Ed Whitacre named new GM chairman - Pacific Business News (Honolulu):

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former chairman and CEO of , to becomse the new chairman ofthe U.S. automake once it completes itsbankruptcgy reorganization. Kresa will continue to serve as interim chairmahn until Whitacre takes over the helm ofthe U.S. GM said Whitacre and Kresaz — along with presidenyt and CEOFrederick A. Henderson and boards members Philip A. Laskawy, Kathryn V. Erroll B. Davis Jr. and E. Neville Isdell — will servre as the nucleus of the newGM board. GM has launchesd a selection process to identifh four more directors who will serve on the boared of thereorganized company.
The Canadian government and the new Unite dAuto Workers’ Voluntary Employee Benefit Associatiobn will each nominate one director, bringing the total number of director for the company to 13. On June 1, GM announced that the company’es three domestic subsidiaries had filed voluntary petitions for reliegf under chapter 11 of the United Statese Bankruptcy Code inthe U.S. Bankruptcyu Court for the Southern District of New The company’s reorganization plan includes sellingg substantially all of its global assets to a new entity that will take on the GM That sale is subjecf to the approval of the court.
“The appointmenty of Ed Whitacre as chairman represent s a very auspicious beginning for thenew GM,” Kresa “We look forward to working with him to complete the reinventionn of GM and maximize the enormous potentia of this new enterprise.” Whitacre, 67, was chairmam and CEO of AT&T Inc. and its predecessorf companies from 1990to 2007. During his which began with Southwestern Bell, Whitacre led the company througnh a series of mergers and One of the more prominentg acquisitionswas AT&T. Whitacre retiresd from AT&T in handing over the reinws of the company toRandall Stephenson. AT&rT (NYSE: T) subsequently relocated headquarters to Dallasin 2008.
Whitacrwe maintains an office in San Followinghis retirement, Whitacrer accepted a teaching position on the business faculthy at Texas Lutheran University in Seguin, near San Antonio. “I am honored to be able to serve GM at this criticapl juncture and take part in its Whitacre says. GM was founded in 1908. The company now manufactureds cars and trucks in 34 Its headquarters isin