Monday, July 30, 2012

General Motors Company (GM) Falls On Departure Of marketing chief Joel Ewanick

The global marketing chief of General Motors Company(NYSE:GM) Mr. Joel Ewanick has been sacked from his job. Ewanick has been serving the company for more than two years now refurbishing the company’s marketing strategy. The decision was the outcome of Ewanick’s failure in submitting apposite report on the financial details with regard to the recent sponsorship deal between GM's mass-market Chevrolet brand and the world's most popular soccer club, Manchester United. The company took charge as the automotive sponsor of the soccer’s club in a five year deal that was announced in May.
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Though Ewanick chose not to comment on the recent development, the company affirmed on its decision of the departure of Mr. Joel Ewanick with immediate effectiveness.  "He failed to meet the expectations that the company has for its employees," GM spokesman Greg Martin said. He declined to elaborate. Mr. Alan Batey, the head of U.S. sales and service would replace Mr. Ewanick for a temporary tenure.
Ewanick was made the Vice President of the Company and the head of the marketing for the U.S. region in May 2010, seven months prior to the company’s blockbuster initial public offering in November of that year. His contribution to the company is largely remembered through the "Chevy Runs Deep" campaign with the tagline "We all fall down. Thank you for helping us get back up" that launched at the start of the Major League Baseball's World Series in 2010. The ad hinted at the automaker's 2009 bankruptcy and federal bailout. GM is 26 percent owned by the U.S. government. This campaign paved way for his promotion as the global chief marketing officer in December 2010.
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Speaking on the moment, Ewanick was found wishing the company all the luck for the years ahead. "It has been a privilege & honor to work with the GM Team and to be a small part of Detroit's turnaround," Ewanick said on Twitter. "I wish everyone at GM all the best."
Shares of GM fell 0.66% to $19.54 in early hours on Monday.

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