DETROIT (Reuters) - General Motors Co’s chief financial officer said on Sunday that the U.S. automaker is close to reintroducing a common stock dividend, but he declined to provide any details on timing.
“It’s clear to us that investors are anticipating a dividend,” Dan Ammann, who is set to become GM president on Thursday, said on the sidelines of the North American International Auto Show in Detroit.
“We’re closer than we have been given all the actions that we have taken, investment grade rating, all of that. When we have something to announce we’ll do it.”
GM last paid a dividend on its common stock in May 2008.
Ammann also said he believed the European car market has bottomed but wasn’t sure how fast it would rebound.
He said GM continues to believe it will break even financially in Europe - where it currently loses money - by mid-decade.
Mary Barra, who will succeed Dan Akerson as GM CEO later this week, said the automaker would continue to strive to offer good values to customers after she takes the helm.
Barra, a Detroit-area native and GM “lifer” who started with the company as an 18-year-old intern in 1980, will be the automaker’s first-ever female chief executive.
Reporting by Benjamin Klayman; Editing by Bernard Orr and Eric Walsh