P&A Providers & Administrators
MenuMENU
SearchSEARCH

GM's Stock Offering Plans Draw Scrutiny

August 14, 2010
2 min to read


General Motors Co. delayed until next week Friday's planned filing of paperwork for an initial public stock offering, amid scrutiny of the company's new top boss, The Detroit News reported.


Potential investors are focusing on Daniel Akerson, a GM board member with a financial and telecommunications background, who will replace Chairman and CEO Ed Whitacre Jr. His surprise appointment came Thursday.

Ad Loading...


Akerson's immediate and huge task will be to line up investors to buy GM stock and convince them he has the skills to run the automaker effectively, even though he is an industry outsider.


IHS Automotive analyst Rebecca Lindland said GM likely needed to delay the filing of federal paperwork for its initial public offering (IPO) of stock to update the document's outline of GM management.


It "highlights the fact that this (leadership) change is fairly sudden," she said.


"Eventually, everybody will probably feel good about this change. I don't know if that has sunk in yet."


Akerson has his work cut for him to sell the management change to investors, Lindland said, but his rise hasn't dramatically altered the picture.

Ad Loading...


"People who weren't going to buy into the IPO still aren't going to and people that are confident enough to buy probably haven't changed their minds," she said.


Whitacre made no secret of the fact that he didn't plan to stay at GM for a long time, but Thursday's announcement that he would step down Sept. 1 was unexpected. Akerson, 61, a managing partner at private equity firm Carlyle Group, had not been mentioned as a candidate to succeed Whitacre, 68.


Analysts said the management change, announced at the end of Thursday's upbeat second-quarter earnings presentation, seemed designed to reassure potential investors.


Akerson's strong financial experience will lend him credibility as he prepares to take the lead role in selling GM to potential investors in a "road show" this fall.


At Carlyle, Akerson helped oversee a portfolio of 900 real estate and corporate investments, including such diverse companies as Hertz, Dunkin Donuts, AMC Entertainment, Hawaiian Telecom and Harrah's Entertainment. He has taken an active role as a member of GM's board since his appointment by the Treasury Department in 2009.

More Industry

Photo of the back of an electric Mercedes
Industryby Hannah MitchellJune 10, 2026

Auto Prices Ride May Moderation

Flat ATPs and asking prices clocked in below long-term averages for the month, though some segments saw significant price gains, reported Cox Automotive.

Read More →
Photo of white Toyota car in front of dealership
Industryby Hannah MitchellJune 9, 2026

Auto Retail Families Get Out While the Getting’s Good

Kerrigan Advisors’ first-quarter Blue Sky Report shows a sharp uptick in buy-sell deals as more retailers take advantage of handsome values while seeking to escape market risk.

Read More →
daytime, front of car dealership Lexus of Vancouver
Industryby Lauren LawrenceJune 3, 2026

Holman Opens New Lexus Dealership

Located in the heart of Clark County, Lexus of Vancouver features a multi-level showroom, more than 30 service bays, an indoor drive for drop-off and pick-up and a fleet of courtesy vehicles.

Read More →
Ad Loading...
Subwoofer in trunk of car.
Industryby Lauren LawrenceMay 26, 2026

Ownership Priorities are Shifting

A new survey shows that in the U.S. vehicle quality for generation Z is largely defined by advanced safety features, intuitive technology and premium sound systems.

Read More →
Man's hand holding gas pump in fuel tank of white car
Industryby Hannah MitchellMay 26, 2026

Pump Price Jump Calculated

ISeeCars.com examined fuel costs for different power trains, finding which ones have experienced the biggest hits since the war in Iran commenced.

Read More →
Graphic showing previous week's truck and SUV segment prices
Industryby StaffMay 20, 2026

Black Book: Weekly Market Update

Wholesale values fell last week despite the spring season still being in the traditional full-gear mode, analysts said.

Read More →
Ad Loading...
Photo of dealership sign with Toyota logo
Industryby Lauren LawrenceMay 19, 2026

Arkansas Auto Group Acquires First Indiana Rooftop

Performance Brokerage Services represented both the buyer and seller in the sale of Carver Toyota of Columbus by Carlock Automotive Group.

Read More →
Headshot photo of Antonio Filosa, Stellantis CEO
Industryby Hannah MitchellMay 19, 2026

Stellantis to Dive Into U.S. Lending

The multinational maker of Chrysler, Dodge, Jeep, Ram and multiple other brands received conditional approvals for a Utah-based industrial bank.

Read More →
Photo of the rear of a new BMW iX SUV
Industryby Hannah MitchellMay 12, 2026

New-Vehicle Prices Rise

With April sales down, higher prices on in-demand large vehicles helped inflate the overall ATP, though increases were under long-term averages, Cox Automotive reported.

Read More →
Ad Loading...
Graphic of car segments' results the previous week
Industryby StaffMay 12, 2026

Black Book: Weekly Market Update

Last week in the wholesale automotive market proved to be a mixed bag, analysts reported.

Read More →