Friday, Jun. 04, 2010
The New GM's First Profit
May 16, 2010
GM post a profit for the first quarter of 2010 after chalking up $88 billion in losses during the previous five years. Chris Liddell, GM's new vice chairman and chief financial officer, who was lured away from Microsoft, suggests the profits indicate the company's turnaround plan is producing results. However, the results also show GM's troubled European operations continue to lose money, large unfunded pension liabilities still loom, and GM's cash flow will not cover capital costs for new products.