Harry Wilson, CEO, Maeva Group, spoke to the team of “Squawk Box” on CNBC about the General Motors Company (NYSE:GM) recall crisis and what he thinks about the economic recovery, high regulation and tax regime.
Wilson feels Mary Barra, CEO of General Motors Company (NYSE:GM), has handled the recall crisis well, even though it all happened before her tenure. Wilson, who was part of the U.S. auto task force that helped restructure General Motors Company (NYSE:GM) in 2009 during its insolvency, said that no on one in the auto task force or senior management was aware at that time of the defective ignition switches that led to the crisis.
Talking about Mary Barra’s leadership, he said, “Mary was both the face of the company and an empathetic person, and had to take responsibility and which she did.” General Motors Company (NYSE:GM) have done their best with regard to the recall, not just in an attempt to salvage the past, but also as it was the right thing to do, he added.
Moving to the macro economic situation, Wilson thinks that the level of regulation in the U.S. is higher than ever.
“Economy is pretty mediocre — it is two and half-ish growth, plus or minus. It is off the worst recession in the last seventy years. And so to take credit for the cyclical rebound, which I think some good things were done by the government at the trough of the recession, but to take full credit for that and say that people have no right to complain, I think is wrong,” he said.
On the economic recovery, he feels that reaching three percent growth in five and half years is fine, but the level of work done in that period is mediocre.
He also added that a high tax culture was unyielding, and would only lead to corporations exiting the country as was experienced in the past.