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Tue June 12, 2012
GM shareholder meeting today amid sagging stock numbers
Update 2:03 p.m.
General Motors CEO Dan Akerson told stockholders at today's annual meeting that "he regrets GM's stock hasn't done well." GM's stock price is hovering around $22 a share.
That's a big drop from 2010, when GM held an initial public offering and the stock sold at about $33 a share.
"I mean it's great we had a good year last year, why is the stock down? Because there's uncertainty into the future. The most obvious is, uh, Europe," said Akerson.
Akerson said there's also uncertainty about whether the United States will enter another recession. But he says GM has a lot of good things going for it, including strong sales in the U.S. and China, and a new plan to reduce the company's pension risk.
General Motors is holding its annual shareholders meeting today in Detroit.
It's only the second such meeting since emerging from bankruptcy. The stock of GM is trading at about $22 a share today. On the first day of trading, new GM stock closed at $34.19 in the largest IPO offered at the time.
Michigan Radio's Tracy Samilton reported the company's faltering stock price is not the only subject that some shareholders want to discuss:
A shareholder's meeting is like a big extended family gathering.
Some of those family members can be a little eccentric. You only have to have one share to attend a meeting.
Someone who owns two shares has notified General Motors he plans to propose his own slate of candidates for the Board of Directors.
GM has its own candidates in mind, including two new ones, and the company's proxy indicates it doesn't consider this a contested election.
It would not be a surprise if some shareholders questioned GM CEO Dan Akerson about the performance of the company's stock. That has plunged in value since the initial public offering in late 2010.
Marketplace's Bob Moon reported the U.S. government "still holds 500 million shares as part of the deal that saved the carmaker."
You can listen to his report here: