Edward Whitacre, GM's New Chairman
"The appointment of Ed Whitacre as chairman represents a very auspicious beginning for the New GM. We look forward to working with him to complete the reinvention of GM and maximize the enormous potential of this new enterprise," GM's interim Chairman Kent Kresa said upon announcing the appointment.
Whitacre will team up with current board members Philip A. Laskawy, Kathryn V. Marinello, Erroll B. Davis, Jr., E. Neville Isdell and President and the company's CEO, Fritz Henderson to form the backbone of the New GM board.
As for the remaining six board members, they are expected to retire no later than the approval of the sale of GM assets to the new entity. Their places will be filled in by four more directors yet to be determined and two others, one appointed by the Canadian government and the other by the new UAW Voluntary Employee Benefit Association (VEBA).
To the point, Whitacre only said he is "honored to be able to serve GM at this critical juncture and take part in its reinvention." The future chairman served as CEO of AT&T and its predecessor companies from 1990 to 2007.
He also serves on the boards of ExxonMobil Corporation and the Burlington Northern Santa Fe Corporation. Whitacre will take office sometimes this summer, when GM is expected to get out of bankruptcy.