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CEO: GM wants government out
TRAVERSE CITY, Mich., General Motors Co. hopes the U.S. government will sell its stake in the initial public offering of stock in the reorganized company, a top GM executive said.
Chief Executive Officer Edward Whitacre Jr., who became interim chief executive last year as GM emerged from bankruptcy, said the end of government ownership would boost both the company's image and its employees' morale, The New York Times reported. He spoke Thursday at an auto industry conference in Northern Michigan.
"We want the government out, period," Whitacre said. "We don't want to be known as Government Motors."
The Treasury Department acquired a 61 percent stake in GM in exchange for $50 billion in loans to see it through reorganization.
Whitacre said the company expects to sell 100 percent of its shares in the IPO. Analysts had predicted it would only sell part of the shares.
He said there appeared to be an "appetite" for GM stock.
GM has not yet filed the required documents for the IPO.
TRAVERSE CITY, Mich., General Motors Co. hopes the U.S. government will sell its stake in the initial public offering of stock in the reorganized company, a top GM executive said.
Chief Executive Officer Edward Whitacre Jr., who became interim chief executive last year as GM emerged from bankruptcy, said the end of government ownership would boost both the company's image and its employees' morale, The New York Times reported. He spoke Thursday at an auto industry conference in Northern Michigan.
"We want the government out, period," Whitacre said. "We don't want to be known as Government Motors."
The Treasury Department acquired a 61 percent stake in GM in exchange for $50 billion in loans to see it through reorganization.
Whitacre said the company expects to sell 100 percent of its shares in the IPO. Analysts had predicted it would only sell part of the shares.
He said there appeared to be an "appetite" for GM stock.
GM has not yet filed the required documents for the IPO.