Edward E. Whitacre, Jr., former chairman
and CEO of AT&T Inc., will become chairman of the New GM when the
company is launched later this summer, GM's interim Chairman Kent Kresa
announced today. Kresa will continue to serve as interim chairman until
the launch.
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
nucleus of the New GM board, providing management oversight and a
continuing commitment to transparency and world-class standards of
corporate governance.
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 for four more directors to
serve on the board of the New GM. In addition, the Canadian government
and the new UAW Voluntary Employee Benefit Association (VEBA) will each
nominate one director, bringing the total number of New GM directors to
13.
Whitacre,
67, was chairman and CEO of AT&T Inc. and its predecessor companies
from 1990 to 2007. During his tenure, which began with Southwestern
Bell, Whitacre led the company through a series ofmergers
and acquisitions--including that of AT&T in 2005--to create the
nation's largest provider of local, long distance and wireless
services. He serves on the boards of ExxonMobil Corporation and the
Burlington Northern Santa Fe Corporation and holds a degree in
industrial engineering from Texas Technological University.
"The
appointment of Ed Whitacre as chairman represents a very auspicious
beginning for the New GM," said Kresa. "We look forward to working with
him to complete the reinvention of GM and maximize the enormous
potential of this new enterprise."
"I am honored to be able to serve GM at this critical juncture and take part in its reinvention," said Whitacre.
