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The Journal Gazette

Friday, May 31, 2019 1:00 am

GM timeline

SHERRY SLATER | The Journal Gazette

Key events in General Motors' history include:

1908 – GM founded in Flint, Michigan
1937 – GM recognizes the United Auto Workers as the bargaining representative for hourly workers

1986 – GM opens Fort Wayne Assembly

July 2008 – GM announces plans to cut costs by $10 billion and raise $5 billion through borrowing and asset sales

November 2008 – GM warns its liquidity will fall short of the minimum needed to run its business by the first half of 2009

December 2008 – GM seeks U.S. government aid of up to $18 billion

December 2008 – GM and Chrysler granted $17.4 billion in government loans

January 2009 – Toyota Motor Corp surpasses GM as the world's largest automaker for the first time

February 2009 – GM announces plan to slash its global salaried workforce by about 10,000, or 14 percent, and cut the pay of most remaining white collar U.S. workers

February 2009 – GM raises U.S. funding request to a total of $30 billion, announces plans to cut global workforce by 47,000 and close five U.S. plants by 2012

February 2009 – GM posts 2008 loss of $30.9 billion

March 2009 – GM Chief Executive Rick Wagoner ousted by U.S. government, replaced by Chief Operating Officer Fritz Henderson. Company given 60 days to develop new restructuring plan

April 2009 – GM offers final plan to reorganize outside bankruptcy by slashing bond debt, cutting over 21,000 more U.S. jobs and emerging as a nationalized automaker. GM warns it would file for bankruptcy if an offer to exchange bonds for company equity failed to cut $27 billion in debt by about 90 percent of bondholders.

May 2009 – GM details plans to all but wipe out the holdings of remaining shareholders by issuing up to 60 billion new shares in a bid to pay off debt to the U.S. government, bondholders and the UAW

May 2009 – GM posts a first-quarter net loss of $6 billion and a cash burn of $10.2 billion

December 2008 – GM receives a bailout of $13.4 billion from the US Treasury, through the Troubled Asset Relief Program, also known as TARP

March 2009 – CEO Rick Wagoner announces that he is resigning at the request of the Obama administration.

April-May 2009 – General Motors receives another $6 billion in bailouts from TARP

May 29, 2009 – GM stock closes at less than $1 a share for first time since the Great Depression

June 2009 – GM files for bankruptcy. It receives another $30 billion in government funding to assist with restructuring

July 2009 – General Motors emerges from bankruptcy after 39 days. It is now known as General Motors Co. instead of General Motors Corp.

December 2009 – CEO Fritz Henderson resigns after less than a year in the position

January 2010 – Chairman Edward Whitacre Jr. is named CEO of General Motors

August 2010 – CEO Ed Whitacre announces that he will be stepping down on Sept. 1, 2010

November 2010 – GM raises $20 billion with its initial public offering at $33 a share

February 2011 – GM announces that the company made $4.7 billion in 2010, its first profit since 2004

January 2012 – GM is officially the top automobile manufacturer in the world

December 2013 – The US Treasury sells its remaining shares of GM stock, closing the book on the 2009 bailout. The United States only recouped about $39 billion of the approximately $50 billion it put into GM

December 2013 – Mary Barra is named the first female CEO of GM

February 2014 – GM expands a recall of compact cars to 1.37 million vehicles built between 2003 and 2007, due to possible ignition problems. Thirteen people have died in accidents

March 2014 – The recall of GM vehicles with ignition issues is expanded to 2.6 million vehicles

March 2014 – GM recalls 1.3 million vehicles due to a power steering issue

May 2014 – GM announces it is recalling another 3 million vehicles worldwide, and that it will take a $200 million charge for those repairs. The bulk of the latest recall applies to 2.4 million cars with a wiring problem that's been tied to at least 13 accidents and two injuries

May 2014 – The National Highway Traffic Safety Administration fines GM $35 million to settle a federal probe into the 10-year delay of its ignition switch recall, the maximum fine for a single violation. A separate FBI investigation is still underway

May 2014 – GM recalls another 2.4 million US cars and trucks

May 2014 – CNN reports a total of 29 separate GM recalls since January 2014 covering 13.8 million US cars and trucks, and 15.8 million vehicles worldwide

June 2014 – GM releases the results of an internal probe relating to delayed recalls and the deaths of at least 13 people. GM Chief Executive Officer Mary Barra announces that 15 employees have been dismissed and five more have been disciplined

June 2014 – GM recalls another 3.36 million vehicles worldwide for a different ignition switch issue linked to eight crashes and six injuries. This brings the total number of cars recalled by GM this year to more than 20 million.

June 2014 – GM recalls 8.4 million vehicles worldwide, most for faulty ignition switches. This brings the total number of vehicles GM has recalled in 2014 to 27 million in the United States, nearly 30 million worldwide

December 2014 – Thirty-eight deaths are now attributed to the faulty ignition switch and their heirs are eligible for payment from a fund established by GM. Also eligible for payment are six cases of severe injury and 45 cases of other injury

May 2015 – GM announces plans to invest $1.2 billion in a four-year project to prepare Fort Wayne Assembly to produce the next generation of Silverado and Sierra pickups. Company officials describe it as one of the biggest investments GM has ever made

December 2015 – GM's faulty ignition switch caused 124 deaths, according to a report

August 2017 – Recalls about 700,000 Chevy and GMC trucks because of a potential software problem that can cause them to spontaneously lose their electric power steering assistance for about a second

November 2018 – GM announces that it will shut down production at five facilities in North America and cut its staff, reducing its salaried workforce by 15%

May 2019 – GM announces a $24 million investment in conveyors and tooling at Fort Wayne Assembly

Source: Reuters, CNN, Journal Gazette archives

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