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Daily news and top headlines for manufacturing professionals

GM To Pay New CEO Barra $1.6M

January 20, 2014 8:23 am | by Joshua Freed, AP Business Writer | News | Comments

General Motors Co. says new CEO Mary Barra will get a base salary of $1.6 million per year as she takes over the global automaker. GM said in a filing on Friday that Barra will also be eligible for $2.8 million in short-term incentives. Her pay would climb further if GM shareholders approve a new long-term incentive plan at their next annual meeting.

Bernanke Likens '08 Financial Crisis To Car Crash

January 16, 2014 1:39 pm | by Martin Crutsinger, AP Economics Writer | News | Comments

In his final public appearance as chairman of the Federal Reserve, Ben Bernanke took a moment to reflect on the 2008 financial crisis and compared it to a very bad car crash.During an interview at the Brookings Institute, he recalls some "very intense periods" during the crisis, similar to trying to keep a car from going over a bridge after a collision.

Obama To Nominate Calif. Businesswoman To Lead SBA

January 15, 2014 11:15 am | by Jim Kuhnhenn, Associated Press | News | Comments

Rounding out his Cabinet, President Barack Obama intends to nominate Maria Contreras-Sweet, the founder of a Latino-owned community bank in Los Angeles and a former California cabinet secretary, to be head of the Small Business Administration.   


Mill That Started Buffett's Empire Razed

January 14, 2014 11:02 am | News | Comments

The Massachusetts textile mill that helped billionaire Warren Buffett launch his investment empire, but which he also called one of his biggest blunders, is being torn down. Roland Letendre, the current owner of the Berkshire Hathaway mill in New Bedford, started demolishing the structure on Monday after efforts to sell the property failed.

Fiat-Chrysler CEO To Stay At Least Through 2016

January 13, 2014 2:18 pm | by Tom Krisher, AP Auto Writer | News | Comments

Sergio Marchionne will lead a merged Chrysler and Fiat at least for three more years, Fiat's chairman said Monday. Speaking to reporters after the unveiling of a new midsize Chrysler car at the Detroit auto show, John Elkann told reporters that he has a deal with Marchionne to stay at least through 2016.

New GM CEO Hopes To Inspire Science Students

January 13, 2014 8:34 am | by Tom Krisher, AP Auto Writer | News | Comments

Responding to a question about being an inspiration to women, Barra said she hopes her engineering credentials make her a role model for young people. "With my technical background — I'm an electrical engineer — and I can motivate young women or young men to pursue a career in science," she said.

Mulally Puts Focus Back On Ford's Cars, Trucks

January 8, 2014 7:57 am | by Dee-Ann Durbin and Tom Krisher, AP Auto Writers | News | Comments

Mulally ended months of speculation that had already clouded the debut of the new Mustang last month and threatened to overshadow next week's widely expected unveiling of a new F-150, plus the launch of 23 new vehicles this year. Mulally wouldn't say whether he had talked to Microsoft about the CEO job, but said the speculation had been a distraction for Ford.

Thompson: Microsoft To Pick CEO Early Next Year

December 17, 2013 1:56 pm | News | Comments

Microsoft expects to finish its search for CEO Steve Ballmer's replacement by early next year. Board director John Thompson, who heads the company's executive search committee, said so in a blog post Tuesday. Ballmer said in August he would retire within 12 months.


Motorola CEO Talks About Global Vision

December 16, 2013 8:17 am | by Anick Jesdanun, AP Technology Writer | News | Comments

Google's $12.4 billion purchase of Motorola Mobility was widely seen as a way for Google to acquire patents to defend its Android operating system from intellectual property lawsuits. Yet Motorola hasn't given up on making phones. In August, it started selling the Moto X, the first smartphone assembled in the United States.

GM Names Mary Barra CEO, 1st Woman To Head Car Co.

December 10, 2013 10:11 am | by Tom Krisher, AP Auto Writer | News | Comments

General Motors product development chief Mary Barra has been named the company's new CEO, the first female head of a U.S. car company.Barra, 51, will replace Dan Akerson on Jan. 15. Barra currently holds what many say is the most important job in the company — senior vice president for global product development.

Wal-Mart Promotes Cheesewright To Int'l Chief

December 10, 2013 9:23 am | News | Comments

Wal-Mart Stores is promoting David Cheesewright to president and CEO of its international business. The 51-year-old Cheesewright succeeds Doug McMillon, who last month was named the next president and CEO of the world's biggest retailer. McMillon succeeds Mike Duke.

GM Says Head Of China Unit Will Retire

December 2, 2013 7:52 am | News | Comments

General Motor Corp. says Bob Socia, the president of GM China, will retire on Jan. 1. The company said Friday Matthew Tsien will replace Socia. Tsien, 53, is in charge of planning and program management for GM China and GM Consolidated International Operations and Strategic Alliances for China.

Peugeot Citroen Chief's $28.5M Pension Criticized

November 27, 2013 12:36 pm | News | Comments

Finance Minister Pierre Moscovici said Wednesday that the pension for Philippe Varin was "inappropriate," especially in light of recent layoffs, the company's financial troubles and falling sales during Varin's four years as chief executive.    


Ex-Renault Exec To Take Over Rival Peugeot Citroen

November 26, 2013 8:15 am | News | Comments

Struggling French carmaker PSA Peugeot Citroen says a former executive at rival Renault will lead the company when its current chairman steps down. The company said Monday that Carlos Tavares, who was Renault's chief operating officer, will join PSA's managing board in January. He will replace the current board chairman, Philippe Varin, at some point next year.

BlackBerry Shakeup Continues As COO, CFO Depart

November 26, 2013 7:39 am | by Rob Gillies, Associated Press | News | Comments

BlackBerry's interim chief executive has shaken up BlackBerry's management team in a move seen as prelude to him taking the top job himself. Chief Operating Officer Kristian Tear and Chief Marketing Officer Frank Boulben, both hired by recently ousted CEO Thorsten Heins, will leave the struggling smartphone maker.

Wal-Mart CEO Steps Down

November 25, 2013 11:59 am | by Anne D'Innocenzio, AP Retail Writer | News | Comments

Wal-Mart Stores CEO and President Mike Duke plans to step down Feb. 1. The company says Doug McMillon, head of international operations, will succeed him.Duke, 63, who had been with Wal-Mart since 1995, had been at the helm since February 2009. Duke will stay on as chairman.

Work Not Done, Obama Climate Adviser Moves On

November 13, 2013 8:24 am | by Matthew Daly, Associated Press | News | Comments

Heather Zichal admits her job is unfinished. The architect of President Barack Obama's climate-change plan, Zichal left the White House last week after five years as a top adviser on energy and climate change.        

New BlackBerry Leader's Pay Package Released

November 12, 2013 8:03 am | News | Comments

In addition to a $1 million base salary and $2 million performance bonus, the Waterloo, Ontario, company will give him 13 million BlackBerry restricted share units, worth $85 million based on the current stock price, that will vest over five years.  

Chrysler Names New Chrysler Brand Chief

November 11, 2013 1:51 pm | News | Comments

Chrysler Group has named a new head of its Chrysler brand. The company said Monday that Al Gardner has been appointed president and CEO of the Chrysler brand. Gardner is a 27-year veteran of Chrysler who most recently served as head of the company's Southeast Business Center.

Head Of Troubled Va. Supplement Maker To Step Down

November 8, 2013 8:03 am | by Michael Felberbaum, AP Business Writer | News | Comments

A troubled dietary supplement maker in Virginia will start next year off with a new leader after its chief executive announced his resignation, a shakeup that comes as the company faced a securities probe, shareholder lawsuits and a scandal involving Virginia's governor.

UAW Nominates Williams As Its Next President

November 8, 2013 7:23 am | News | Comments

Dennis Williams has been the UAW's secretary-treasurer for the last three years. Williams, a Marine Corps veteran, joined the union in 1977 as a welder with J.I. Case in Rock Island, Ill. He joined the union's national organizing department in 1988 and has negotiated contracts with Mitsubishi, Caterpillar and other companies.

Ford's Design Chief J Mays Set To Retire

November 5, 2013 2:04 pm | News | Comments

Mays led development of designs that helped to turn Ford from a money-losing company with mostly boring products in 2006 to a company with coveted designs today. As group vice president and chief creative officer for design, he led development of the Ford Fusion, Focus, Fiesta, Taurus, Mustang and F-150, the statement said.

Lowe, Father Of IBM Personal Computer, Dies At 72

November 1, 2013 7:57 am | by Tammy Webber, Associated Press | News | Comments

William C. Lowe had a bold idea: IBM should develop a personal computer that could be mass marketed, expanding the company's reach beyond businesses and into people's homes. That was in 1980. One year later, the IBM 5150 personal computer was selling out at stores such as Sears and ComputerLand for $1,565, not including a monitor.

Nissan Cuts Profit Outlook, Revamps Management

November 1, 2013 7:54 am | by Elaine Kurtenbach, AP Business Writer | News | Comments

Ghosn attributed the weaker than expected performance to a variety of troubles, chief among them weakness in many emerging markets and painfully expensive recalls. He announced a management reshuffle that will make the company's chief operating officer, Toshiyuki Shiga, a vice chairman and appoint three other executives as COOs.

Teva CEO Resigns Amid Board Feud

October 31, 2013 8:49 am | by Tia Goldenberg, Associated Press | News | Comments

The chief executive of Israeli company Teva Pharmaceuticals Ltd. has resigned following a public uproar over a contentious restructuring plan set to cut thousands of jobs worldwide.A statement Wednesday from Teva said says its board of directors and CEO Jeremy Levin had agreed for him to step down.

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