General Motors Loses $1.1 Billion in Last Quarter
General Motors Corp. just finished its worst three-month period in more than a decade, losing $1.1 billion, and spending $3.5 billion out of its savings. But as Chairman and CEO Rick Wagoner works to get the world’s largest automaker through its toughest year since the early ’90s, one headache he doesn’t have is worrying about running out of cash, as Chrysler Corp. did in the late ’70s.
Torvec Adds Two to Board of Directors
Automotive technology firm Torvec has elected Mary Ho and Philip Fain to its board of directors. Mary Ho is president of the China Millennium Council, a globally-recognized enterprise dedicated to fostering and developing innovative cultural, educational and community partnerships with China. A renowned expert in international negotiation, Ho has extensive experience in international public relations, corporate strategy development and transition management.
An Era to End at Ford: William Clay Ford Plans to Retire from Company Board
William Clay Ford, the last surviving grandson of Henry Ford, plans to retire from the Ford Motor Co. Board of Directors after nearly 57 years, the company announced Wednesday. Ford, who turns 80 Monday, is the father of chairman and CEO Bill Ford and has been on the board for more than half of the company’s history, elected before he even graduated from Yale University.
Struggling Detroit Woos Japan’s Carmakers
At many union halls in Michigan, signs on parking lots still warn that foreign-made cars “will be towed away at owner’s expense.” So why is Governor Jennifer Granholm of Michigan pushing so hard to close a sweetheart land deal with Toyota?
Struggling Detroit Woos Japan’s Carmakers
At many union halls in Michigan, signs on parking lots still warn that foreign-made cars “will be towed away at owner’s expense.” So why is Governor Jennifer Granholm of Michigan pushing so hard to close a sweetheart land deal with Toyota?
Valvoline Named Vendor of the Year by Monro Muffler Brake
Valvoline has been named ‘Vendor of the Year’ by Monro Muffler Brake for the second consecutive year. Valvoline is the lubricants, filter and service chemical supplier to the Rochester, NY-based chain.
Campbell Soup Exec Elected to Goodyear Board
Campbell Soup executive Denise Morrison has been elected to the Goodyear Tire & Rubber board of directors. Morrison is president of global sales and chief customer officer for Campbell Soup Co. She joined the company in 2003 from Kraft Foods where she was executive vice president and general manager of its snacks and confections divisions, responsible for such leading brands as Planters nuts, Lifesavers candies and Altoids mints.
Waterloo Industries Promotes Two Executives
Waterloo Industries has announced the promotion of two employees to key executive positions. Gary Marcus has been promoted to vice president, marketing and business development, and Deonna Fritz has been promoted to vice president, new product development. Waterloo Industries manufactures tool storage products and is an operating unit of consumer products company Fortune Brands, Inc.
TriMas Appoints Three New Board Members
TriMas Corp. — a company comprised of high-end, specialty niche manufacturing businesses — has named three new board directors.Marshall Cohen, Arthur Huge and Eugene Miller have been named to the company’s board of directors, effective with the start of the company’s 2005 fiscal year in January.
Speedway CEO Gets $1 Million
Speedway Motorsports CEO Bruton Smith, who makes regular appearances on the Forbes magazine list of billionaires, now has another $1 million to his name. Smith earned a $1 million cash bonus for helping Speedway Motorsports Inc. exceed earnings expectations. Smith is also CEO of Fortune 500 auto dealership chain Sonic Automotive Corp.