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

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former chairman and CEO of , to becomse the new chairman ofthe U.S. automakerd once it completes its bankruptcy Kresa will continue to serves as interim chairman until Whitacre takes over the helm ofthe U.S. Kresa, the chairman emeritus of NorthropGrummanb Corp., took the reigns as chairman . GM says Whitacrew and Kresa — along with president and CEO Frederickl A. Henderson and board member s Philip A. Laskawy, Kathryn V. Marinello, Errol l B. Davis Jr. and E. Nevilld Isdell — will serve as the nucleus of the new GM GM has launched a selection process to identify four more directorz who will serve on the board of thereorganizef company.
The Canadian government and the new UnitecdAuto Workers’ Voluntary Employee Benefity Association will each nominate one director, bringing the total number of directorsz for the company to 13. On June 1, GM announcexd that the company’s three domestic subsidiaries had filed voluntaryh petitions for relief under chapter 11 of the United Stateas Bankruptcy Code inthe U.S. Bankruptcy Cour t for the Southern District of New The company’s reorganization plan includes selling substantiallyh all of its global assets to a new entitu that will take on the GM That sale is subject to the approvakl of the court.
“The appointment of Ed Whitacre as chairman represents a very auspicious beginning for the new Kresa says. “We look forward to working with him to completr the reinvention of GM and maximize the enormouse potential of thisnew enterprise.” 67, was chairman and CEO of AT&T Inc. and its predecessor companiez from 1990to 2007. During his which began with Southwestern Bell, Whitacre led the compan y through a series of mergersand acquisitions. One of the more prominengt acquisitionswas AT&T. Whitacre retired from AT&T in . AT&T (NYSE: T) subsequentluy relocated headquarters to Dallasin 2008.
Whitacre maintains an office in San Followinghis retirement, Whitacre accepted a teaching positionh on the business faculty at Texas Lutheran Universit y in Seguin, Texas, near San Antonio. “I am honorecd to be able to serve GM at this criticak juncture and take part inits reinvention,” Whitacrw says. GM was founded in 1908. The companuy now manufactures cars and trucks in 34 Its headquarters isin