In one of his final appearances as CEO, Akerson celebrated the exit
last week of the U.S. Treasury as a shareholder more than four years
after the automaker's bankruptcy restructuring and $49.5 billion
federal bailout. He also told reporters that the depressed European
auto market is now "starting to show life."
But the 39-day "quick rinse" bankruptcy only allowed GM to fix its
balance sheet and the company is still in the "early chapters" of
its comeback story, he said, adding that his successor, product
development chief Mary Barra, will not have an easy job continuing
"We had to remedy decades of poor decisions and indecisions and 'no
decisions' that started to pile up in the 1970s and '80s like so
much rotting firewood," Akerson said in prepared remarks at the
National Press Club in Washington. "We have been fixing the plane
while it's in the air."
GM said last week that Akerson will step down in January and be
succeeded by Barra, the auto industry's first woman CEO.
Akerson assumed control of GM shortly before its autumn 2010
reintroduction as a public company and steered GM's return to
profitability following the bailout. The U.S. Treasury initially
inherited a 60.8 percent stake in GM, which critics of the bailout
dubbed "Government Motors."
GM at the time faced out-of-control costs, wasteful complexity and
diminished quality, and had lost sight of its customers, Akerson
said. His goal was to restore the company's reputation, transform
operations and put the customer as the focus in every decision made.
"The end of the 'Government Motors' era has cleared the runway,"
He said GM may run advertisements thanking Americans for the
bailout, but such a campaign was not likely to run during the Super
TWEAKING FORD, TESLA
Akerson also took subtle swipes at rivals Tesla Motors Inc <TSLA.O>
and Ford Motor Co <F.N> as well as former GM executives whose
failure to make tough decisions pushed GM to take a bailout in 2009.
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During a question-and-answer session, Akerson said Ford was still
repaying its federal "green" technology loan, meaning Ford's
obligation to the government exceeds that of GM.
Akerson was asked about fire concerns that have recently arisen over
Tesla electric cars and responded by telling how GM handled a
situation with its Volt plug-in hybrid. He said GM conducted
extensive tests on Volts, offered to buy them back, provide
replacements during testing and then made improvements.
"The fact is that we handled it so much differently than other car
companies," he said. "I have no comment about what ... Tesla should
GM on Monday announced it would invest $1.3 billion in five U.S.
plants and Akerson said the company would continue such investments.
Last week GM said it would discontinue its Chevrolet brand in
Europe, which Akerson said would boost GM's Opel branch.
"Opel is doing a lot better than it was even six months or a year
ago," he said. "I think the European market is starting to show
life. It's episodic by country. Some are doing better than others
but we made a commitment that we're going to be in Europe and Opel's
going to be our brand."
(Additional reporting by Ben Klayman in
Detroit; editing by Maureen Bavdek and Matthew Lewis)
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