Boston, MA 06/11/2014 (wallstreetpr) – General Motors Company (NYSE:GM) CEO Mary Barra officially apologized again on the slowness in the curing of the ignition switch problem that caused 13 fatalities leading to increased outcry and millions of dollars in fines and recalls. The CEO made the announcement during the company’s annual shareholders meeting in which she reiterated that GM is poised to succeed despite the ongoing recall crisis.
GM Post Record Sales Since 2008
The CEO in a statement reiterated her desire to ensure the right thing is done to those who were harmed by faulty ignition switches, as well as taking responsibility that led to the piling of mistakes. The CEO maintains that General Motors Company (NYSE:GM) is doing well despite the ongoing controversy on switch recalls delayed for 10 years
Despite the ongoing recall sideshows, the company was still able to post strong quarterly profits and some of the best sales since 2008. The optimism for further resurrection comes as the company released a report on its internal probe of the events that led to the recall that has caused the company millions of dollars. The Report concluded that a series of incompetence and negligence was to blame for the massive recall by the company.
Failures will No Longer be tolerated
The CEO was quick to instill confidence to investors during the annual meeting by stating that such failures will not be allowed or tolerated in the future; this comes as the CEO let go of 15 employees in the wake of the recalls while also opting to discipline five others. General Motors Company (NYSE:GM) is set to compensate all the victims of the ignition switch problems although it has not set a specific amount for the same
The Board through its Chairman Theodore Solso has reiterated its confidence in Mary Barra reiterating she has done a tremendous job in solving the mess. The annual meeting was marred by demonstration of 10 people who gathered outside the meeting venue protesting why it took so long for recalls.
