UPDATE: GM (GM) Lets Go of Key Turnaround Exec on European Football Ad Folly
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(Updated - July 30, 2012 2:55 PM EDT)
Forget the macro picture, General Motors (NYSE: GM) has bigger issues to worry about. Namely, European football.
According to reports out Monday, GM's marketing chief Joel Ewanick resigned his position following criticism from upper management the exec didn't fully disclose financial details of a European soccer sponsorship. Reuters' U.K. unit said the deal was tied to global football powerhouse (and recently-rescinded IPO filer) Manchester United.
(UPDATE - According to reports from Reuters, the deal with Man U is said to be valued at $600 million. The deal will call for payments of $60 million to $70 million per year, about double what former Man U sponsor Aon (NYSE: AON) paid. Sponsorship will start in the 2014 - 15 season. An activation fee of $100 million will also be paid to Man U. Manchester issued a press release at 11am EDT confirming the sponsorship with GM's Chevy unit.)
Ewanick oversaw GM's $4.5 billion global ad budget and was said to be key in GM's global restructuring.
Back in May, Ewanick was a key proponent to GM pulling ad dollars from Facebook (Nasdaq: FB), citing a lack of traction from advertising on the social media giant's platform. The announcement came just days before Facebook's IPO on May 18th, rubbing some on Wall Street -- and in GM's board room -- the wrong way.
General Motors will release second-quarter 2012 results on Thursday, August 2nd. Shares are 0.5 percent lower Monday.
Forget the macro picture, General Motors (NYSE: GM) has bigger issues to worry about. Namely, European football.
According to reports out Monday, GM's marketing chief Joel Ewanick resigned his position following criticism from upper management the exec didn't fully disclose financial details of a European soccer sponsorship. Reuters' U.K. unit said the deal was tied to global football powerhouse (and recently-rescinded IPO filer) Manchester United.
(UPDATE - According to reports from Reuters, the deal with Man U is said to be valued at $600 million. The deal will call for payments of $60 million to $70 million per year, about double what former Man U sponsor Aon (NYSE: AON) paid. Sponsorship will start in the 2014 - 15 season. An activation fee of $100 million will also be paid to Man U. Manchester issued a press release at 11am EDT confirming the sponsorship with GM's Chevy unit.)
Ewanick oversaw GM's $4.5 billion global ad budget and was said to be key in GM's global restructuring.
Back in May, Ewanick was a key proponent to GM pulling ad dollars from Facebook (Nasdaq: FB), citing a lack of traction from advertising on the social media giant's platform. The announcement came just days before Facebook's IPO on May 18th, rubbing some on Wall Street -- and in GM's board room -- the wrong way.
General Motors will release second-quarter 2012 results on Thursday, August 2nd. Shares are 0.5 percent lower Monday.
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