Alexa

Kerkorian won't purchase more GM stock; York resigns from board

Kerkorian won't purchase more GM stock; York resigns from board

Dissident General Motors Corp. shareholder Kirk Kerkorian said Friday that he will not acquire additional stock in the company, citing GM's decision not to pursue an alliance with Renault and Nissan.
The billionaire investor also said that his adviser Jerome York is resigning from the GM board.
Kerkorian, who owns a 9.9 percent stake in the company, has been pushing for more changes at GM to boost its share value. GM has said its own restructuring program that includes job and plant cuts is starting to show results.