General Motors' management has been too slow to make changes that would improve profitability and too vague in setting near-term milestones for performance, the leader of an investor group seeking a seat on the board said on Tuesday."There is absolutely a lack of confidence amongst investors of the company achieving its targets," Harry Wilson told Reuters. "There's a substantial amount of shareholder frustration."
GM revealed Wilson's board aspirations earlier on Tuesday. The former member of the U.S. auto task force that helped restructure the company in bankruptcy in 2009 also plans to propose at GM's annual meeting in June that it launch an $8 billion share buyback program.
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