Bob Socia, the president of the Chinese operations of
General Motors Company
), is set to retire on Jan 1, 2014. The 59-year old, who has been
part of General Motors since 1975, became president of GM China
in Oct 2012. Apart from China, he has worked in North America,
Brazil, Europe and South Africa for the company.
Socia will be replaced by Matthew (Matt) Tsien, who is
currently the vice president of Planning and Program Management
for GM China and GM Consolidated International Operations and
Strategic Alliances for China. He will also be part of the GM
Executive Operations Committee. Tsien will report directly to
General Motors CEO Dan Akerson, unlike Socia, who reported to
China Chairman Tim Lee.
According to General Motors, Tsien is well versed with the
Chinese automotive market and has also been preparing under Socia
for his succession. Moreover, he has strong relations with the
company's partners and joint ventures in the country. This should
help make the transition smooth.
53-year old Tsien joined General Motors in 2001 as the
executive director of vehicle systems for GM North America
Product Development. He later served as the executive director of
Global Technology Engineering and executive vice president of
SAIC-GM-Wuling before reaching his current position in Jan
China is the largest market for General Motors. The company
and its subsidiaries expect sales in the country to cross 3
million units this year. This will be a record high for General
General Motors is aiming to boost the annual production
capacity in China to 5 million vehicles and triple its exports
from Chinese plants by 2015. In April, the company revealed plans
to build four plants in the country to boost capacity. General
Motors and its joint venture partners in China plan to invest $11
billion in the country by 2016 and launch about 17 new and
upgraded car models as part of their major expansion program.
General Motors currently carries a Zacks Rank #3 (Hold).
Better-ranked major automobile stocks worth considering are
Ford Motor Co.
Honda Motor Co., Ltd.
). While Ford is a Zacks Rank #1 (Strong Buy) stock, Daimler and
Honda hold a Zacks Rank #2 (Buy).
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