General Motors first annual shareholders meeting with the first female CEO at the helm went on undisturbed by the ignition switch recall, which was not even among the subjects discussed.
29 of the company shareholders were present at the meeting and the only reference to the defective ignition switch recall that encompassed 2.6 million cars and started a safety frenzy that led to 14 million cars in the US being called back for service was made in relation to Barra – which was raised for her conduct during the crisis.
Actually, as protesters outside the building were dwarfed by attending media, the shareholders voted new compensation plans for executives that could bring Barra many more millions into her accounts.
While the company is facing many threats in relation to the recall – from federal legislators ready to continue their probe on GM to the compensation for the victims and families – the outlook, as the shareholders and Wall Street sees it is actually rather bright.
The internal report released last week panned the company shortcomings and – surprisingly or not – failed to reveal new major problems (like a cover-up plot), the NHTSA probe was settled by paying the maximum $35 million fine – a drop of water in the $2 billion recall related costs this year and the company now looks ahead for the times when the recall would be a distant memory.
by Aurel Niculescu
) - Wednesday, June 11th, 2014 - filed under General Motors
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Discuss: GM looks to the future beyond ignition recall