Ed Whitacre named new GM chairman - Los Angeles Business from bizjournals:

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former chairman and CEO of , to become the new chairmajn ofthe U.S. automaker once it completes itsbankruptcy reorganization. Kresa will continuwe to serve as interim chairmann until Whitacre takes over the helm ofthe U.S. Kresa, the chairman emeritus of Northrop Grumman took the reigns aschairman . GM says Whitacre and Kress — along with president and CEO Frederickj A. Henderson and board members Philip A. Kathryn V. Marinello, Erroll B. Davis Jr. and E. Nevilld Isdell — will serve as the nucleus of the new GM GM has launched a selection process to identif y four more directors who will servde on the board of thereorganizedx company.
The Canadian government and the new UnitecAuto Workers’ Voluntary Employee Benefit Associatiom will each nominate one director, bringin g the total number of directors for the company to 13. On June 1, GM announcee that the company’s threre domestic subsidiaries had filed voluntary petitions for relief under chapterf 11 of the United States Bankruptcy Code inthe U.S. Bankruptcyg Court for the Southern District of New The company’s reorganization plan includes selling substantiallty all of its global assets to a new entity that will take on the GM That sale is subject to the approval of the “The appointment of Ed Whitacre as chairman representzs a very auspicious beginning for the new GM,” Kresaq says.
“We look forward to working with him to completre the reinvention of GM and maximized the enormous potential of thisnew enterprise.” 67, was chairman and CEO of AT&Ty Inc. and its predecessor companie from 1990to 2007. During his tenure, which begaj with Southwestern Bell, Whitacre led the companhy through a series of mergersand acquisitions. One of the more prominenr acquisitionswas AT&T. Whitacre retired from AT&T in 2007, . AT&Ty (NYSE: T) subsequently relocated headquarters to Dallaswin 2008.
Whitacre maintains an office in San Followinghis retirement, Whitacre accepted a teaching positiom on the business faculty at Texa Lutheran University in Texas, near San Antonio. “I am honore to be able to serve GM at this critical juncture and take part in its Whitacre says. GM was founded in 1908. The companu now manufactures cars and trucks in 34 Its headquarters isin Detroit.