by Alyssa Oursler | June 12, 2012 5:00 pm
The bad news seemed to weigh more than the good news as Dan Akerson, CEO of General Motors (NYSE:GM), apologized to shareholders Tuesday for the company’s poor performance since its initial public offering.
While GM shares have gained more than 9% year-to-date — more than rival Ford (NYSE:F) can say — shareholders are more focused on the 33% losses since General Motors’ November 2010 IPO.
Akerson cited concern over underfunded pension funds — despite the fact that GM recently dropped traditional pension plans for white-collar retirees — along with ongoing losses in Europe and broader worries about the economy as reasons for the stock’s subpar performance.
All these factors overshadowed the fact that GM reported record profits of $7.6 billion just two years after bankruptcy, alongside a bounce-back last year that put the company once more on top of global sales.
Akerson agreed that the year was good but not great at the company’s annual meeting in Detroit, citing in particular its Fortune 500 rankings: GM took the fifth spot for revenue, but is 20th in terms of profit, CNNMoney said.
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