GM Board Approves $6 Billion Share Buyback Authorization
General Motors has recently announced that its board has approved a new $6 billion stock repurchase authorization. This decision follows an accelerated $10 billion share repurchase program that was announced in November 2023 and is expected to be completed by the end of this month.
GM’s CFO, Paul Jacobson, highlighted the company’s focus on the profitability of its internal combustion engine business, the growth and improvement of its EV business, and the efficient deployment of capital. This new authorization will allow GM to continue returning cash to shareholders by opportunistically repurchasing shares after the completion of the existing reauthorization.
While a timeframe for the completion of the program was not provided, GM’s shares were up 1% in premarket trading following the announcement. The stock has seen a 32.4% increase in value this year, closing at $47.57 on Monday.
This decision comes at a time of uncertainty surrounding the adoption of all-electric vehicles and stalling customer demand for new vehicles. Despite these challenges, GM’s investments in its brands and product portfolio, along with its operating discipline, have led to strong revenue growth, margins, and free cash flow.
Sources:
– NYSE
– The New York Stock Exchange
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Biography:
Mary Barra is the CEO of General Motors, a position she has held since 2014. She was born on December 24, 1961, in Waterford, Michigan. Barra earned a Bachelor of Science degree in electrical engineering from Kettering University and a Master of Business Administration from Stanford Graduate School of Business.
Barra started her career at General Motors as a co-op student in 1980 and gradually rose through the ranks to become the first female CEO of a major global automaker. Under her leadership, GM has focused on innovation, sustainability, and growth in the electric vehicle market.
Apart from her professional achievements, Barra is known for her advocacy for diversity and inclusion in the workplace. She has received numerous awards for her leadership and contributions to the automotive industry.
