Mark LaNeve has been dismissed as General Motors' North American sales chief as the company looks to reverse a sales decline that has been driving tanking market share in the North American market. On a conference call with investors, CEO Fritz Henderson said that the company would "benefit from fresh perspective" on marketing in the United States.For the third quarter of 2009, GM's US market share fell to 19.5% -- down from 22.1% in the prior year quarter.
Bob Lutz has been running GM's marketing operation since the company emerged from bankruptcy, and has been moving aggressively to change the way the company markets its cars. The company has not ruled out the possibility of promoting from within to replace Mr. LaNever -- but most investors (i.e. every single taxpayer in the United States) would probably be more comfortable with a replacement who had nothing to do with putting GM into the mess that it's in now.
Also on the call, Henderson said that the company is moving in the direction of breaking even (hah), and anticipates that it will be ready to do a stock offering in the second half of 2010.
The question is whether investors will be ready for a GM IPO in the second half of 2010.
In other GM news, CNNMoney has a story on all the trouble GM is having in making deadlines and following the plan laid out in bankruptcy.











Reader Comments (Page 1 of 1)
10-07-2009 @ 9:01PM
detfan said...
This blog is untrue. Mark LeNeve left for another opportunity outside GM, and GM denies he was asked to leave. It was his decision. Plus GM sales are NOT tanking. GM has reached 21% market share in Septemeber, it's highest market share of the year. Retail share is growing and GM's lower total market share this year can be attributed to the very highly reduced level of fleet saales so far this year due to all the plant closings the first of the year and in the Spring. GM continues to be a a rennaissance, launchiong several more popular new models like the Equinox and Torrent, the Camaro and the LaCrosse, the SRX and the CTS Sport Wagon. Most have already hit the dealers and sales of all models are off the charts. You can even bet money that GM will regain its global lead in sales when they report 3rd quarter global sales later this month.
10-07-2009 @ 11:23PM
hsr0601 said...
As the latest release of car sales in USA suggests, the current unsustainable oil price topped the gas-powered mobility, on that score, but for "a newcomer" , this fragile recovery world-wide stands more likely to face another great depression.
Recently, vice chairperson of marketing Bob Lutz indicated that nearly 50,000 consumers have registered at GM's website, indicating a "strong intention" to buy the plug-in hybrid vehicle,while Bob Kruse, GM's top electric car exec and Chevy Volt pointman, steps down.
The auto industry should not forget the bitter lesson from its bankruptcy. Automakers pledged change in direction before people and thereby barely received taxpayer's cash, but they are still doing nothing. The current "unsustainable" fuel price, which is projected to go even higher, has gone far beyond a hybrid level again , which did not deter the recession.
The auto industry needs to leverage the rebates of cash for clunkers as a stepping stone for a fundamental change as promised, not business as usual. I still think the densely populated countries are consuming such incredible natural resources right now that inefficiency as it is can't be allowed any more.
10-08-2009 @ 12:42AM
Kroegs said...
It seems as if detfan is a GM employee or just someone living in the past. GM will never regain its global lead, its lost too much. Many of the vehicles you mentioned are not even near the dealership lots yet. The LaCrosse has not even entered production, the Torrent has been discontinued, the SRX is in final preproduction stage and will be unveiled at the Detroit Auto Show. Maybe check facts?
10-09-2009 @ 1:42PM
genesis68ba said...
Hey Kroegs,
Better check your facts - the Lacrosse has been out for almost two months now.