paologorgo
Chapter 11
DETROIT--General Motors Co. hasn't met several significant goals it planned to achieve by year's end, including work- force reductions and the sale of failing brands, Chief Executive Frederick "Fritz" Henderson told reporters and analysts Wednesday.
Mr. Henderson outlined progress made by GM in the 90 days since it emerged from bankruptcy protections. He also announced that Mark LaNeve, GM's sales chief and longtime executive, is leaving for a job at an unidentified company. Mr. LaNeve headed sales and marketing until Mr. Henderson restructured the management team and put former product head Bob Lutz in chharge of marketing.
Mr. Henderson said GM is on track to meet cash flow and cost-reduction targets, though he didn't elaboraate. GM will release financial results for the third quarter in mid-November, he said. Also on schedule are plans to shrink GM's U.S. dealership network.
The company has reduced North American production to what Mrr. Henderson said is an acceptable level. GM's global market share rose slightly in the third quarter compared to the first half of this year, he said, though the figure is still below last year's.
However, GM has about 10,000 more U.S. workers than it planned to have by the end of 2009 after buyout programs for hourly and salaried programs fell short. GM aimed to have 64,000 workkers.
GM also missed a Sept. 30 goal of finalizing a deal to sell the Hummer truck brand to a Chinese manufacturer. And a plan to sell Saturn to Penske Automotive Group fell through after Penske failed to find a company to build the vehicles once GM stops making them, though Mr. Henderson said the development won't hurt GM's restructuring.
GM also is racing to complete the sale of a majority stake in its Opel European unit to a consortium let by Canadian parts maker Magna International Inc. Mr. Henderson said Magna and GM remain in concessionary talks with European labor groups.
Meantime, the company's sales have suffered amid a global sales slump, and GM lost two percentage points of market share in the critical U.S. market. Mr. Henderson said the company's market share remains slightly ahead of the conservative estimates the company made early this year when laying out its restructuring plan.
"We are knocking some of these things off and staying focused on getting the rest of these matters behind us before the end of the year," Mr. Henderson said. "We are quite confident we will come out of this with a competitive cost structure."
Mr. Henderson faces intense pressure from GM's new chairman and the U.S. government--the company's new majority owner--to stem the sales slide and improve GM's financial performance.
The move to publicize its restructuring moves contrast with the more buttoned-up strategy of Chrysler Group LLC.
Chrysler, which also reorganized in bankruptcy court and like GM is partly owned by the U.S. government, has said little about its recovery efforts.
However, Chrysler CEO Sergio Marchionne on Wednesday said he will publicly release details of his five-year revival plan for the company on Nov. 4. The briefing, to be held at Chrysler's headquarters in Auburn Hills, Mich., will outline product plans and the new image focus for the Chrysler, Jeep and Dodge brands.
GM CEO Henderson Says Company Falls Short on Some Goals - WSJ.com
Mr. Henderson outlined progress made by GM in the 90 days since it emerged from bankruptcy protections. He also announced that Mark LaNeve, GM's sales chief and longtime executive, is leaving for a job at an unidentified company. Mr. LaNeve headed sales and marketing until Mr. Henderson restructured the management team and put former product head Bob Lutz in chharge of marketing.
Mr. Henderson said GM is on track to meet cash flow and cost-reduction targets, though he didn't elaboraate. GM will release financial results for the third quarter in mid-November, he said. Also on schedule are plans to shrink GM's U.S. dealership network.
The company has reduced North American production to what Mrr. Henderson said is an acceptable level. GM's global market share rose slightly in the third quarter compared to the first half of this year, he said, though the figure is still below last year's.
However, GM has about 10,000 more U.S. workers than it planned to have by the end of 2009 after buyout programs for hourly and salaried programs fell short. GM aimed to have 64,000 workkers.
GM also missed a Sept. 30 goal of finalizing a deal to sell the Hummer truck brand to a Chinese manufacturer. And a plan to sell Saturn to Penske Automotive Group fell through after Penske failed to find a company to build the vehicles once GM stops making them, though Mr. Henderson said the development won't hurt GM's restructuring.
GM also is racing to complete the sale of a majority stake in its Opel European unit to a consortium let by Canadian parts maker Magna International Inc. Mr. Henderson said Magna and GM remain in concessionary talks with European labor groups.
Meantime, the company's sales have suffered amid a global sales slump, and GM lost two percentage points of market share in the critical U.S. market. Mr. Henderson said the company's market share remains slightly ahead of the conservative estimates the company made early this year when laying out its restructuring plan.
"We are knocking some of these things off and staying focused on getting the rest of these matters behind us before the end of the year," Mr. Henderson said. "We are quite confident we will come out of this with a competitive cost structure."
Mr. Henderson faces intense pressure from GM's new chairman and the U.S. government--the company's new majority owner--to stem the sales slide and improve GM's financial performance.
The move to publicize its restructuring moves contrast with the more buttoned-up strategy of Chrysler Group LLC.
Chrysler, which also reorganized in bankruptcy court and like GM is partly owned by the U.S. government, has said little about its recovery efforts.
However, Chrysler CEO Sergio Marchionne on Wednesday said he will publicly release details of his five-year revival plan for the company on Nov. 4. The briefing, to be held at Chrysler's headquarters in Auburn Hills, Mich., will outline product plans and the new image focus for the Chrysler, Jeep and Dodge brands.
GM CEO Henderson Says Company Falls Short on Some Goals - WSJ.com
). Non mi stupisce che il sole faccia pubblicità a studi legali, dopo avere letto per mesi gli articoli su Lehman di quel quotidiano... 
