GM Retirees Threaten Boycott
When General Motors rolls out its “new” public stock offering the automakers’ salaried retirees say they’ll be left out in the cold. And now there’s talk of a boycott.
Angele Shaw, Communications Director of the G-M Retirees Association, says many of the 130-thousand GM retirees owned thousands of shares of the “old” GM stock which is now worthless.
The association represents the interests of the workers.
“We’re hoping that GM can see the wisdom of actually getting that retiree customer base back in place and treating these people with respect,” Shaw told WWJ’s Jayne Bower.
President of the GM Retiree Association, John Christie, has asked GM to include retirees when the new stock is rolled out, but there’s been no response
“They (retirees) feel that they have, in fact, been left in the dust. And there seems to be a movement starting to try to boycott GM purchases.”
As for a boycott.
“Those retirees, I think have a significant influence on the buying practices of themselves, their families, their friends and their acquaintances,” Christie said.
He was quick to add a boycott is a double-edged sword because the retirees want GM to succeed and continue to fund their pensions.
The actual public sale of General Motors stock is expected to happen sometime in the fall.
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