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General Motors tells North American sales chief to pack his bags

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.
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Last updated: November 24, 2009: 02:38 PM

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