GM’s new CEO says taxpayer payback may take several years

Dan Akerson - General Motors CEO

With GM”s recent filing for an IPO, there has been much ado about the rate at which the government would be paid back for its bailout of the auto magnate. CEO Dan Akerson acknowledged in a meeting at GM”s headquarters that that will be determined by GM”s performance over the next several years. It would be “˜unrealistic” to pay the government back all at once, he said.

He also quelled concerns about the recent shakeups of GM brass by saying that he was not contemplating anymore management changes at this time. He declined to further discuss the company”s IPO plans.

Akerson, who was named CEO on September 1 of this year, is expected to become chairman by year”s end. He has been a board member since July of 2009.

– By: Stephen Calogera

Source: Automotive News (Subscription Required)