G. M. Shareholders Reject Bid to Restructure Stock -
By BILL VLASICJUNE 6, 2017
DETROIT — Shareholders of General Motors rejected proposals on Tuesday by a dissident investor
to replace three company directors and split the automaker’s stock into two classes.
G. M.’s chief executive, Mary T. Barra, and its board opposed the moves, which included creating
two classes of stock — one paying a dividend and a second tracking earnings growth.
But his proposals lost by substantial margins, even although G. M.’s stock price
has barely increased in value since its post-bankruptcy stock offering in 2010.
Ms. Barra acknowledged the frustration of investors,
but she said the company would continue to take “decisive actions” to unlock value for shareholders.
“We determined the Greenlight proposal was not in the best interests of our shareholders,” Ms. Barra said at the company’s annual meeting in Detroit.
Instead, shareholders showed broad support for the strategic direction of the company under Ms. Barra, who became chief executive three years ago.
