When a New GM emerges after the bankruptcy sale of General Motors Corporation early next autumn, Edward E. Whitacre, Jr., former chairman and CEO of AT&T Inc., will become chairman, GM’s interim Chairman Kent Kresa announced today. Kresa will continue to serve as interim chairman until the rollout of the new company.
“I am honored to be able to serve GM at this critical juncture and take part in its reinvention,” said Whitacre.
Whitacre and Kresa, along with current board members Philip A. Laskawy, Kathryn V. Marinello, Erroll B. Davis, Jr., E. Neville Isdell and President and Chief Executive Officer Frederick A. Henderson, will serve as the core of the New GM board, providing management oversight and a continuing commitment to transparency and “world-class standards” of corporate governance.
The New York Stock Exchange notified the Security and Exchange Commission this morning that it is delisting GM securities at the opening of business on June 19, 2009. Trading was halted on May 29th.
In and interview with an ExxonMobil internal publication when he joined its board last year, Whitacre said he was born and raised in a railroad town, where his father, who never completed high school, worked as an engineer.
“I believe I understand what makes big organizations tick,” Whitacre said at the time, and described ExxonMobil as a “very disciplined company.”
His focus is consistent with what GM senior execs have described at their goal for the New GM.
“They’re engineering-oriented and very careful about capital investment, Whitacre said of the oil company. “They have a very thoughtful planning process, and they execute their plans well.”
Just what GM needs.
The six other members of the current board “will most likely retire” no later than the approval of the sale of GM assets to the new entity. A selection process is currently underway with U.S. Treasury Department assistance for four more directors to serve on the board of the New GM. (more…)