Jerome "Jerry" York, the former CFO of Chrysler and General Motors, died today at a hospital in Pontiac, Michigan after succumbing to a brain aneurysm he suffered late Tuesday evening.
Every villain needs a sidekick, and if there were ever a villain character in the soap opera that is the North American auto industry, it's 91-year-old billionaire Kirk Kerkorian who recently revealed that his private holding company, Tracinda Corp., was buying up Ford stock like he knew something the rest of us didn't. Kerkorian's sidekick in this saga is Jerry York, an ex-auto exec who the billionaire placed on GM's board of directors back when he was pushing for an alliance between the bigges
Billionaire investor Kirk Kerkorian announced today that his investment firm Tracinda Corp. had cut its stake in General Motors from 9.9% to 7.4% by selling $462 million worth of the automaker's stock. That amounts to a sell off of 14 million shares at $33 per share.
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.
"Screw you guys, I'm going home." A phrase made famous by Cartman from South Park but one that we find so apt for news coming out of General Motors this afternoon. Royally irked over the ending of alliance talks with Renault/Nissan, billionaire investor Kirk Kerkorian has announced that he won't buy an additional 12 million shares of GM stock as he said he would, and that his advisor/muscle Jerry York has resigned his seat from the board of General Motors. The additional 12 million shares would'
Kirk Kerkorian may buy up to 12 million additional shares of GM stock, according to Automotive News. The billionaire investor would need approval from the Securities and Exchange Commission for the deal because it would send his company, Tracinda Corporation, well over 10 percent ownership of GM common stock.
Retired Chrysler chairman (and Snoop Dogg homey) Lee Iacocca will be releasing a book in approximately one year, tentatively titled "Where Have All the Leaders Gone?". It's said to cover several topics, among them the state of the American auto industry and the threat that the US manufacturing economy faces from China and India.
Saab and HUMMER won't be hitting the Orphan Car Show anytime soon, says Rick Wagoner. General Motors' top guy told shareholders yesterday that the company won't be taking the advice of new board member Jerry York, billionaire investor/GM stakeholder Kirk Kerkorian's right-hand man. York made waves in the industry just before he joined the board, when he gave a speech suggesting that GM axe the Saab and HUMMER brands, among other suggestions.
Banc of America official Ronald Talross feels that General Motors' financial picture is actually worsening, based on a meeting last week with GM CFO Fritz Henderson. While Talross claims to have been impressed with Henderson's straightforward approach, it is said that there were "no original solutions" presented with regard to GM's slipping market share, and that without a "silver bullet" solution to this problem, the automaker's stock price should resume its downward slide. The analys
In its report on first-quarter worldwide sales, General Motors made a point of highlighting the success of HUMMER and Saab as part of its 4.4 percent growth overall. The two brands have attracted criticism in recent months, notably from board member Jerry York who suggested in January that the company dump both marques.
Tracinda's Jerry York appears to have changed his tune about what General Motors needs to do in order to get back on track, according to Bob Lutz. Kirk Kerkorian's right-hand man made headlines in January, calling for GM to axe Saab and possibly HUMMER to focus on the automaker's core brands... but now, Lutz says, York acknowledges that he spoke too soon.