General Motors and an investment group led by Harry Wilson jointly announced that, in conjunction with GM's disciplined capital allocation framework announced today, Wilson has agreed to withdraw his nomination to stand for election to the board of directors at the company's 2015 annual meeting and to withdraw his shareholder proposal.
GM CEO Mary Barra said: "GM is moving ahead with its comprehensive capital allocation framework, and constructive dialogue with our shareholders has helped ensure that we are addressing these key initiatives with the appropriate level of clarity and transparency. We will continue to be engaged with all of our shareholders and to be responsible stewards of our owners' capital."
Wilson said: "Today's announcement by General Motors represents the culmination of a constructive dialogue between our investor group, senior management and the board. As a result of this dialogue, we have arrived at a win-win outcome that includes a thoughtful approach to critical capital allocation issues and other important measures to increase long term shareholder value. We thank Mary Barra, senior management and the board for their engagement and focus on these important issues and for working toward a mutually successful outcome."