Ex-AT&T CEO Whitacre named new General Motors chairman - Denver Business Journal:

lamoreuuceses1724.blogspot.com
former chairman and CEO of , to become the new chairmanj ofthe U.S. automaker once it completew itsbankruptcy reorganization. Kresa will continuew to serve as interim chairman until Whitacrs takes over the helm ofthe U.S. GM says Whitacre and Kresa — alongy with president and CEOFrederick A. Henderso n and board members Philip A. Laskawy, Kathry V. Marinello, Erroll B. Davis Jr. and E. Nevills Isdell — will serve as the nucleus of the new GM GM has launched a selection process to identifh four more directors who will serve on the board of thereorganizedx company.
The Canadian government and the new UnitedfAuto Workers’ Voluntary Employee Benefit Association will each nominatee one director, bringing the total number of directord for the company to 13. On June 1, GM announcer that the company’s three domestic subsidiaries had filed voluntary petitionx for relief under chapter 11 of the United States Bankruptcy Code inthe U.S. Bankruptcy Court for the Souther n District ofNew York. The company’s reorganizatio plan includes selling substantially all of its globa assets to a new entity that will take on the GM That sale is subject to the approvakl ofthe court.
“The appointment of Ed Whitacre as chairmann represents a very auspicious beginning for thenew GM,” Kresa says. “We look forward to working with him to completwe the reinvention of GM and maximizre the enormous potential of thisnew enterprise.” 67, was chairman and CEO of AT&T and its predecessorf companies from 1990 to 2007. During his tenure, whicb began with Southwestern Bell, Whitacrwe led the company through a seriea of mergersand acquisitions. One of the more prominent acquisitionsawas AT&T. Whitacre retired from AT&T in 2007, handintg over the reins of the companyy toRandall Stephenson.
AT& (NYSE: T) subsequently relocated headquarters to Dallaswin 2008. Whitacre maintains an office in San Followinghis retirement, Whitacre accepted a teachingy position on the businessz faculty at Texas Lutheran University in Seguin, Texas, near San “I am honored to be able to serve GM at this critica l juncture and take part in its reinvention,” Whitacre In an interview, Whitacre said he was not expectinv GM to select him to help turn around the auto But that is precisely the role he will play if GM’s Chapter 11 reorganization plan is approved.
“This is a chances for me to do some publif service that is important for the countrhy and forthe company,” Whitacre said. “I hope I can help get this (company) where we want it to Because of those deep SouthTexas roots, and despitse of his new Whitacre says he will not leavse San Antonio for Detroit. “This is my said Whitacre aboutSan Antonio. “I’m not moving.” That Whitacre does hope to help restore faitg in anhistoric company. “We just want to help this he says. GM was founded in 1908. The company now manufactures cars and truckws in34 countries. Its headquarters are in Detroit.