Jerry York, Kirk Kerkorian's car guy, was named to General Motors Corp.'s board but the giant automaker held up in announcing any major changes to its dividend policy in the wake of the monthly meeting of the GM's directors.
"Jerry brings years of business experience and knowledge of the automotive industry to the GM Board," noted Rick Wagoner, GM chairman and chief executive officer. "We are pleased to welcome him to our Board," Wagoner said.
Last month, York served up a blistering critique of GM's management in which he warned that GM had only about 1000 days of cash reserves left on hand and needed to change and change dramatically, even before GM posted a $8.6-billion loss for 2005. He also called for a cut in the company's dividend, reductions in executive salaries, and the elimination of brands such HUMMER and Saab.
Wagoner also disclosed that Stanley O'Neal, the chairman of the Merrill Lynch, had quit GM's board. In submitting his resignation, O'Neal cited increased time demands resulting from the expanded schedule of GM board meetings which were difficult to accommodate given his responsibilities at Merrill Lynch, as well as limits on his ability to act as a GM director because of potential conflicts with matters in which Merrill Lynch is involved, GM said.
GM is currently trying to sell part of GMAC, its financial services subsidiary, and Merrill Lynch, as one of the world's largest financial services companies, is likely to be involved in any potential deal. -Joe Szczesny
York: GM Should Drop Saab,
HUMMER by Joseph Szczesny
Company has 1000 days of cash left, Kerkorian's wingman says.
WJR Auto Report: Super Bowl, Super Cars?
Mirror, mirror on the wall, who's
the greenest of them all? If you caught the Super Bowl game on Sunday, you might
have seen Kermit the Frog pitching Ford's enviro-friendly Ford Escape Hybrid. Or
perhaps you saw the ads for GM's ethanol-powered products. Meanwhile,
Spy Shots: '08 Jaguar XKR Coupe/Convertible
Jaguar launched its new XK at last year's Frankfurt Motor Show-but there's clearly more to come. TCC has the first photos of the XKR, shown here as a convertible prototype during cold weather testing. The differences from the stock XK are clear: there's an altered front end with big air intakes, air intakes in the hood, and four big exhaust pipes at the rear end, along with larger wheel arches and a taller rear spoiler.
Spy Shots: '08 Jaguar XKR by Hans
Lehmann/Hidden Image (2/6/2006)
The new XK reaches for 400-hp heights.
Spy Shots: '07 BMW 1-Series Convertible
are the very first pictures of the future 1-Series Convertible, taken during a
short test drive in
Spy Shots: '07 BMW 1-Series
Convertible by Hans
Lehmann/Hidden Image (2/6/2006)
Is there room for a sub-3er ragtop?
As the official automotive sponsor of the 2006 FIFA World Cup(TM) Games, Hyundai Motor America unveils its new Spanish-language television commercials that will begin airing mid-February, in anticipation for the worldwide event. The campaign underscores Hyundai's commitment to soccer and to the World Cup with three television spots that will air nationally on Spanish-language television.
|American Axle & Mfr. Holdings Inc.||AXL||17.38|
|Ballard Power Systems Inc.||BLDP||5.44|
|DaimlerChrysler AG (ADR)||DCX||57.27|
|Dura Automotive Systems||DRRA||2.49|
|Ford Motor Company||F||8.11|
|General Motors Corporation||GM||23.34|
|Goodyear Tire & Rubber||GT||15.27|
|Honda Motor Co. Ltd. (ADR)||HMC||28.94|
|Johnson Controls Inc.||JCI||67.99|
|Magna International Inc.||MGA||72.52|
|Nissan Motor Co. Ltd. (ADR)||NSANY||21.81|
|Sonic Automotive Inc.||SAH||23.84|
|Sirius Satellite Radio||SIRI||5.49|
|Toyota Motor Corporation (ADR)||TM||102.91|
|TRW Automotive Holdings||TRW||25.60|
|Tower Automotive Inc.||TWRAQ.PK||0.08|
|United Auto Group Inc.||UAG||39.40|
|XM Satellite Radio Hold.||XMSR||23.55|