The appointment of a new chairman, to take the place of GM's interim chairman Kent Kresa, is regarded as a crucial step in GM's rebirth. "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.
Whitacre is a former chairman and CEO of AT&T, and will join Fritz Henderson and a number of other current board members at the helm of the New GM. Six current board members will be retiring with the extinction of the old company, to be replaced by four new directors on the New GM board.