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General Motors

GM declares first dividend since bankruptcy

Chris Woodyard
USA TODAY
Mary Barra starts to take the reins from Dan Akerson, rear, as CEO of General Motors. The company just declared a dividend
  • GM declares quarterly dividend
  • It will be 30 cents a share for the quarter
  • The dividend is the first since 2008

DETROIT -- General Motors declared a quarterly dividend of 30 cents a share Tuesday, its first since the automaker's prospects darkened in 2008, leading to its bankrutpcy filing.

The dividend, which would amount to $1.20 a share a year, comes as the reorganized automaking giant is seeing better business for its cars and trucks, not just in the U.S. but around the world.

The dividend is another aspect to a big week at GM, which also saw the automaker roll out a bevy of new models at the North American International Auto Show and incoming CEO Mary Barra begins the transition of power from outgoing CEO Dan Akerson. On Tuesday, GM said it is elevating its chief financial officer for North America, Chuck Stevens, to be CFO of all of GM, replacing Dan Ammann, who becomes GM's president Wednesday.

A year ago, GM archrival Ford doubled its dividend from 5 cents to 10 a share. And just this month, it raised again to 12.5 cents.

Now has seen 15 consecutive profitable quarters through the third quarter and has cleaned up its balance sheet. It says it had total automotive liquidity of $37.3 billion as of last Sept. 30, and $8.4 billion of automotive debt.

"Today's General Motors is designing high-quality, world-class vehicles for our customers and delivering consistently solid financial results," Akerson said in a statment. "The board understands that our investors should share in this success and is pleased to announce a quarterly dividend for our common stockholders."

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