New General Motors chairman Edward Whitacre wants the company to remain at the top of the US sales chart and has told his new management team that regaining market share is a priority.
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Speaking after a two-day board meeting – the first since GM emerged from bankruptcy – Whitacre said the company’s business plan needs “tweaking” with rapid improvements needed in advertising, revenue and net income.
In July, GM had a 18.9% market share, 1.4 points ahead of Toyota, while Ford was closing the gap with 16.5%.
Changing marketing strategy and revamping its advertising would help GM regain market share, said Whitacre.
The board meeting on Monday and Tuesday discussed generalities, he said. Future meetings would be held monthly and managers held accountable for targets while CEO Fritz Henderson has been told what the board expects from him and when, Whitacre added.
“There’s certainly a lot of knowledge here. Whether they step up to the plate remains to be seen,” he said of the executives.
