Tags: general motors | GM | board | stock repurchase

GM Gets Board Nominee Who Proposes $8 Billion Share Repurchase

Tuesday, 10 Feb 2015 09:49 AM

Harry J. Wilson, a member of President Barack Obama’s auto team that restructured GM and Chrysler, intends to nominate himself for a seat on the board of General Motors Co. and propose an $8 billion stock buyback.

Wilson notified the Detroit-based automaker that he is acting in concert with four investment funds including Appaloosa Parties, which together own about 34.4 million shares or 2.1 percent of the company’s common stock, GM said in a statement.

Wilson, who also serves on the board of Visteon Corp., indicated he will receive a percentage of the group’s profits from their investments in GM, the automaker said. The other investors are Taconic Parties, HG Vora Parties and the Hayman Parties, GM said.

He didn’t immediately respond to an e-mail or phone call seeking a comment about the proposal. Wilson is chairman of Maeva Group LLC and also serves as a director of Sothebys and Third Point LLC.

GM rose 3 percent to $37.09 at 8:52 a.m. New York time before regular trading.


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Harry J. Wilson, a member of President Barack Obama's auto team that restructured GM and Chrysler, intends to nominate himself for a seat on the board of General Motors Co. and propose an $8 billion stock buyback.Wilson notified the Detroit-based automaker that he is acting...
general motors, GM, board, stock repurchase
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2015-49-10
Tuesday, 10 Feb 2015 09:49 AM
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