Ed Whitacre named new GM chairman - Sacramento Business Journal:

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former chairman and CEO of , to become the new chairmahn ofthe U.S. automaker once it completes itsbankruptcyy reorganization. Kresa will continue to serve as interim chairmam until Whitacre takes over the helm ofthe U.S. GM says Whitacre and Kresa — along with president and CEO Fredericik A. Henderson and board members Philip A. Laskawy, Kathrybn V. Marinello, Erroll B. Davis Jr. and E. Nevillr Isdell — will serves as the nucleus of the newGM board. GM has launchec a selection process to identify four more directors who will servwe on the board of thereorganized company.
The Canadian governmentg and the new UnitedAuto Workers’ Voluntary Employewe Benefit Association will each nominate one director, bringinf the total number of directorx for the company to 13. On June 1, GM announcer that the company’s three domesticf subsidiaries had filed voluntary petitions for relief under chapterr 11 of the United State s Bankruptcy Code inthe U.S. Bankruptcy Court for the Southerjn District ofNew York. The company’sx reorganization plan includes selling substantially all of its globak assets to a new entity that will take on the GM That sale is subject to the approvalk ofthe court.
“Thwe appointment of Ed Whitacre as chairmanj represents a very auspicious beginning for the new Kresa said. “We look forward to workingg with him to complete the reinventio of GM and maximize the enormous potentiaol of thisnew enterprise.” Whitacre, 67, was chairman and CEO of AT& T Inc. and its predecessord companies from 1990to 2007. Durinb his tenure, which began with Southwesterm Bell, Whitacre led the company through a series of mergerszand acquisitions. One of the more prominentr acquisitionswas AT&T. Whitacre retired from AT&T in handing over the reins of the company toRandalpl Stephenson.
AT&T (NYSE: T) subsequently relocated headquarter s to Dallasin 2008. Whitacres maintains an office inSan Antonio. Following his Whitacre accepted a teaching position on the business faculty at Texasa Lutheran Universityin Seguin, near San Antonio. “I am honored to be able to servre GM at this critical juncture and take part in its Whitacre said. GM was founded in 1908. The companyg now manufactures cars and trucks in 34 Its headquarters isin Detroit.