Dan Akerson, General Motors CEO, was praised for his performance in the company, but asked to try to fix the automaker’s European operations.
Although GM earned a record full-year profit of $9.19 billion in 2011, its stock fell 45% during the same year. The 32% stake of the US government also declined 33%.
“We’re frustrated, but we don’t sit around the board table bemoaning the price of the stock,” said director Robert Krebs. “We’re in this for the long haul.”
Currently Akerson’s goal is to help GM’s European operations and turn them into profit. Although other GM directors tried to convince Akerson to sell most of Opel, he decided to persuade the board to keep it.
“We’re going to fix it,” he said, “so it becomes a low- enough cost producer so that it can survive in the bad times and make a lot of money in the good times.”
For now GM will focus on offering a solid mix of products, among which Chevrolet and Cadillac are included. The company also takes into considerations closing some plants in Germany if by doing this the future of the company will be saved.