Accounting Concerns Jolt GM’s Stock
General Motors Corp.’s stock skidded Wednesday after accounting experts cast doubt on how the automaker reported certain transactions with former subsidiary Delphi Corp., its largest supplier. The Wall Street Journal reported Wednesday that several accounting experts it contacted had looked askance at the choices made. A GM spokeswoman insisted the accounting was appropriate and that the experts did not have complete knowledge of the transactions.
Federal-Mogul Names Michael Sobieski Vice President, Ignition and Wipers
Michael Sobieski has been appointed vice president, global ignition and wiper products group for Federal-Mogul Corp. His appointment is effective immediately. In this new role, Sobieski will be responsible for the global operations of Champion spark plugs and Anco wiper blades for the aftermarket, original equipment manufacturing and original equipment service.
TRW Leader Says the Future is All About Safety
John Plant, the CEO for TRW Automotive Holdings Corp., has one word to sum up why his company’s future looks more promising than most: Safety. “The way we think of it is that you need to have a theme for a company. For us, the theme is all about safety,” said Plant.
BorgWarner in Right Place to Compete
BorgWarner Inc., the new auto supplier on the block in Auburn Hills, Mich., has a competitive edge that hasn’t gone unnoticed on Wall Street. While some automotive-related stocks have seen double-digit declines in the past year, BorgWarner has seen double-digit gains. And, even with the difficulties faced by auto stocks, BorgWarner has continued to get favorable marks from Wall Street analysts.
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.
Automotive Hall of Fame Announces 2005 Inductees
The Automotive Hall of Fame has released the names of its 2005 Class of Inductees. This year’s inductees are Mario Andretti, John Dunlop, Sir William Lyons, Jim Moran, Shirley Muldowney, John (Jack) Smith, Jr., John M. Studebaker and Alexander Winton. Formal induction ceremonies will take place October 11 in Detroit.
GM Tries to Cut Up to 2,000 Workers
General Motors Corp.’s efforts to accelerate cuts to its salaried workforce helped the company’s stock rebound on Monday, a day when GM was one of the few automotive stocks to increase. GM is trying to cut up to 2,000 salaried positions in the first half of the year through early-retirement offers, said an official who is familiar with the situation. The move is an apparent acceleration of a plan already disclosed by the automaker.
Remy Appoints David Abel to Senior VP of Operations and Supply Chain
David Abel has been appointed senior vice president of operations and supply chain for Remy Inc. Abel will serve as a member of the Remy Inc. Leadership Board. In his new role, Abel will focus on performance improvement strategies for supply channels and has functional oversight for PCL, Purchasing, Operations and Continuous Improvement.
Suits Accuse Visteon of Bad Bookkeeping
At least four law firms have filed suits against Visteon Corp. in U.S. District Court seeking class-action status on behalf of investors, alleging that poor management or accounting errors misrepresented the company’s financial health and inflated its value.
Lear Corp. Appoints Henry Wallace to Board of Directors
Retired Ford senior executive Henry D. G. Wallace has been appointed to Lear Corp.’s board of directors. Wallace retired from Ford Motor Co. in 2001, following a 30-year career with the automaker. He recently served as group vice president and CFO, and he held numerous other senior level positions, including group vice president, Asia Pacific Operations, president of Mazda Motor Corp., vice president European Strategic Planning, president, Ford Venezuela and controller, Ford Mexico.