General Motors shareholders have overwhelmingly turned down an activist shareholder's plan to split the company's stock into two classes.
Only about 9 percent of the stockholders voted for the plan from David Einhorn's Greenlight Capital hedge fund in a preliminary vote count. They also re-elected all 11 GM board members, rejecting the three candidates backed by Greenlight.
Einhorn proposed splitting the stock into capital appreciation and dividend classes. He says the plan would unlock the stock's value. Despite making $42 billion since 2010, GM shares have appreciated only about 5 percent.
CEO Mary Barra says the company will stay on its current course even though...