Ed Whitacre named new GM chairman - Nashville Business Journal:

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former chairman and CEO of , to becom e the new chairman ofthe U.S. automaker once it completezs itsbankruptcy reorganization, says interin Chairman Kent Kresa. Kresa will continue to serve as interin chairman until Whitacre takesthe helm. GM says Whitacrew and Kresa — along with presideny and CEO Frederick Henderson and boarxd membersPhilip Laskawy, Kathryn Marinello, Errolll Davis Jr. and Neville Isdell — will serve as the nucleus of the new GM GM has launched a selection processw to identify four more directors who will servw on the board of thereorganized company.
The Canadianb government and the new UnitedAuto Workers’ Voluntaryt Employee Benefit Association will each nominat e one director, bringing the total numbed of directors for the company to 13. On June 1, GM announcesd that the company’s three domestid subsidiaries had filed voluntary petitions for relief undef chapter 11 of the United Statews Bankruptcy Code inthe U.S. Bankruptcy Courft for the Southern District of New The company’s reorganization plan includes selling substantiallyy 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 Whitacrde as chairman represents a very auspicious beginning for the new GM,” Kresaz says.
“We look forward to working with him to completed the reinvention of GM and maximizd the enormous potential of thisnew Whitacre, 67, was chairman and CEO of AT&T Inc. and its predecessofr companies from 1990to 2007. Durin g his tenure, which began with Southwestern Bell, Whitacres led the company through a series of mergers and One of the more prominent acquisitionswas AT&T. Whitacrre retired from AT&T in 2007, handinyg over the reins of the company toRandalkl Stephenson. AT&T (NYSE: T) subsequently relocatede headquarters to Dallasin 2008. Whitacre maintainse an office inSan Antonio.
Following his retirement, Whitacrs accepted a teaching position on the business faculty at Texaz Lutheran Universityin Seguin, Texas, near San “I am honored to be able to servw GM at this critical juncture and take part in its Whitacre says. GM was founded in 1908. The Detroit-basedd company now manufactures cars and trucks in34