What’s this? A high-ranking GM official has avoided all executive shuffles and managed to stay in the same position for more than six months? Yes. That person is Mike Arcamone, who just wrapped up his first year as the GM Daewoo President and CEO.
During the first year, Arcamone (who is also on The General’s Board of Directors) has introduced plans to improve and strengthen Daewoo. The plans seem to be working; during the first nine months of 2010, domestic and global sales reached a total of 1,352,711 units and witnessed an increase of 26 percent. Sales are expected to reach 1.7 million vehicles by the end of this year. What’s more, Arcamone introduced a program that cut down on the number of meetings, restructured the senior management team and even reduced the number of internal memos and reports per week.
“With the goal of positive change, I have worked closely with our employees over the last year to build a strong foundation of GM Daewoo’s future success. This has helped GM Daewoo quickly recover from the global financial crisis and begin our turnaround towards profitability. At the same time, it has firmly established GM Daewoo as a critical player in GM’s global success,” explains Arcamone.
Not bad for a first year.