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Ex-AT&T boss to head new GM board
By Tom Krisher |
June 11, 2009, Thursday
|
Print Edition
Print Edition
A FORMER CEO and chairman of telecommunications giant AT&T Inc will lead General Motors Corp's board after the auto maker emerges from bankruptcy protection, GM said on Tuesday.
Edward Whitacre Jr, 67, eventually will replace Kent Kresa, who will remain GM's interim chairman until the reorganized auto maker emerges as a new company that's majority-owned by the United States government.
Whitacre was chairman and chief executive of AT&T and its predecessor companies from 1990 to 2007. During his tenure, he led the company through several acquisitions and sales.
GM said Whitacre will join the nucleus of a new board that will include Kresa and current members Philip A. Laskawy, Kathryn V. Marinello, Erroll B. Davis Jr, E. Neville Isdell and CEO Fritz Henderson.
The remaining six members of the current GM board will "most likely retire" by the time most of GM's assets are sold to the new GM in bankruptcy court, the company said in a statement.
Kresa is leading a selection process to pick four new directors, while the Canadian government, which also is providing financial aid to the company, will pick a board member, and a United Auto Workers union retiree health care trust will select another.
That will bring the board of the new company to 13 members, one more than the current board.
Kresa, a GM board member since 2003, was named interim chairman in March when the Obama administration's auto task force forced out Rick Wagoner as chairman and CEO.
Henderson, GM's former president and chief operating officer, was named CEO and continues in that role.
Edward Whitacre Jr, 67, eventually will replace Kent Kresa, who will remain GM's interim chairman until the reorganized auto maker emerges as a new company that's majority-owned by the United States government.
Whitacre was chairman and chief executive of AT&T and its predecessor companies from 1990 to 2007. During his tenure, he led the company through several acquisitions and sales.
GM said Whitacre will join the nucleus of a new board that will include Kresa and current members Philip A. Laskawy, Kathryn V. Marinello, Erroll B. Davis Jr, E. Neville Isdell and CEO Fritz Henderson.
The remaining six members of the current GM board will "most likely retire" by the time most of GM's assets are sold to the new GM in bankruptcy court, the company said in a statement.
Kresa is leading a selection process to pick four new directors, while the Canadian government, which also is providing financial aid to the company, will pick a board member, and a United Auto Workers union retiree health care trust will select another.
That will bring the board of the new company to 13 members, one more than the current board.
Kresa, a GM board member since 2003, was named interim chairman in March when the Obama administration's auto task force forced out Rick Wagoner as chairman and CEO.
Henderson, GM's former president and chief operating officer, was named CEO and continues in that role.
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