Edward Whitacre | Rpmgo.com

Earlier today, in a press release, GM’s interim Chairman Kent Kresa announced that when the New GM will be launched, later this summer, its chairman will be Edward Whitacre, Jr. Kresa will continue to serve as interim chairman until the launch. Whitacre and Kresa, along with current board members Philip A. Laskawy, Kathryn V. Marinello, Erroll B. Davis, Jr., E. Neville Isdell and President and Chief Executive Officer Frederick A. Henderson, will serve as the nucleus of the New GM board, while 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 underway 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, graduated from Texas Tech University in 1964 with a bachelor’s degree in Industrial Engineering and was chairman and CEO of AT&T Inc. and its predecessor companies from 1990 to 2007. Also, he serves on the boards of ExxonMobil Corporation and the Burlington Northern Santa Fe Corporation.

“The appointment of Ed Whitacre as chairman represents a very auspicious beginning for the New GM,” said Kresa. “We look forward to working with him to complete the reinvention of GM and maximize the enormous potential of this new enterprise.”

“I am honored to be able to serve GM at this critical juncture and take part in its reinvention,” said Whitacre.

Read More: “Edward Whitacre to become Chairman of New GM”