GM to review business plan for next two years

08:21, October 09, 2009      

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The revamped board of directors of U.S. automaker General Motors Co. is spending the next month poring over the automaker's business plan with CEO and President Fritz Henderson's management team, the company said Thursday.

The General Motors logo is seen outside its headquarters at the Renaissance Center in Detroit, Michigan Aug. 25, 2009. (Xinhua/Reuters Photo)

Speaking during a meeting in Florida, Henderson said the board will be focused on operating cash flow and balance sheet liquidity. Other key areas include market share, average transaction prices, incentive spending, residual values and dealer profitability.

The work involves updating a business plan for 2010 and 2011 crafted when GM entered bankruptcy court in June and gives the board the first chance to sculpt the automaker's short-term outlook.

"It's about setting expectations for ourselves for performance in 2010 and 2011 and then delivering," Henderson said.

GM emerged from bankruptcy court July 10 after receiving 50 billion U.S. dollars in federal aid and shedding billions in debt, brands, employees and factories.

GM's new board is headed by Ed Whitacre Jr., the former CEO of AT&T Inc., who was handpicked by the government. He leads a 13-member board that includes seven new members.

Source: Xinhua
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