Since Richard Wagoner became CEO of General Motors (GM), the stock has gone from the $60 per share range down to its current price of $10.25.
But not to worry: the company’s lead outside director George M.C. Fisher told The New York Times that "We are absolutely convinced we have the right team under Rick Wagoner’s leadership to get us through these difficult times and on to a bright future."
This came after the company reported a $15.5 billion second quarter loss. But what does Mr. Fisher care?
According to the company’s latest proxy statement, Mr. Fisher is the beneficial owner of 4,752 of the company’s 566,200,000 shares which calculates into him having an ownership stake of 8.39279407 × 10-6. Perhaps the company could have put that figure in the proxy statement as his percentage stake in the company.
If Mr. Fisher is feeling so good about the company’s future under Mr. Wagoner, why doesn’t he go ahead and pour $10 million of his own money into the stock. As the former CEO of Motorola (MOT) and Eastman Kodak (EK), he shouldn’t have any problem ponying up the cash.
Until then, talk is cheap Mr. Fisher — very, very cheap.