Tag Archives: Chief Executive Officer

Saab Automobile Board Meeting Rescheduled For Tomorrow

Posted on 07. Jan, 2010 by .

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As reported this morning, Bloomberg indicates that the Saab Automobile AB management board meeting has been rescheduled for tomorrow to take in additional last minute efforts for other bidders to buy Saab.

The discussion tomorrow will not only include the bidders, but also whether or not to start production this Sunday, January 11th as stated previously.

They have some additional coverage of our “Save Saab” gathering in Detroit, which is again nice to see.

Here is the article below:

Jan. 7 (Bloomberg) — Saab Automobile AB, the Swedish carmaker being wound down by General Motors Co., postponed a board meeting and bidders including Spyker Cars NV are making last-ditch efforts to buy the brand as a sale deadline looms.

The gathering, originally set for today, will take place tomorrow and examine whether or how Saab can restart production Jan. 11 after a four-week break, board member Haakan Danielsson said an interview. Board members may also discuss any possible new bids for Saab, he said.

GM has extended a deadline for Saab bids until today, giving Spyker more time to come up with financing for its offer, people familiar with the matter have said. Genii Capital, a private-equity firm that agreed to buy a majority stake in Renault SA’s Formula One team last month, intends to hand in a cash offer today, according to Lars Carlstroem, the Swedish investor who is working with Genii.
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Spyker Cars Says EIB Loan Is Biggest Problem

Posted on 17. Dec, 2009 by .

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Bloomberg reports that Spyker CEO, Victor Muller says that the European Investment Bank (EIB) loan is their biggest problem.

Evidently, this is the most time consuming aspect of the entire deal for the company. In addition, the CEO also indicates that the EU and the Swedish National Debt Office are also slow to move on things.

What I am concerned with is that most of these places are entering the holiday season at this time, so will they be even slower? When you hear a quote from the EIB stating that ” It’s possible that the European Commission will reach a decision this month” , it makes you wonder if they really care to get this resolved by December 31st? If they don’t grant the loan before then, and the deal is not signed immediately following the loan being granted, it’s over.

Furthermore, one would have thought that all of these parties would have been motivated to work harder, faster & smarter since the Koenigsegg failed due to all of these parties moving slower to begin with. We can’t have a repeat of the same process again, only to be bottle necked again by the same slow-moving bureaucracies.

Here’s hoping that the EIB, EU and the SNDO can get their act together ASAP.

Spyker CEO Says EIB Loan Is Biggest Saab Deal Hurdle (Update1)

Dec. 17 (Bloomberg) — Spyker Cars NV’s plan to buy General Motors Co.’s Saab unit hinges on the European Investment Bank approving a loan before the end of December, the Dutch luxury-car maker’s chief executive officer said.

GM and Spyker are not the “potential problem for this transaction,” Victor Muller said in a phone interview from his home in Amsterdam today, adding that winning EIB support before year-end is the biggest obstacle. So far, the European Union’s lending arm has sent “neutral signals” on approving a 400 million-euro ($574 million) loan that is key to the sale and which the Swedish government must guarantee, said Muller.

“It’s mainly now down to the government agencies,” Muller said. “That’s really the main issue. We’re getting lots of support from the Swedish government.”

Spyker, the maker of $235,000 sports cars, emerged as the frontrunner to buy Saab this month after Koenigsegg Group abandoned its bid on Nov. 24. GM’s Chief Executive Officer Ed Whitacre said on Dec. 15 that the Detroit-based carmaker will shut the unit if it doesn’t reach a deal with Spyker by the end of this month. GM has separately agreed to sell some technologies for Saab’s 9-3 and 9-5 models to Beijing Automotive Industry Holding Co.

The EIB was not immediately available for comment.
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G.M. To Decide The Fate Of Saab Automobile Next Tuesday

Posted on 25. Nov, 2009 by .

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The New York Times & Bloomberg report that GM will be holding a board meeting next Tuesday, December 1st where they will ultimately decide the fate of Saab Automobile.

Nov. 24 (Bloomberg) — GM’s board will review the future of the bankrupt unit at a Dec. 1 meeting, said the person, who asked not to be identified because the talks aren’t public. Directors could opt to keep Saab, as they did earlier this month in scrapping the sale of the Opel division in Germany, the person said.

Today’s pullout by Koenigsegg, which said it ran out of time to complete a deal, is the third brand sale to falter since GM’s July 10 bankruptcy exit. GM backed out of the Opel sale to a group led by Magna International Inc., and Penske Automotive Group Inc. withdrew in September from a plan to buy Saturn.

“What this indicates is it’s a pretty tough car market,” said Jim Hall, a principal at consultant 2953 Analytics in Birmingham, Michigan. While Detroit-based GM cut liabilities in the U.S. while in Chapter 11, “in Europe it’s a whole other story because they didn’t get this similar cleansing.”

GM began getting indications of a possible snag over the weekend, and Koenigsegg’s board decided yesterday to back away, the person said.

The Swedish company had sought to obtain in advance all 400 million euros ($600 million) of financing approved by the European Investment Bank, while the lender planned to disburse the funds in tranches, said a second person who was familiar with those negotiations.

‘We Believed’
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Bill Kelly, Saab Cars USA President 1991-1994

Posted on 02. Oct, 2008 by .

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Bill Kelly became acting President of Saab Cars USA, Inc. in Oct of 1991 replacing Sten Helling.

During his tenior, he worked in the corner office at the 35 Executive Boulevard building within Orange, Connecticut campus and was personally responsible for moving Saab-Scania of America, Inc. to Norcross, Georgia in 1992.

Here is his first excerpt from the original press release to the public, dated September 30th, 1991.

William S. Kelly Named President and Chief Executive Officer, Saab Cars, USA, Inc.

In conjunction with this announcement, William S. Kelly, 43, has been named president and chief executive officer, Saab Cars USA, Inc, succeeding Sten Helling who has chosen to remain in Connecticut, and will leave Saab after 11 years of dedicated service with the company.

Mr. Kelly previously served as vice president, sales and marketing, for the Swedish automobile manufacturer’s U.S. subsidiary. Prior to that, Kelly was Saab’s national sales manager in the United States and held various Saab field positions. He first joined Saab in 1980, and has a broad background in dealer relations.

Jan-Ake Jonsson, 40, will assume the position of vice president, sales and marketing, Saab Cars USA, Inc., and will report directly to Mr. Kelly. Before this appointment he was manager, North America Coordination, Saab Automobile AB, and served as the principal liaison between Saab’s U.S. sales and marketing activity and the Swedish parent company.

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