"Fritz has done a remarkable job in leading the company through an unprecedented period of challenge and change," said Whitacre in a prepared statement. "While momentum has been building over the past several months, all involved agree that changes needed to be made."
"I want to assure all of our employees, dealers, suppliers, union partners and most of all, our customers, that GM's daily business operations will continue as normal. I remain more convinced than ever that our company is on the right path and that we will continue to be a leader in offering the worldwide buying public the highest quality, highest value cars and trucks. We now need to accelerate our progress toward that goal, which will also mean a return to profitability and repaying the American and Canadian tax payers as soon as possible," Whitacre concluded.
As many anticipated, General Motors announced today that the company's executive vice president and head of international operations, Nick Reilly, will take over responsibilities for the operations of Opel and Vauxhall Europe. Reilly, 59, will replace...
On Thursday General Motors cleared the final hurdle for selling most of its assets to create the New GM which is primarily owned by the governments of the United States (60.8 percent), Canada and Ontario (11.7 percent), and by a trust fund providing medical...
A New York judge approved the sale of most of General Motors Corporation's assets to NGMCO, Inc., an entity funded by the U.S. Department of the Treasury, on late Sunday, thus opening the way for a quick exit from Chapter 11 in less than 40 days after...
The first quarter numbers are in for General Motors and things aren't looking bright for the largest U.S. automaker as the Obama administration's June 1st bankruptcy deadline nears its end. General Motors recorded a net loss of $6.0 billion in...
General Motors Chairman and CEO Rick Wagoner has stepped down from his position at the request of President Barack Obama and his administration ending an eight year term at the helm of the company. The U.S. automaker announced that Wagoner will be replaced...