TRAVERSE CITY, Mich. — At its first meeting, the board overseeing the new General Motors ordered management to bring some new vehicles to market faster, a sign that the new 13-member board will play a far larger role than the old one.
Board chairman Edward Whitacre Jr., in a conference call with reporters Wednesday, would not identify which vehicles were pulled ahead but said the board of the government-controlled company emphasized fuel efficiency as well as other areas.
“I’ll tell you there were some suggestions made,” said Whitacre, former chief executive of telecommunications giant AT&T. “There were some changes made. This board’s going to be very active. We’re charged with doing well for the stockholders.”
GM, which emerged from bankruptcy protection July 10, can become profitable sooner than most people think, Whitacre said, although he wouldn’t give a time frame.
The company is not yet profitable despite shedding debts and burdensome contracts in bankruptcy court, he said.
“We’ve only been at this one month,” he said. “It’s a complicated financial situation at this point in time. We have an aim for when we’ll cross that line.”
The board, he said, spent much of its time going over GM’s financial statements, then moved to the Milford, Mich., proving ground northwest of Detroit to drive vehicles.
After the drives, Whitacre said he is confident that GM can protect and grow its market share in the U.S. despite shedding four brands to focus on Chevrolet, Buick, GMC and Cadillac.
