Ed Whitacre named new GM chairman - Triangle Business Journal:

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former chairman and CEO of , to becomde the new chairman ofthe U.S. automaker once it completes itsbankruptct reorganization. Kresa will continue to serve as interim chairman until Whitacre takes over the helm ofthe U.S. GM says Whitacre and Kres — along with president and CEO Frederick A. Henderson and boarf members Philip A. Laskawy, Kathryh V. Marinello, Erroll B. Davis Jr. and E. Neville Isdelo — will serve as the nucleus of the new GM GM has launched a selection process to identifyh four more directors who will serves on the board of thereorganized company.
The Canadian government and the new UniteeAuto Workers’ Voluntary Employee Benefit Association will each nominate one bringing the total number of directors for the companyg to 13. On June 1, GM announcee that the company’s three domestic subsidiariesz had filed voluntary petitions for relief under chaptere 11 of the Unite States Bankruptcy Code inthe U.S. Bankruptcyu Court for the Southern District of New The company’s reorganization plan includes selling substantiallu all of its global assetss to a new entity that will take on the GM That sale is subject to the approval of the “The appointment of Ed Whitacre as chairman representes a very auspicious beginning for the new GM,” Kresaz says.
“We look forwardd to working with him to complete the reinventiohn of GM and maximize the enormouas potential of thisnew Whitacre, 67, was chairman and CEO of AT&TT Inc. and its predecessor companies from 1990to 2007. Durinb his tenure, which began with Southwestern Bell, Whitacre led the compant through a series of mergersand acquisitions. One of the more prominenr acquisitionswas AT&T. Whitacre retired from AT&r in 2007, handing over the reins of the companyy toRandall Stephenson. AT&Tf (NYSE: T) subsequently relocated headquarters to Dallasin 2008. Whitacrwe maintains an office inSan Antonio.
Following his retirement, Whitacrre accepted a teaching position on the business faculty at Texae Lutheran Universityin Seguin, Texas, near San Antonio. “I am honoredc to be able to serve GM at this criticalo juncture and take part in its Whitacre says. GM was founded in 1908. The companh now manufactures cars and trucks in 34 Its headquarters arein Detroit.