According to a person with knowledge of the process, General Motors Co. will reveal the results of its internal investigation into why it took more than ten years in order to withdraw potentially dangerous vehicles that are considered related to 13 fatal accidents.
The person close to the company, who asked not to be named because the planning is still not public, also revealed that the probe is based on a large amount of documents also released to Congress.
The internal investigation is headed by the independent lawyer Anton Valukas and is expected to conclude that there wasnt any concerted coverup, but the companys managers were unable to make connections and act adequately on the problems. The investigation is also expected to conclude that the current Chief Executive Officer of the company – Mrs. Barra, who took over the helm on January 15th, was not aware of the problems related to the ignition switch until she occupied the position.
The Chief Executive Officer of General Motors – Mary Barra – is expected to point out some new steps that are intended to improve the culture and management of the company. General Motors Co. is also awaited to announce the dismissal of “a number of people”. People with knowledge of the situation reported that the engineer responsible for designing the ignition switch – Mr. Raymond DeGiorgio will probably be included in the list of employees that are to depart. The people also said that the companys General Counsel Mr. Michael Millikin is to keep his job in General Motors.
One of the analysts of autotrader.com – Mrs. Michelle Krebs commented on the future release of the report for the Financial Times, saying that the disclose of the internal investigation would be a “milestone in GM history”. Mr. Krebs also said: “Putting this report out there is really showing GM naked. It will force some changes.”
General Motors Co. was 3.57% up to close at 36.52 dollars per share yesterday, marking a one-year change of +7.35%. According to the information published on CNN Money, the 17 analysts offering 12-month price forecasts for General Motors Co. have a median target of 45.00, with a high estimate of 55.00 and a low estimate of 32.00. The median estimate represents a +23.22% increase from the last price of 36.52.
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