tv The David Rubenstein Show Peer to Peer Conversations Bloomberg May 10, 2017 9:00pm-9:31pm EDT
♪ do you get tired of people asking you what it feels like to be a woman ceo? mary: it is a question that gets asked more than it should. me last mother's day your most important job is mom. david: did the government get its money back from general motors. mary: general motors will be forever grateful. david: do your board of directors let you go in a driverless car? mary: if it is from general motors, yeah. >> would you fix your tie, please? david: well, people wouldn't
recognize me if my tie was fixed, but ok. just leave it this way. alright. ♪ david: i don't consider myself a journalist. and nobody else would consider myself a journalist. i began to take on the life of being an interviewer even though i have a day job of running a private equity firm. how do you define leadership? what is it that makes somebody tick? get tired of people asking you what it feels like to be a woman ceo of any company? was surprised by it. when people ask me, it was a reflection of what people thought of the auto industry. would not be sitting here today if not 20 years ago, people had not taken chances on me to develop me. model foran be a role other girls to pursue engineering careers or math and
science, that is a good thing, but it is a question that gets asked probably more than it should. david: did you ever expect you could rise up, that any woman could rise up, and be the ceo at the time you joined a general motors? mary: i was studying engineering i was lookingso to pursue a career in engineering. wonderfule opportunities to work in so many areas, so i feel fortunate arid david: di. david: did you find people contacted you when you became ceo, laughed at your jokes more? [laughter] i don't think i had any high school classmates who said we knew this would happen. there were comments that were very positive. it was really heartwarming, the
messages i got, my path had crossed with them at some point in my life. david: did your children treat you with more respect? mey: my son aptly reminded of last mother's day that your most important job is mom. what are the most important challenges you face in running the company? mary: we are seeing more change than we have seen in the last 50 years. think about the cars you drive today and rewind 5-10 years ago. you want your smart phone connected. you have safety features all around you. we are working on autonomous. you are driving electric vehicles. the industryat how is being transformed, we are changing the way people get from point a to point b. rapid paceg at a
because we are competing with silicon valley. david: autonomous is eu finance them for driverless cars. he would not like to say driverless because it is not true? did your board of directors let you go in a driverless car? [laughter] mary: if it is from general motors, yes. there is a trainer in the vehicle, but i have written in the cars in san francisco, and it is astonishing what these cars can do. david: so when you are in a driverless or autonomous vehicle, do you put on the break to stop it, or do you get away from doing that? is trainednk it response, but frankly it is smooth. when i was writing in the autonomous vehicle -- if you think about when you come up to
an intersection and the light is yellow and you have to make a decision to go through or stop, and a time to miss vehicle has sensed when the light turns yellow, can it maintain speeding go or should it stop? that is one of the methods of autonomous vehicle. processing all the information around me more safely than we can do stripers. one other phrase lately is ridesharing. what is ridesharing? mary: similar to a cap, you are looking to get a ride from doeone, so you would ridesharing versus car sharing. you'll have the use of the car, a day, an hour, a month. , and wea stake in lyft have our own company maven and 16 cities across united states where we are doing car sharing.
you drive the car for a short time and then you give it back to somebody? mary: in ann arbor, we have cars at a station and you go online to reserve it. you return it, or you can drop it off in a different place. everybody is using car sharing or ridesharing come want there be more cars sold? have been a lot of studies, more cars or less cars. think of some of the people who can't drive now, some physical a limitation that does not allow you to drive. we think we will open up to a lot of people who can't drive or don't have the freedom of mobility. also, these vehicles in these sharing environments are driven much more frequently. david: last year you sold 10 million cars, which is a record amount, i guess.
a lot of people are saying more cars are sold because gas prices are low, is that your experience, because prices are low, and if gas prices come up, will there be a problem in car sales? mary: we are seeing a shift in the u.s., but across the globe, trule moving to suvs and cks. even trucks and crossovers have ,ecome much more fuel-efficient so we believe in having a wide portfolio, but we have seen people going into and up-level model of a vehicle or one size bigger, so they are investing the money they are saving from the gas savings into the vehicle , but that is one of the reasons we have a full product line. in to buyn people go a car these days, who are the
decision-makers, the woman or the man? [laughter] mary: are 80% are made or influenced by women. david: the salesman goes back and says i have to talk to my manager to see whether i can -- [laughter] david: do they really talk to their manager or do they just -- [laughter] [applause] mary: well, so first of all, there are several dealers in the room, so i hope i get this right. [laughter] mary: our dealers are independent operators, so they have the ultimate control on what price they sell a vehicle for. david: everything still has options, but are there still options that are optional? creating options every day. one of the things we just put out -- it is not an option, but a recent addition to our vehicle een driver package where
you can monitor how the child is driving from a speed and soeleration-deceleration, you get a sense of how safely your teenager is driving. a ghost to 21, 22, 25 -- 25?oes to 21, 22, mary: is there not an option you can keep people driving if they are texting? david: you are right. -- mary: you are right. distracted driving is the most common form of accidents. fatalities have been going down, and now they are going up. distracted driving is a big piece of it. there is a lot we can do, but we can educate the public.
there are things we have done to integrate it so a voice can read your text. it can be on the main screen on the console of the vehicle. when you are folding your phone, looking down, that is one of the worst things you can do. distracted driving is a real issue, and we all have to take responsibility. mary: you are a member of the presidents is this advisory council, so what is donald trump like? david: it was a productive meeting where we could share our views. ♪
what kind of car do you drive? do you test out for products, mercedes-benz? [laughter] competitorally drive models at our proving ground. of our test one vehicles, we line it up against the competition. the head of product development does that every friday afternoon with the team of a engineers, so i have had the opportunity to do that. right now i am driving a cadillac, but i can ask for what ever car i would like. david: any car, any color you want, right? you're driving around in michigan on the weekend, do you pump it yourself? mary: yes. david: does anybody say you should not be pumping your own gas? mary: it is between you and the pump. [laughter] david: are there any competitors
models that you would recommend or not really? mary: that is an important question, but when i look, and may be because iran product development, so a chevrolet orrk or a heavy duty pickup a cadillac escalade, i feel like we worked hard to have a vehicle improvey segment, to quality, to have the right features, so i can say across our widespread portfolio of vehicles, we have you covered. i mean that in all sincerity. we work hard to do the right thing for the customer and have great vehicles. $50,000, whatve would you recommend? there are a lot of vehicles you can buy for $50,000. david: $30,000? mary: you can buy this vehicle here. you can get our entry-level or the or the gmc canyon
chevrolet colorado midsized pickup. these are products that have one a lot of awards -- won a lot of awards. david: suppose a want to go fast, what is your fastest car? although thevette, latest edition of the khmer is giving it a run for its money. >> mary and i met last week and had a fantastic meeting. david: you were a member of the presidents advisory council, so what is donald trump like? mary: i have to say we had a very productive meeting. able to talk about some of the issues and challenges our industries and our companies are racing, especially changes in tax, trade, and regulatory, so it was a very productive meeting where we could share our views.
the administration and the president really listened. it is early days, but seems to be action oriented. in the unitedble states, not as profitable in europe, but no profitable in china. why are you so successful there? mary: the buick brand is a strong brand. it had a rich history in china, driving officials around in the 1920's and 1930's, so great rand. we have been able to grow the chevrolet brand and the cadillac. it is one of the fastest-growing's luxury brands. david: you used to have a lot more brands, pontiac, oldsmobile , now you have chevrolet, cadillac, buick, and gmc, are those the main ones in the united states? mary: yes. david: cadillac is your premium, right?
presidential the limousines, bombproof, have you ever been in that car, seen what it is like him are you can't comment? mary: i really can't comment. [laughter] david: ok here it i guess the average person couldn't afford something like that? what was the atmosphere like when you were working there? mary: it was very difficult. , theve 220,000 people restructuring was primarily with america, but that is 100,000 today, so itloy was a difficult time. that is where you saw the resolve. things most special general motors is the minimum women of general motors. they worked so hard through that period and did in a short period of time to get the restructuring completed. the government get its money back in some form or other over the years? portion of was a
what the government provided that was loans, and they had some ownership and stock. we paid back the loans, and then they chose went to sell the stock, but there is a difference there. when you look at the reserves created because we have invested billions of dollars in the u.s. to create or maintain jobs, from that, i think it has been successful. at general motors, we will be forever grateful for what the government did. david: when you meet with congress, do they understand your issues? mary: there is a willingness to have a discussion and to understand the jobs we create. what about for people interviewing you, can you get a discount? [laughter] ♪
the culture, looking at the right capacity, work that was going, but through some great leaders, and my predecessor sitting at the table here, put a focus on the company of excellent's and put the customer at the center. we don't win until the customer says we win, so that customer-focused piece and what be good at has guided us. david: you compete against companies in the united states that are often not unionized, so is there a big differential now between unionized workforce compensation and non-unionized? david: there is a gap there -- gap there. is a we have a very productive relationship on workplace safety, quality, and productivity. with: when you meet
members of congress, do they understand your issues or they don't understand your issues? mary: there is a willingness to have a discussion and understand. there is not a single member of government who did not want to understand how we create jobs. david: have they ever said, can you give me a discount on the general motors car? mary: we can't for government officials. david: what about people who interview? [laughter] mary: i think we can. corporate taxor rates going down. how would you propose congress pay for that? ofy: we are in favor corporate tax reforms. there are a lot of moving pieces. if not done thoughtfully, it could be problematic. it would take time to adjust to that. so what we are asking for his we support tax reform, but it has
to be done in a way -- you deal with congress, are you promoting any project right now? area is the regulatory area. we are committed to the environment. will usee only oem who all renewable energy by 2050. he believe in the science. we are pro-on education. one of the three things the company works hard and is safety, education, and economic development in the regions where we work. from an education perspective, in southeast michigan, said detroit is a big concern, the education system there. there are things we can do, state, local, federal to improve the education system. from: if someone graduates
college not, why should he or she want to work in the auto industry, general motors? mary: it is the most exciting time ever. it is usually the most important or second most important purchase a person makes in their ofe, so to get to be a part that, people name their cars. it is an exciting thing to be part of, and then the fact that we are being transformed by technology with connectivity, which we have a leadership role in, a lecture vacation, autonomous -- general motors is among the leaders or leading. risen up, bute are there many other women who are likely to become ceos in the automobile industry or is it rare? mary: i can't speak outside general motors, but we have women leading major areas of the corporation, global manufacturing, all electric products, there are many areas
across the companies where women are leading. we have twommitment diversity, and you have to have a strong pipeline. just because i sit here now, it doesn't mean without continued focus on diversity and understanding biases, that something we spend a lot of time on at general motors. your: do you tweet employees to keep them informed? a facebook account and twitter account, and i have found -- for those of you wanting to communicate with your organization, i have found it an extremely effective way to communicate and share what is going on and interact with employees who are doing great things and capture that on my facebook or twitter account. i find it an effective way to communicate. david: you have been ceo for a relatively short period of time, but ceos do retire. that is what they say.
if you do retire, what would you want to do afterwards? if the president called you and ask you to be secretary of this or that, would you go in? mary: i would not. i have a job to do for many iars at general motors, and am excited about the technologies we are working on. when i am done doing that come i will probably focus on sleep. [laughter] mary: the two main -- david: the three main companies, , general motors, do you run into the other ceos in michigan or shopping centers or wherever you go? shopping so much centers. i may have a different shopping pattern than they do. [laughter] to shop, but at events, clearly at events, whether the detroit grand prix or a meeting such as this come often we will be in the same place.
david: for relaxation, other than retail therapy, what do you do? are you a golfer? you ski? -- do you ski? mary: a lot of time has been dedicated to going to my sports, so i am a hockey mom and soccer mom. , am starting to take lessons and that's probably all the time i have time for right now. david: i would suggest miniature golf. it is less frustrating. [laughter] a good suggestion. you tweet while you are watching the sports, you're on your females and they don't know you are emailing while you are watching them? mary: if they are not playing, i am probably on my phone. ♪
>> there we go. victoria peak in hong kong. we are counting to down to the start of the trading day. there we go. stocks afterinese truck the recent slump. lack of movement on the interest-rate policy in new zealand. comey's firing still reverberating in political circles in washington. i am rishaad salamat. >> i am sophie kamaruddin. financial stocks in the u.s. shrugging it off.
the asian session, green across for the most part, japanese stocks swinging, corporate profits being taken into consideration. ota, the margind looks frail. i with thet to haid hong kong open. what indicesk at come the asia page, joining the fray, quite a bit of downside. shanghai composite down .7%. .8% to this by going into a crucial week for this one belt, one road. this is the pet project of xi thing, butsoft power does have meaningful