Daily 5

Friday, August 9, 2024

Two huge executive shake-ups: One surprising, the other not so much

Welcome to today's edition of the Daily 5.

Two significant executive changes took place in our world in the last 24 hours — one a huge surprise and the other an example of an orderly transfer of power.

General Motors announced a series of executive moves today, underscored by the sudden and unexpected departure of Marissa West as president of GM North America. She had been seen as a rising star in GM executive ranks. Rory Harvey, West's predecessor who is now president of global markets, took over the North America unit effective immediately.

Meanwhile, Linamar CEO Linda Hasenfratz — the only executive to make all five classes of the Automotive News list of the 100 Leading Women in the North American Auto Industry since 2000 — is handing the reins to the company's longtime president, Jim Jarrell. Linamar said Thursday that Hasenfratz will remain executive chair of the Canadian supplier founded by her late father in 1966.

Automotive News next week will be publishing its latest exclusive future product previews for Volkswagen, Volvo, Jaguar Land Rover and other auto brands. As always with our future product coverage, you can't get this information anywhere else.

Have a great weekend.

— Philip Nussel, online editor

Marissa West leaves GM after 8 months as North American president

Rory Harvey has taken over management of North America, and Duncan Aldred is being promoted to vice president of commercial growth strategies and operations.

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Linamar's Linda Hasenfratz steps down as CEO, remains executive chair, company says

Linamar's Linda Hasenfratz has stepped down as CEO of the Canadian parts supplier, the culmination of a yearslong succession plan that will see longtime executive Jim Jarrell take over day-to-day activities at the company.

The end of Ram 1500 Classic production at Stellantis' Warren Truck Assembly Plant near Detroit will result in layoffs starting as soon as Oct. 8.

Despite the automaker's on-again, off-again plans for EV development, major changes are coming to the way Americans drive. And that shift raises high-stakes questions for one the key manufacturing assets in Illinois.

American Axle struck deals with European automakers, but it expects increased volatility as it prepares for ramp-up costs.

READ MORE >

Market close

Winners and losers
Here are the top 5 winners and losers among 65 automotive companies followed by Automotive News on U.S. stock exchanges today.

Top 5 winners

	Yesterday's close	Today's close	Percent change
CarGurus	$22.40	$26.94	20.27%
American Axle & Manufacturing Holdings Inc.	$6.21	$6.51	4.83%
Openlane	$16.55	$17.00	2.72%
Carvana Co.	$133.41	$135.92	1.88%
Copart Inc.	$50.09	$50.99	1.80%

Top 5 losers

	Yesterday's close	Today's close	Percent change
Vroom Inc.	$7.16	$5.61	-21.65%
Mullen Automotive Inc.	$0.72	$0.60	-17.01%
Blink Charging Co.	$2.13	$2.00	-6.10%
Rivian	$14.72	$13.95	-5.23%
Hertz Global	$3.69	$3.51	-4.88%

Quotes from 4 p.m. Aug. 9

Automakers
Here are today's stock trading results from 10 vehicle assembly companies trading on U.S. stock exchanges.

Automakers

	Yesterday's close	Today's close	Percent change
Ford Motor Co.	$10.13	$10.10	-0.30%
General Motors	$42.73	$43.48	1.76%
Honda	$29.44	$29.49	0.17%
Lucid	$3.15	$3.19	1.27%
Polestar	$0.69	$0.67	-2.63%
Rivian	$14.72	$13.95	-5.23%
Stellantis	$15.52	$15.31	-1.35%
Tesla	$198.84	$200.00	0.58%
Toyota Motor	$169.37	$168.59	-0.46%
VinFast Auto Ltd.	$3.74	$3.73	-0.27%