Bob Lutz and five other executives sell all of their remaining shares in GM

Posted: May 12, 2009
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A total of six General Motors executives, including our favorite – Bob Lutz, sold almost $315,000 in stock and liquidated their remaining direct holdings in the company. A total of 200,000 shares were sold including Lutz’s 81,360 shares that were worth $130,989, according to his filing with the Securities and Exchange Commission.

All six executives including Tom Stephens, Troy Clarke (North America President), Ralph Szygenda (Chief Information Officer) Gary Cowger (Chief Manufacturing Officer) and Carl-Peter Forster (head of GM’s European operations) sold all of their stock holdings.

Spokeswoman Julie Gibson said that the sales don’t show lack of faith in GM. She said that the struggling Detroit automakers has publicly stated that shareholders run the risk of dilution and possibly losing their investments if GM enters bankruptcy.

GM plans on issuing 62 billion new shares following a 100-for-1 reverse stock split.

- By: Omar Rana

Source: Free Press


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  • zermatt

    The stock has been dropping for years and no one has any obligation to hold onto stock is losing value.

    Your loyalty is to yourself/family and to put your employer ahead of that would be insane.

    Too bad Bob held onto these falling shares much too long.

  • GMfan87

    wow that instills confidence lol

  • zermatt

    The stock has been dropping for years and no one has any obligation to hold onto stock is losing value.

    Your loyalty is to yourself/family and to put your employer ahead of that would be insane.

    Too bad Bob held onto these falling shares much too long.

  • GMfan87

    wow that instills confidence lol