General Motors files for IPO
GM files with the Securities and Exchange Commission for an initial public offering.
General Motors, which went through bankruptcy last year, filed plans on Wednesday with the Securities and Exchange Commission for an initial public offering.
During the 14 months since the bankruptcy protection filing, GM drastically cut its brands and changed its management. The company discontinued the Pontiac, Hummer, and Saturn brands, and Saab was sold to Spyker. In December of last year, GM's chairman, Ed Whitacre, fired the company's CEO, Fritz Henderson, taking the company's helm himself. Earlier this month Whitacre announced he would turn over the chairman and CEO positions to Dan Akerson. Well-known Vice Chairman Bob Lutz announced his own retirement during the Geneva auto show, effective May 1 of this year.
GM is now focusing on Chevrolet, Cadillac, Buick, and GMC in the U.S., and is staking a lot on the success of its upcoming Chevy Volt electric vehicle.