GM's Whitacre: Salary Cap Imposed by U.S. Treasury Complicates Search for New CEO
DETROIT - General Motors Chairman and CEO Ed Whitacre Jr. confirmed what many where thinking: Pay restrictions put in place by the company's largest shareholder, the federal government, "absolutely" make finding a top hire difficult, reported The Detroit News.
As Reuters reported earlier this month, U.S. Treasury pay czar Kenneth Feinberg set new guidelines that cap base cash salaries for many of GM's top executives at $500,000.
Whitacre, who's acting as CEO after Fritz Henderson resigned last month, said GM doesn't have any CEO candidates yet and will not rule out hiring an insider.
He also announced GM will repay all of its $6.7 billion in government loans by the end of June, which could lift the pay restrictions, but did not offer a timetable for an initial public offering of stock.
More Industry
Gone to the Dogs
A Stellantis brand decided to have some fun with one of its SUVs’ design to address growing emphasis on family pets.
Read More →
Luxe N.C. Dealerships Change Hands
A collection of Italian and English brand franchises were handed off to the owner’s friend in the business and include the Carolinas’ only Ferrari retail stores.
Read More →
Exposure Drives Interest in Chinese Cars
At a recent demonstration, consumers had the chance to ride in a Chinese-branded vehicle, a firsthand experience that improved their perceptions and purchase intent.
Read More →
Automotive Consumers Sink Further in Debt
Most financing metrics hit records in the second quarter as more buyers locked themselves into long terms and high monthly payments.
Read More →
Agent Advocate
Rob Mancuso, who comes from a long line of auto dealers, values general agents’ place in the industry and makes a case for them taking an even bigger seat at the table.
Read More →
Driving Under Distraction
Though consumers gave higher marks to new vehicles in JD Power’s most recent initial-quality poll, high-tech interference worsened, pointing to craving for simplicity.
Read More →
Affordable New Cars a Thing of the Past
More than one out of five new vehicles sell for more than $60,000, according to Edmunds. That's up 7% compared to prepandemic 2019.
Read More →
State Follows Federal Warning on Auto Ads
The Massachusetts attorney general cautioned the state’s automotive dealers to be upfront with the consuming public about their vehicle prices or risk punishment.
Read More →
Consumer Outlook on the Rise
Younger generations are feeling more positive about their financial futures and current affordability pressures than older generations, according to recent TransUnion data.
Read More →
Pennsylvania Dealership Under New Retailers
The sale of the Chrysler Dodge Jeep Ram store puts a family auto group on a leaner path as first-time dealers take the helm.
Read More →