New CEO for General Motors
June 10, 2009 by Alborz Fallah
With Rick Wagoner out of the picture, the new General Motors, soon to emerge from the bankrupt ‘old’ General Motors will now be led by Edward Whitacre Jr, former chairman and CEO of telecommunications giant AT&T.
Current GM chairman, Kent Kresa, will lead GM until the launch of the new company.
Both Mr Whitacre, 67, and Mr Kresa will be appointed to the New GM board while five existing members will remain but six current board members will retire once the US Bankruptcy Court has approved the sale of assets from Old GM to New GM.
Four new board members are still to be decided while the Canadian government and the UAW Voluntary Employees’ Beneficiary Association will have the power to appoint another two. Total size of the new board will be 13.
Mr Whitacre led America’s largest telecommunication company from 1990 to 2007, he also serves on the board of ExxonMobil and Burlington Northern Santa Fe.
The new CEO of GM is a industrial engineering graduate from Texas Technological University.
In order for the New GM to rise, President Obama’s administration will help with a total of more than US$50 billion (A$63 billion) in federal loans. The US government will take a 60 per cent stake in New GM but has assured the company’s board that it will leave key decisions up to the them.
The bankruptcy will allow Old GM to sell its most valuable assets to New GM, leaving most liabilities with the old legal entity.
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Should have been Clark Kent,hell knows you’ll need to be Superman to get GM moving out of Wagoner wake .
They should change the GM symbol to signal the re birth of General Motors.
Is it General Motors or Government Motors????
How about NGM (New General Motors)
You gota be joking about all of this. Whats this guy gettin paid???
Salesman they should change the logo. Anytrhing has to be better than a giant ‘GM’ on some blue paper.
GM must be worth a bit if 50 billion is considered to be 60%……….
Yes, a new logo would make sense. I might e-mail General Motors myself. ;-) Lol.
I was just reading the article and when I got to the bit where it said: “The new CEO of GM is a industrial engineering graduate from Texas Technological University.”
I though Ohsh!t – the last CEO of GM was an academic with very little knowledge or experience of the automotive leadership not to mention “the outside world” and look what happened to GM under his so called leadership.
Why don’t they Bring Back Bob
“The bankruptcy will allow Old GM to sell its most valuable assets to New GM, leaving most liabilities with the old legal entity.”
Which most likely means that Old GM will sell “Holden” to the New GM thereby making Holdens future more stable/assured.. not to mention annoy the hell out of a number of so called Australians on this site :-)
Wheelnut Says: ”
I was just reading the article and when I got to the bit where it said: “The new CEO of GM is a industrial engineering graduate from Texas Technological University.”
I though Ohsh!t – the last CEO of GM was an academic with very little knowledge or experience of the automotive leadership not to mention “the outside world” and look what happened to GM under his so called leadership.”
So I spouse an ideal GM CEO would be a car washer… I mean detailer such as your self!!
I wonder how a snot such as your self can judge any CEO on
“knowledge or experience of the automotive leadership not to mention “the outside world” “
I;m not saying that its just that there are so many “Suits and Ties” in Management positions or even on Boards who are “academics” who are more interested in when they are getting their next “performance” bonus and how big its going to be..
Tthey don’t care about the workers or the cars they build Nor do they know or particularly care about the ramifications that their decision or indecison could have
Whereas I beleive the “ideal” CEO of any copany in any industry is one that either has a genuine interest in or is passionate about what their company does.
There are a few of them around and most of them have worked their way up through the company from the factory floor – and as a result their businesses are doing better than others
Its almost as though the number of letters [acronyms] you have after your name are more important than what you actally know or what practical experience you have in the industry