Statement on Today’s Opel Supervisory Board
Rüsselsheim. It is not normal practice for Opel to comment on any matters reviewed at the Opel Supervisory Board. However, in light of the recent speculation in the media and elsewhere, it has been decided to issue a statement on the discussion of this matter at the Supervisory Board.
First, GM underscored its policy of not commenting on speculation. This has been the company’s policy for a long time and is one followed by many other companies. The automotive industry is a daily target for speculation around the world. It is not productive to comment on this and deviating from this practice could be misinterpreted. And, since GM is a publicly held company, it must be disciplined in its statements so as to be responsible to its shareholders and conform with Stock Exchange regulations.
Secondly, it was made clear that comments in the media stating that GM Senior Management in Detroit is unsatisfied with the progress of the turnaround of Opel/Vauxhall is not accurate. In fact, GM is pleased to see that Opel/Vauxhall is ahead of its restructuring plan, that GM Europe had positive results in the first quarter of 2011 and that market share has increased for each of the last 7 months compared to the previous year. Also, it has been recognized that the performance of recently launched Opel/Vauxhall products has been very satisfactory.
It was noted, that the recent speculation has come into the public arena (especially in Germany) just when Opel/Vauxhall is winning market share, improving its brand image and reporting better financial results.
It was agreed that the proactive communication to Opel/Vauxhall employees had been constructive and encouraging and that the best response to the speculation is to continue to demonstrate improved performance so as to give confidence to potential customers.
Chairman Supervisory Board Adam Opel AG
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