Rick Wagoner may have won the Renault-Nissan battle, but the boardroom wars are far from over for General Motors' beleagured chief executive. Wall Street analysts are telling investors to brace themselves for a lengthy and bitter fight for control of the company's board of directors, led by dissident shareholder Kirk Kerkorian.

Kerkorian's right hand man in his GM adventure, Jerry York, resigned last week from the GM board, saying in his resignation letter that the board environment made it hard for directors to challenge management and that GM should have brought in advisers for the board to evaluate independently the potential benefits of an alliance with Renault and Nissan.

York is set to make another presentation to GM investors at the end of the month, this time in Las Vegas. His last such presentation, this January in Detroit, was scathingly critical of GM's turnaround strategy, and after his stint on the board, we can expect him to fire a new salvo with fresh ammunition.

Kerkorian, meanwhile, is expected by some analysts to be preparing for a proxy fight to shift the balance of power in GM's board and ultimately give Rick Wagoner the boot.

[Source: Reuters]

I'm reporting this comment as:

Reported comments and users are reviewed by Autoblog staff 24 hours a day, seven days a week to determine whether they violate Community Guideline. Accounts are penalized for Community Guidelines violations and serious or repeated violations can lead to account termination.

    • 1 Second Ago
  • From Our Partners

    You May Like
    Links by Zergnet
    Cars for Sale Near You

    Share This Photo X