Business
Director Resignation
Director Resignation.
About this update from Gaming Realms Plc
[{"type":"text","content":"\n \n General Motors Statement Regarding the Resignation of Jerome B. York \n from the GM Board of Directors \n \n DETROIT, Oct. 6 -- GM has received Mr. York's resignation from the GM Board \nof Directors, effective today. \n Under the direction of the GM Board, we remain focused on our North \nAmerica turnaround, where we are making real progress, progress that is well \nahead of what some skeptics thought possible. Over the past 12 months, we \nhave implemented several fundamental moves -- in health care, manufacturing \ncapacity, hourly attrition, salaried and executive headcount and benefits, \nasset sales and liquidity enhancements, acceleration of key product launches, \nintroduction of the industry's best warranty, and completely revamping our \nmarketing strategy. These actions are already yielding very significant and \nneeded improvement in our results -- more than $9 billion in yearly cost \nsavings on a running rate basis by the end of 2006, and record revenues in the \nfirst two quarters of this year, to name but two significant ones. \n General Motors is focused today on several other key matters, as well: \nThe successful resolution of Delphi and closing the GMAC transaction in the \nfourth quarter; on the acceleration of the GM Europe turnaround; and continued \nprofitable growth, especially in Asia and South America. \n With respect to the comments on the Renault-Nissan alliance study in \nTracinda's 13D filing, it's appropriate to note that the decision to end the \nequity alliance discussions was unanimously approved by the GM Board, which \nconsists of 12 directors, 11 of whom are independent of management. This \ndecision was made after a comprehensive process that included joint synergy \nevaluation by the management of all three companies and receipt of advice on \nthe proposal by two prominent financial advisers. \n The GM Board concluded that the alliance framework required by Renault-\nNissan would substantially disadvantage GM shareholders. This structure \nincluded the potential joint projects, which we agreed could yield significant \naggregate synergies, but which were highly skewed to Renault-Nissan. The \nstructure also included the requirement to sell a substantial equity stake in \nGM at no premium, along with preferential rights, which could have had the \npractical effect of foreclosing GM fr...