8chan/8kun QResearch Posts (3)
#10253909 at 2020-08-11 17:29:18 (UTC+1)
Q Research General #13123: Hype-A-Pathetic-All Runs Deep Edition
General Motors' CFO Resigns After Just Two Years To Work At Stripe
Mired in recession and dealing with the toughest environment for auto sales over the last several decades, the U.S. auto industry has seen another top executive depart. Just days after we reported turnover at the CEO role at Ford, General Motors is following with a C-suite shakeup of its own, as its CFO leaves after just two years to work at a fintech startup.
The company announced today that John Stapleton, GM North America chief financial officer, has been named its acting global chief financial officer, effective Aug. 15, after the resignation of the company's current CFO, Dhivya Suryadevara.
Suryadevara is leaving the company on short notice, similar to the departure of Ford's CEO, Jim Hackett, who quit last week. According to Bloomberg, Suryadevara will join PayPal competitor Stripe, as its CFO, the San Francisco-based company said.
GM CEO Mary Barra said that "Dhivya has been a transformational leader in her tenure as CFO. She has helped the company strengthen our balance sheet, improve our cost structure, focus on cash generation and drive the right investments for our future. We wish her every success."
Suryadevara said: "I am grateful for the opportunities I have been given at GM. While I look forward to a new opportunity that will allow me to apply my skills in a new sector, I have great confidence in GM's trajectory and future." Stapleton, who is temporarily taking over duties, has been with General Motors since 1990 and has served in several different finance roles with the company.
GM shares were up as much as 3.5% to 28.96 shortly after the open of regular trading Tuesday.
https://www.zerohedge.com/markets/general-motors-cfo-resigns-after-just-two-years-work-stripe
#8938187 at 2020-04-27 17:49:19 (UTC+1)
Q Research General #11440: No Bailouts For Blue States Edition
GM Suspends Dividend, Stock Buyback Program To Preserve Cash
In an attempt to preserve its dwindling cash as the economy remains paralyzed, General Motors announced that it has suspended its cash dividend of $1.52/share and share repurchase program while taking "other significant austerity" measures to preserve near-term available cash. The automaker also said it has extended a $3.6 billion, three-year revolving credit facility to April 2022 to help bolster its liquidity, and added to its earlier extension of the $2 billion credit agreement done in early April. GM said it also intends to focus on reinvesting in the business at pretax returns equal to or greater than 20% while seeking to maintain investment grade; the company said it would resume returning capital to shareholders when those measures are met. "We continue to enhance our liquidity to help navigate the uncertainties in the global market created by this pandemic," said GM Chief Financial Officer, Dhivya Suryadevara. "Fortifying our cash position and strengthening our balance sheet will position the company to create value for all our stakeholders through this cycle."
GM's U.S. plants have been shuttered since mid-March due to Covid-19. As CNBC reminds us, the automaker along with Ford Motor and Fiat Chrysler are in discussions with the United Auto Workers union to reopen the plants, but union leaders said last week they oppose an early-May restart, which several automakers have announced. GM and Ford are among the only major automakers that have yet to announce a time frame to restart production. Fiat Chrysler earlier this month announced plans to restart production next Monday. GM's decision to suspend its dividend comes more than a month after Ford did the same and withdrew its 2020 guidance. GM last month suspended its guidance for the year.
https://www.zerohedge.com/markets/gm-suspends-dividend-stock-buyback-program-preserve-cash
#4063469 at 2018-11-28 21:35:50 (UTC+1)
Q Research General #5171: Be Best Edition
GM's newest board member used to work for the CIA
General Motors is a bit of a corporate anomaly in America.
It is one of the few companies to have gender equity on its board of directors, which is now composed of six men and six women.
The carmaker elected Jami Miscik, 60, to its board, it said in a statement released Wednesday.
Miscik is an expert in global security and intelligence, having once served as the Central Intelligence Agency's deputy director for intelligence, responsible for all of the CIA's intelligence analysts and deciding the content of the president's daily briefing. She currently serves as the CEO and vice chair of Kissinger Associates.
"Jami is a seasoned leader with experience in assessing the geopolitical and macroeconomic climate," said Mary Barra, GM's chairman and CEO.
Intelligence for GM
Established in 1982 by former U.S. Secretary of State Henry Kissinger, Kissinger Associates is a consulting firm in New York. It advises clients on strategic partnerships, investments and government relations.
Miscik joined Kissinger Associates in 2009 as its president and vice chair. In 2015, she became its co-CEO and vice chair. In July of last year, she was named CEO and vice chair.
Said Barra, "Her unique and extensive background in intelligence, security and risk analysis and mitigation will add significant insights to GM's board and the company's overall strategy."
Miscik, who has a master's degree in international studies from the University of Denver and a bachelor's in political science from Pepperdine University, also worked for Barclays Capital and Lehman Brothers.
She also serves on the board of directors at Morgan Stanley and as the co-vice chair of the Council on Foreign Relations.
Miscik also previously served on the President's Intelligence Advisory Board.
Gender equity
Miscik's addition to the board not only gives GM an expert with a world view at its helm, it also rebalances GM's gender equity on its board, a unique feature in corporate America where most boards are dominated by males.
Yet studies show that Fortune 500 companies with the highest representation of women board directors made more money, on average, than those with lower women representation, said a report by Catalyst, a nonprofit corporate research and advisory organization.
GM has been recognized for its gender equity across the company and on its boards. Last week, the Global Report on Gender Equality named GM as the No. 1 company in the world for gender equality in the workplace. In the report, GM bumped cosmetic company L'Oreal France from the top spot last year to second place.
Read more:
Women leaders cut corporate fraud, investors say
GM named No. 1 company in world for this
GM dominated the rankings because it's the only company of the largest 20 in the United States that has both a female CEO, Mary Barra, and an equal number of women and men on its board of directors, the study said.
At the time of this study, GM's board was evenly split between men and women. But in June, GM added Devin Wenig, president and CEO of eBay Inc., to the board, making the split six men and five women, until this week's addition of Miscik.
The study also cited GM's move to name Dhivya Suryadevara as its first female CFO as of Sept. 1. It listed pay equity and flexible hours as some of the other reasons for GM being a good company for women to work for.
Contact Jamie L. LaReau at 313-222-2149 or jlareau@freepress.com