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COMMENTS - USA - As GM limps, its chief faces shareholders
DETROIT,MICH,USA -International Herald Tribune/France -By Danny Hakim,The New York Times -JUNE 7, 2005: -- The past three months have been the worst in five years for Rick Wagoner as the chief executive of General Motors and some of the darkest for a company limping toward its centennial in 2008... Sales of GM cars and trucks are sputtering, two of the three major credit-rating companies have cut the company's bonds to junk status, and a corporate raider, Kirk Kerkorian, has started buying chunks of GM's battered stock... In part, GM was derailed by a strategy in the 1990s driven more by marketing than by product development. Some hits and more misses bear Wagoner's fingerprints. On the upside, the company was early to get into China. On the downside, it poured more than $4 billion in 2000 into a partnership with Fiat, culminating in an embarrassing $2 billion divorce settlement with the Italian automaker this year...
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