Thursday, June 11, 2009

BREAKING : Former AT&T chief Edward Whitacre Jr. officially named chairman of 'New GM'; and admits: "I don't know anything about cars."

With GM's Chapter 11 bankruptcy filing, the 'New GM' gets a new management. So following the replacement of former CEO Rick Wagoner with Fritz Henderson, the General has announced its new incoming chairman: Edward E. Whitacre, Jr.

Whitacre is perhaps best known for his seventeen-year tenure as chairman and chief executive of AT&T, overseeing mergers and expansions that made AT&T the largest telecom company in America. He holds a degree in industrial engineering from Texas Tech, and also serves on the boards of ExxonMobil and BNSF Railway.

However, with an interview with with Bloomberg, Whitacre said: “I don’t know anything about cars. A business is a business, and I think I can learn about cars. I’m not that old, and I think the business principles are the same.” We think a GM chairman should atleast have some knowledge about cars, even if it meant business.

On GM's side, GM thinks that Whitacre is a "good choice" of their chairman position. The 67-year-old Whitacre will be officially get his chairman position on August 31rst, when 'New GM' is launched.

Source : [General Motors via Bloomberg Image: Mark Wilson/Getty]

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