New Chairman of the Board of Directors of the American automobile group General Motors (GM), which recently filed a declaration of bankruptcy, will be Edward Uitaker formerly headed the largest U.S. telecommunications company AT & T Inc. This was reported in the press release of the company with reference to the interim chairman of GM Kent Kreso.
“The appointment of Ed Uitaker marks the successful beginning of a new GM”, – said K. Kreso. Kent Kreso will lead the company until the updated GM will not work. He also will be included in the new board of directors, along with some of its current members.
Six members of the Board of Directors of GM going to resign, and elected four new ones. In addition, the board of directors will comprise one representative of the Canadian Government and the Society of Mutual Aid workers union UAW. Thus, the new board of directors will consist of 13 persons.
E. Uitaker was chairman of the board and executive director of AT & T Inc. since 1997. in 2007. He also served on the board of directors of the world’s largest oil company ExxonMobil.
Earlier today, GM is also reported, that speach or written agreement with the 90% of its dealers. Automakers expects, that no later than 12 June company will receive at least 95% of the required written agreements with dealers.
Remember, that on 1 June General Motors filed an application for protection from creditors by resorting to Article 11 of U.S. bankruptcy law. The document was sent to the District Court of New York. It was expected, that GM will continue the restructuring process from 60 to 90 days, while the U.S. government would invest in the company an additional 30 billion U.S.
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