going to run out and get a chevy i...
MW on Delays Hinder Chevy Caprice PPV I have not seen a caprice yet. But I did see Louisiana state police with a G8....
by 
by 
by 
