GM CEO Backtracks And Apologizes To Share Holders About Stock Performance

General Motors CEO Dan Akerson apologized to shareholders Tuesday for the automakers' poor stock performance, despite the fact that the company posted record profits and regained the title of global sales leader last year.

Akerson, speaking at the company's annual meeting in Detroit, said 2011 was only a good year, not a great one for GM, despite the sales rebound and record profit of $7.6 billion. And he said GM needs to improve the profit margins, pointing out that it's the fifth largest Fortune 500 company in terms of revenue, but only the 20th largest in terms of profit.

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Steve - 6/12/2012 4:12:01 PM

+1 Boost

I'm waiting for him to apologize for taking billions of tax-payers' precious dollars. Oh, and for paying big bonuses to GM execs with part of that booty.

I'm not holding my breath until that happens :-(

wins555 - 6/13/2012 12:21:04 AM

+2 Boost

Here we go again with GM watching their share prices and not focusing enough on its products. These two go together like peanut butter and jelly in a PB&J sandwich.

quizz - 6/13/2012 10:59:19 PM

+2 Boost

A CEO should NEVER have to apologize for share price if he's doing his job; share prices should be looked over a period of 3-5-10 years, NOT quarter to quarter. The fact that he's apologizing disappoints me greatly. Running a large company means that decisions may take 4-6 quarters before the investment in R&D sees any return. Only now is Ford beginning to enjoy the fruits of its initiatives that started over 2 years ago, from design to the Ecoboost engine to the Sync digital music system.