Afternoon business headlines: 12-10-13
Tuesday, December 10, 2013 4:31 PM
Outerwall to cut 8.5 percent of workforce; Redbox chief leaves
Reuters: Outerwall Inc said the president of its Redbox video rental kiosks division had left the business after just over a year and that it would cut 8.5 percent of its workforce. The company, giving no reason for Anne Saunders' departure, said it expected to fill the position in the coming months. Redbox, which competes mainly with Netflix Inc., contributes more than 80 percent to Outerwall's revenue.
Mary Barra named GM CEO, becomes first woman to run major automaker
CNNMoney: General Motors Co. on Tuesday promoted insider Mary Barra to serve as the new chief executive officer, the first female head of a major U.S. automaker. Barra, executive vice president, will succeed current CEO Dan Akerson on Jan. 15, the company said.
U.S. ends bailout of GM, selling last shares of stock
The New York Times: The government bailout of General Motors Co. ended on Monday with the Treasury Department's announcement that it had sold its final shares of GM stock. Treasury Secretary Jacob J. Lew said the government sold the last of what was once a 60 percent stake in GM. Taxpayers lost about $10 billion on their $49.5 billion investment in the Detroit automaker.