The reorganization of General Motors finally caught up with the speed of its bankruptcy sale two weeks ago when the final appointments to its U.S. Government vetted Board of Directors were announced this afternoon and most its new executive committee were named.
The Executive committee will run the recovering company, and it replaces two previous boards, the Automotive Strategy Board and Automotive Product Board. Led by GM Company CEO Fritz Henderson, executive committee membership includes:
- Bob Lutz, vice chairman, marketing and communications;
- Tom Stephens, vice chairman, global product development;
- Nick Reilly, executive vice president, GM International Operations;
- Ray Young, executive vice president, chief financial officer;
- Tim Lee, group vice president, global manufacturing and labor relations;
- John Smith, group vice president, corporate planning and alliances, and secretary of the executive committee;
- Mark LaNeve, vice president, U.S. sales;
- Bob Socia, vice president, global purchasing and supply chain.
“With these announcements, most of the new GM leadership team is in place,” Henderson said in a statement. “We expect to have the final round of announcements next week.”
At least six senior executives are retiring including Jonathan Browning, Troy Clarke, Gary Cowger, Michael Grimaldi, Maureen Kempston Darkes and Ralph Szygenda. More retirements are expected as the company continues to pare its bloated executive ranks.
As Henderson previously noted, when announcing that senior management ranks would be trimmed by 35%, by year’s end, “We have a lot of good executives. We just have too many of them.”