WASHINGTON -- The biggest question in the turnaround of General Motors Co [GM.UL] is how it can overcome decades of insular management, the former leader of the Obama administration's autos task force said on Wednesday.
"A successful recovery is far from assured," Steven Rattner said about GM and Chrysler, the two auto companies the task force pushed into bankruptcy earlier this year to prevent their collapse. But he sounded an optimistic note, saying the two are viable and have "every tool they need" to succeed.
Speaking at an auto industry forum in Washington, Rattner said it will take time for the government to sell its 60 percent ownership stake in GM and its 8 percent investment in Chrysler.
Rattner, an investment banker who left the autos task force in July, said GM must "clean house" in order to keep pace with the industry's global transformation and move forward as a company.
"We did not feel GM was well managed. The culture is very insular. They basically thought the problems related to everything but management, in a way," Rattner said. "It needs a shake-up."
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