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Latest Business News

GM Shareholders Grill Wagoner Over Share

Tuesday, June 05, 2007 5:53:46 PM
By TOM KRISHER

General Motors chairman and chief executive officer Rick Wagner answers questions during the company's 2007 Annual Meeting of Shareholders at the Hotel du Pont in Wilmington, Del., Tuesday, June 5, 2007. General Motors Corp. has awarded two contracts to companies that will help speed up development of its plug-in electric car called the Chevrolet Volt, GM Chairman Rick Wagoner said Tuesday.  (AP Photo/Pat Crowe II)WILMINGTON, Del. (AP) - Their proposals all were voted down, but that didn't stop several dissident General Motors Corp. shareholders from grilling Chairman Rick Wagoner over the company's market share decline and plans for the future at its annual meeting Tuesday.

Although Wagoner opened the 2 1/2-hour meeting with a speech touting progress the company has made in its turnaround plan and on advanced technology, several shareholders expressed dismay at the pace, saying GM was in a crisis and the board has not moved quickly enough to demand change.

"In my opinion, this company has turned around so many times we're going in circles. And that circle is leading us right down the drain," said shareholder James M. Dollinger, of Flint.


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