GM Names New Chairman: Former AT&T CEO Edward Whitacre, Jr.
June 09, 2009
DETROIT -- Edward E. Whitacre, Jr., former chairman and CEO of AT&T Inc., will become chairman of the new General Motors that emerges from bankruptcy later this summer, the automaker announced Tuesday morning.
GM's interim chairman Kent Kresa will continue in his post until the launch of the new GM.
Whitacre and Kresa, along with current board members Philip A. Laskawy, Kathryn V. Marinello, Erroll B. Davis, Jr., E. Neville Isdell and GM 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 automaker said.
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 under way 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 of mergers 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.
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