The CEO gets paid too much. You can’t drive international sales. You moved too slow on greener, more efficient vehicles.
Those were the sentiments of many investors at GM’s annual shareholders’ meeting. That’s what happens when you admit your whole strategy revolved around cheap oil and oil isn’t cheap anymore, nor will it ever be again. It also doesn’t help when your CEO still made $15.7 million in 2007, up 64 per cent from the previous year. Did we mention GM lost $38.7 billion last year? LA Times:
“I came to scold you for your greed,” Mary Ann Wiley of Seattle told Wagoner.
Wiley, 77, said she has owned General Motors Corp. stock for 70 years, but that Tuesday marked her first annual meeting. Wiley said afterward that GM has moved far too slowly in developing new and better products and embracing next-generation fuels, and that management should not receive higher salaries and bonuses when the company is struggling….
“I would suggest they have a stockholder meeting at a factory,” she said. “They don’t need to rent the DuPont hotel.”
Meanwhile, Farhad Irani of Wilmington urged GM to look to emerging markets such as China, India and Brazil to diversify its 14-member board, which is predominantly white men.
“Since you are trying to increase your sales around the world, how about trying to get some people from around the world into the board?” he said.