GM has admitted it discovered the ignition switch problem as early as 2004, but there was no recall until this year. Thirteen deaths have been linked to the problem.
Mary Barra said there will be a compensation plan for the victims, and the company will start accepting claims on August 1.
“First, we will do the right thing for those who were harmed. And second, we’ll accept responsibility for our mistakes and commit to doing everything within our power to make sure this never happens again,” Barra said.
Barra also said the investigation showed there was no sense of urgency about the issue, but there was not a conspiracy to cover it up. She said GM will implement new procedures for handling safety issues, and there will likely be more recalls.