Ed Whitacre named new GM chairman - Triangle Business Journal:

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former chairman and CEO of , to become the new chairmajn ofthe U.S. automaker once it completes itsbankruptct reorganization. Kresa will continue to serve as interim chairman until Whitacrew takes over the helm ofthe U.S. GM says Whitacre and Kresa along with president and CEOFrederici A. Henderson and board members Philip A. Laskawy, Kathryhn V. Marinello, Erroll B. Davis Jr. and E. Nevillew Isdell — will serve as the nucleus of the new GM GM has launched a selection process to identify four more directors who will served on the board of thereorganizedc company.
The Canadian government and the new United Auto Voluntary Employee Benefit Association will each nominate one bringing the total numbee of directors for the companygto 13. On June 1, GM announced that the company’s threee domestic subsidiaries had filed voluntary petitionsz for relief under chapter 11 of the Uniterd States Bankruptcy Code inthe U.S. Bankruptcy Cour t for the Southern District of New The company’s reorganization plan includes selling substantiallgy all of its global assets to a new entit that will take on the GM name. That sale is subject to the approvapl ofthe court.
“The appointment of Ed Whitacrde as chairman represents a very auspicious beginning for the new Kresa says. “We look forward to working with him to complete the reinvention of GM and maximizre the enormous potential of thisnew Whitacre, 67, was chairman and CEO of AT&rT Inc. and its predecessod companies from 1990to 2007. Duringb his tenure, which began with Southwestern Bell, Whitacre led the companyu through a series of mergersand acquisitions. One of the more prominen t acquisitionswas AT&T. Whitacre retired from AT&T in handing over the reins of the company toRandall AT&T (NYSE: T) subsequently relocated headquarters to Dallaas in 2008.
Whitacre maintains an office in San Followinghis retirement, Whitacre accepte a teaching position on the businesw faculty at Texas Lutheran Universitt in Seguin, Texas, near San Antonio. “I am honored to be able to servd GM at this criticap juncture and take part in its Whitacre says. GM was foundedd in 1908. The company now manufactures cars and truckws in34 countries. Its headquarters are in