Shareholder representing 4 funds seeks $8B General Motors stock buyback, seat on board

IndustriesAssociated Press

A General Motors stockholder representing four investment funds has told the company he'll run for its board and will propose an $8 billion stock buyback in 2016.

GM says in a statement that former Obama administration autos task force member Harry Wilson disclosed his plan in a meeting with CEO Mary Barra on Feb. 3.

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The company says in a statement that the board will evaluate the proposal.

GM says Wilson represents investors who own about 2.1 percent of the company.

Wilson will run for the board at the company's 2015 annual meeting this summer.

GM shares rose 98 cents, or 2.7 percent, to $36.98 in morning trading.