Geithner to meet GM CEO in New York

WASHINGTON (BestGrowthStock) – Treasury Secretary Timothy Geithner is scheduled to meet General Motors Co Chief Executive Dan Akerson on Tuesday to get an update on GM’s business and initial public offering plans.

The first face-to-face meeting between the new GM boss and his majority government shareholder will take place in the afternoon in New York, the Treasury said in a scheduling note.

A Treasury official described the private meeting as a “meet and greet conversation” that would cover the state of the auto industry and GM’s business.

A GM spokesperson in Detroit did not have an immediate comment on the planned meeting.

GM is preparing an IPO that could come by the end of November, according to people involved in the process. The deal is expected to allow the Treasury to begin reducing its nearly 61 percent stake in the automaker, acquired in a massive bailout and government-backed bankruptcy last year.

Akerson, a longtime telecommunications industry executive who later headed buyouts at The Carlyle Group equity firm, was named GM’s chief executive in August, when Ed Whitacre stepped down for a longer-term CEO to guide the company as it exits government ownership. Akerson had been a member of GM’s board since it emerged from bankruptcy in July 2009.

While Akerson has not commented directly on the IPO due to U.S. securities regulations, he said last month that the process of paying back taxpayers could take “several years.”

(Reporting by David Lawder, Editing by Chizu Nomiyama)

Geithner to meet GM CEO in New York