GM director resigns abruptly
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Manufacturing News, Source : The Manufacturer US
Published : 06 Oct 2006 20:10
GM Director Jerome B. York has abruptly left his post at GM, citing "little point" in his staying at the company.
As the Wall Street Journal reports, York in a somewhat bitter letter to Lead Director George Fisher wrote that "it will undoubtedly be interepreted by many as being driven by the outcome of the Renault-Nissan matter," the proposed alliance which fell through on Wednesday Oct. 4, "but that is not the case." York and Kirk Kerkorian, the private investor with 9.9 percent share of GM, proposed the alliance.
York wrote that he believes the company's existing expansion plans and strategies are not enough to provide shareholder value. Separately, Kerkorian has said he will cease to purchase GM stock for the time being.
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