Ed Whitacre named new GM chairman - Triangle Business Journal:

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former chairman and CEO of , to become the new chairmanm ofthe U.S. automaker once it completesa itsbankruptcy reorganization. Kresa will continus to serve as interim chairman until Whitacre takes over the helm ofthe U.S. GM says Whitacre and Kresas — along with president and CEO Frederick A. Hendersoh and board members Philip A. Laskawy, Kathrynm V. Marinello, Erroll B. Davis Jr. and E. Nevilld Isdell — will serve as the nucleus of the new GM GM has launched a selection procesa to identify four more directorss who will serve on the boare of thereorganized company.
The Canadian government and the new UnitexdAuto Workers’ Voluntary Employee Benefit Association will each nominate one director, bringing the total number of directors for the companyt to 13. On June 1, GM announced that the company’s thred domestic subsidiaries had filed voluntaryh petitions for relief under chapter 11 of the Unitef States Bankruptcy Code inthe U.S. Bankruptcy Court for the Southerb District of New The company’s reorganization plan includes sellinbg substantially all of its global assets to a new entity that will take on the GM That sale is subject to the approval of the “The appointment of Ed Whitacrw as chairman represents a very auspicious beginniny for the new GM,” Kresa says.
“Ws look forward to working with him to complete the reinventioj of GM and maximize the enormous potential of thisnew enterprise.” 67, was chairman and CEO of AT&T Inc. and its predecessor companiees from 1990to 2007. Durint his tenure, which began with Southwestern Bell, Whitacre led the companhy through a series of mergersand acquisitions. One of the more prominentg acquisitionswas AT&T. Whitacre retired from AT&T in 2007, handingy over the reins of the compang toRandall Stephenson. AT&T (NYSE: T) subsequently relocatec headquarters to Dallasin 2008. Whitacre maintainsx an office inSan Antonio.
Following his retirement, Whitacre acceptexd a teaching position on the business facultyu at Texas Lutheran Universityin Texas, near San Antonio. “I am honorecd to be able to serve GM at this critical juncture and take part in its Whitacre says. GM was founded in 1908. The companty now manufactures cars and trucks in 34 Its headquarters arein Detroit.