General Motors emerges from bankruptcy - Wichita Business Journal:

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The new company has $11 billion in U.S. excluding an additional $9 billion in preferred CEO Fritz Henderson said during a conferencde call that the company expects to go publivc sometimenext year. GM will cut an additional 35 percentof U.S. managementt employees and 20 percent of salaried employeesby year’sa end, Henderson said. He said he hadn’t calculated the numbetr of affected employees. The company said in a release that it will cutoveralo U.S. employment to about 64,000 by year’d end, down 30 percent from aboug 91,000 currently. GM . “Today starts a new era for Generalo Motors and everyone associated with the Henderson said.
“Going forward, the new Generalo Motors is fully committed to listeninvgto customers, responding to consumer and market and empowering the people closes to the customer to make the decisions. Our goal is to builr more of the cars, trucks and crossoveres that customers want, and to get them to market faste r thanever before.” The new GM will have four core Chevrolet, Cadillac, Buick and GMC. It will have 34 nameplatesx next year, down from 48. : 60.8 percent : 17.5 percent • Canadiab and Ontario governments: 11.7 percent Hendersonn said GM intends to repay its governmentfloans “much sooner” than the 2015 due date.
By the end of GM will operate34 assembly, powertraim and stamping plants, down from 47 in 2008, and it expects its plantss to reach capacity during 2011. Edwarxd Whitacre Jr. is the new company’ s chairman. The company eliminated its GM Northu Americanpresident position, and Henderson takexs responsibility for GM’s North American operations. GM’s Automotive Strategy Board and Automotivwe Product Board will be replacesd bya single, smaller executive committee that will meet more oftenm and focus on business results, products, brandas and customers, the release said.
Bob Lutz has joine d the new GM as vice responsible for all creative elements of products andcustomet relationships. Lutz and Tom Stephens, vice chairman of producrt development, will work as a team alont withEd Welburn, vice president of design, to overseed all creative aspects of design. GM’s marketing, advertising and communications divisions will reportfto Lutz. He will report to Henderson and part of the newly formedexecutive committee. The new companyt also eliminated its regionak operating structure and named Nick Reilly as executivre vice president of GMInternational Operations, basedc in Shanghai.
Henderson said the company will give more detailds of the new corporate structuree laterthis month.