GM Announces CEO Succession Process
Dan Akerson to Become CEO, Whitacre Remains Chairman

DETROIT – General Motors today said that Edward E. Whitacre, Jr. will step down as chief executive officer on September 1, 2010, and as chairman of the board by the end of the year, having successfully led the company’s return to profitability after the most turbulent period in its history.

Earlier today, GM reported its second consecutive quarter of profits after a string of losses dating back to 2007.

Dan Akerson, 61, who has served on the GM board of directors since July 2009, will become CEO on September 1 and chairman by the end of the year, ensuring a smooth transition and continued positive momentum for company.

“My goal in coming to General Motors was to help restore profitability, build a strong market position, and position this iconic company for success,” said Whitacre. “We are clearly on that path. A strong foundation is in place and I am comfortable with the timing of my decision.”

Whitacre, 68, joined GM as chairman of the board on July 10, 2009. On December 1, 2009, he was named chief executive officer. He led the company after it emerged from a historic bankruptcy to become a profitable automaker again.

“Ed Whitacre was exactly what this company needed, at exactly the right time,” said Pat Russo, lead director on the GM board. “He simplified the organization, reshaped the company’s vision, put the right people in place, and brought renewed energy and optimism to GM.”

“Dan Akerson has been actively engaged in and supportive of the key decisions and changes made at the new GM. He brings broad business experience, decisive leadership, and continuity to this role,” said Russo. “The board of directors deeply appreciates the leadership Ed has provided and is pleased with the serious commitment Dan is making to the company. We look forward to his leadership.”

In addition to serving on the GM board since July 2009, Akerson has had a distinguished career in finance as a managing director at the Carlyle Group and in telecommunication, serving as chairman and chief executive officer of XO Communications and at Nextel Communications. He was also chairman and CEO of General Instrument Corp.

“There are remarkable opportunities ahead for the new GM, and I am honored to lead the company through this next chapter,” said Akerson. “Ed Whitacre established a foundation upon which we will continue building a great automobile company.”

SENIOR MOVES AFOOT AT VAUXHALL

Luton – Vauxhall today announced two new senior appointments, effective from July 1.

Andy Gilson, currently Vauxhall’s Marketing Director, has been named Customer Experience & Corporate Strategy Director for the Luton company. This critical role will focus on driving a step change in Vauxhall customer satisfaction, as well as developing new strategies for the company.

With 21 years at GM under his belt, during which time he’s held posts in both California and Germany, Andy is well qualified for the new posting. He leaves his job as Marketing Director after six-and-a –half years, during which time he’s been responsible for the launch of every new Vauxhall product, including two generations of Astra, the Agila, Insignia and new Meriva.

“I’m very happy to be offered this new challenge,” said Andy. “The customer experience is key to our future strategy and I’m looking forward to raising the bar for Vauxhall.”

Replacing Andy as Marketing Director will be Peter Hope, currently Vauxhall’s Integrated Communication Manager. Like Andy, Peter started with the business in 1989, and was responsible for the launch of significant products, such as the original 1998 Zafira. Peter also spent three years working in Vauxhall/Opel’s main R&D centre in Ruesselsheim.

“This is a wonderful opportunity for me to oversee Vauxhall’s marketing direction during an important time in the company’s history,” said Peter. “We have a long list of exciting new product launches on the horizon, so there’s never been a better time to be at the marketing helm.”

Both Andy and Peter will report directly to Duncan Aldred, Vauxhall’s Managing Director.

Susan E. Docherty Named GM Vice President, International Operations Sales, Marketing and Aftersales

2010-05-24

DETROIT/SHANGHAI – General Motors today announced that Susan E. Docherty has been appointed GM vice president, International Operations Sales, Marketing and Aftersales, effective June 1.  Docherty, 47, will report to Tim Lee, president, GM International Operations (GMIO).

“Growth in China and other emerging markets is important to the company’s future,” said GM Chairman and CEO, Ed Whitacre.  “We are counting on Susan to make a significant contribution and I am glad to have her running this critical part of our business.”

GM sells almost 50 percent of all new vehicles within GMIO, which is comprised of more than 90 markets including Asia Pacific, Latin America, Africa, the Middle East, Russia and the Commonwealth of Independent States (CIS).  Most of the GMIO countries are considered emerging markets and are an engine of GMIO growth over the next decade.

Docherty’s role in the region will be to coordinate sales, marketing and aftersales in GM’s Asia Pacific, Latin America, Africa, the Middle East, Russia and CIS operations.  She will have responsibility for market performance, improving the opinion and consideration of Chevrolet, Buick, GMC, Holden and Cadillac brands to drive consumer demand for GM vehicles.

“We are fortunate to have Susan joining us at this important time in GMIO’s history, as we focus on growth throughout the region” said Lee.  “She brings a wealth of sales and marketing experience with a fresh perspective to the way we approach our business.”

Docherty replaces Don Johnson, vice president, International Operational Sales, Marketing and Aftersales, 53, whose new position at GM will be announced soon.

Most recently, Docherty was GM vice president of U.S. marketing.  Previously she served as GM vice president, U.S. Sales, Service and Marketing, responsible for improving year-over-year sales performance, reducing incentive spend, improving residuals as well as marketing and advertising for the company’s vehicle brands. She was also responsible for GM’s relationship with dealers and numerous Dealer Councils.  Docherty has extensive sales, service and marketing experience, having held positions with responsibility for Canada, the U.S., and abroad. Most notable is her brand work, including the launch of the 2010 Buick LaCrosse and GMC Terrain.

“Susan has given her all to GM for many years,” said GM president North America, Mark Reuss.  “She has set the foundations for our future in North America and takes significant domestic and international experience and expertise to her new position.  We wish her every success.”

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GM Names Joel Ewanick Vice President, U.S. Marketing

2010-05-05

DETROIT – General Motors today announced that Joel Ewanick has been appointed vice president, U.S. Marketing, effective May 24.  Ewanick, 49, will report to Mark Reuss, president, GM North America.

“Joel is highly regarded in industry and marketing circles and his track record speaks for itself,” said Reuss.  “We are very pleased to have his marketing acumen, creative leadership and energy at GM at this critical time.”

As the single point for marketing, Ewanick will have responsibility for improving the positioning of the Chevrolet, Buick, GMC and Cadillac brands and consumer consideration of GM vehicles in the United States.

Most recently, he was vice president of marketing, chief marketing officer for Nissan North America.  Before joining Nissan in March, Ewanick served as vice president of marketing for Hyundai Motor America. During his three year tenure, Ewanick earned industry recognition as the most impactful automotive marketer in America; Automotive News’ 2009 Marketing All Star of the Year; Brandweek’s 2009 Marketer of the Year; and Forbes’ Chief Marketing Officer of the Year.

Ewanick succeeds Susan Docherty, 47, whose new position at GM will be announced soon.  With extensive sales, service and marketing experience, Docherty has held positions of increasing responsibility in Canada, the U.S., Europe and Asia. Most notable is her brand work, including the launch of the 2010 Buick LaCrosse and GMC Terrain.

“Susan has been deeply involved in GM’s sales and marketing initiatives for many years,” Reuss said.  “With her drive and focus, she has laid the groundwork for solid plans and rejuvenated our agency relationships, placing us in good stead for the future. We look forward to her contribution across the business moving forward.”

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GM Announces Financial Leadership Changes

2010-03-29

• Walter Borst is named GM vice president and Promark Global Advisors chief executive officer
• Nancy Everett, Promark Global Advisors chief executive officer, announces intention to leave the company June 1, 2010; will assist with the transition
• Joining GM from Morgan Stanley, Daniel Ammann is appointed GM vice president finance and treasurer

DETROIT – General Motors Vice Chairman and Chief Financial Officer Chris Liddell today announced a number of key finance leadership changes aimed at further advancing the company’s financial progress and preparing for its return to public ownership in the future.

Walter Borst is named GM vice president and Promark Global Advisors, Inc. chief executive officer, reporting to Liddell, effective May 1, 2010.  Promark is a wholly-owned asset management subsidiary of GM focused primarily on the management of retirement plan assets, including GM’s pension plans assets.  Borst, 48, will also continue as chairman of the Adam Opel GmbH Supervisory Board.  Opel is GM’s principal European automotive subsidiary, located in Germany.  Borst was most recently GM vice president and treasurer, a post he has held since 2003.

“Walter has done an outstanding job as treasurer,” said Liddell.  “He is a great fit to lead the team managing a crucial part of GM, the $115 billion in assets at Promark.”

During his 29 year GM career, Borst spent six years in Europe, and served as chief financial officer of Opel.  Additionally, he held a number of assignments in the Treasurer’s Office in New York and the Controller’s Staff in Detroit.  Over the years, Borst has been instrumental in a number of significant strategic and capital market transactions for GM, including the recent GM restructuring and sale of assets pursuant to Section 363 of the U.S. Bankruptcy Code, and the global capital markets debt offering to fund the GM pension deficit in 2003.  He has also served on the GMAC Board of Directors.

Borst succeeds Nancy Everett, who has announced her intention to leave the company June 1, 2010, and who will assist with the transition.  Everett, 55, joined Promark Global Advisors as chief investment officer in 2005.  She assumed the additional responsibility of chief executive officer in January 2006.  In 2007, Everett restructured the portfolio to hedge against volatility that ultimately helped GM’s pension fund withstand the negative market impact of 2008.

“Nancy was a valuable contributor during one of the most difficult times in the financial market’s history,” said Liddell. “Under her leadership, Promark delivered consistent performance for its clients, often outperforming the market. We thank her for her contribution.”

Daniel Ammann has been appointed GM vice president finance and treasurer, reporting to Liddell, effective May 1, 2010.  Ammann, 37, was most recently managing director and head of Industrials Investment Banking for Morgan Stanley, a position he held since 2004.

“Dan brings a broad base of financial experience to this position,” said Liddell.  “It is a critical time in this company’s history and Dan’s depth of knowledge of the financial community and our business will be invaluable.”

Ammann will lead the GM Treasurer’s Office, based in New York, with additional operations in Detroit, Shanghai, and Zurich.  The global treasury operations include capital markets activities, capital planning, business development, risk management, worldwide pension funding, worldwide banking, and overseas and domestic finance.

During his 11 years at Morgan Stanley, Ammann was instrumental in many high profile assignments spanning a variety of technology, service, and manufacturing clients.  His diverse experience in mergers, acquisitions, raising capital, and restructuring includes leading Morgan Stanley’s banking team in advising GM on its restructuring and sale pursuant to Section 363 of the U.S. Bankruptcy Code.

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GM Completes Fresh-Start Accounting

2010-04-07

DETROIT, Mich. – General Motors Company announced that it had completed fresh-start accounting, and would be filing its third quarter 2009 Form 10-Q and 2009 Form 10-K with the SEC today.

“We are building the foundation that will allow us to return to public ownership,” said Chris Liddell, GM vice chairman and CFO.  “Completing fresh-start accounting is an important step in that process.”

The new company, which was formed on July 10, 2009 through the acquisition of substantially all the assets and certain liabilities of Motors Liquidation Company (formerly General Motors Corporation), had to complete the process of adopting fresh-start accounting to record the acquisition and establishment of the new GM as well as determine the fair value of assets and liabilities and implement new accounting policies.

The following table provides a summary of GM’s financial results for the period ended December 31, 2009 under fresh-start accounting.

	July 10-Dec. 31, ‘09
($ bils) Global revenue	$57.5
Net income/(loss) attributed to stockholders	$(4.3)
Net cash provided by operating activities	$1.0

The $4.3 billion net loss includes the pre-tax impact of a $2.6 billion settlement loss related to the UAW retiree medical plan and a $1.3 billion foreign currency re-measurement loss.

Going public will enable the company to invest in designing, building and selling the world’s best vehicles, attract the best people and access the capital markets. One of the most important measures in establishing the foundation for going public is the company’s ability to return to sustainable profitability.

“As the results for 2009 show there is still significant work to be done. However, I continue to believe we have a chance of achieving profitability in 2010,” said Liddell.  “We are also dedicated to delivering on our commitments to our stakeholders. For example we remain committed to repaying the outstanding balance of the U.S. Treasury and Export Development Canada loans by June 2010 at the latest.”

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Forward-Looking Statements: In this press release and in related comments by our management, our use of the words “expect,” “anticipate,” “possible,” “potential,” “target,” “believe,” “commit,” “intend,” “continue,” “may,” “would,” “could,” “should,” “project,” “projected,” “positioned” or similar expressions is intended to identify forward-looking statements that represent our current judgment about possible future events. We believe these judgments are reasonable, but these statements are not guarantees of any events or financial results, and our actual results may differ materially due to a variety of important factors. Among other items, such factors might include: our ability to comply with the requirements of our credit agreements with the U.S. Treasury and EDC and to repay those agreements as planned; our ability to realize production efficiencies and to achieve reductions in costs as a result of our restructuring initiatives and labor modifications; our ability to maintain quality control over our vehicles and avoid material vehicle recalls; our ability to maintain adequate liquidity and financing sources and an appropriate level of debt, including as required to fund our planning significant investment in new technology and our ability to realize successful vehicle applications of new technology.

GM’s most recent annual report on Form 10-K will provide information about these and other factors, which we may revise or supplement in future reports to the SEC.

Holden Announces New Chairman And Managing Director

2010-03-23

Mike Devereux, 44, has been named Chairman and Managing Director of GM Holden, effective immediately.

Joining Holden from his previous position of President and Managing Director of GM Middle East Operations, based in Dubai, Mr Devereux succeeds Alan Batey, 46, who has been appointed Vice-President of Sales and Service for Chevrolet in the United States.

Tim Lee, President of GM International Operations, said Mr Devereux’s diverse, global experience and passion for cars made him ideally suited to lead Holden in Australia and New Zealand.

“Recent leaders such as Mark Reuss and Alan Batey have set a very high benchmark in dedication to the people and products that define the famous Holden brand – and Mike will be no exception,” Mr Lee said.

“Coupled with an absolute passion for cars, Mike brings rare experience across almost every area of the automotive business including manufacturing, product development and senior management roles in GM’s international operations, marketing, sales and aftersales including the then newly formed e-Business group.

“Mike’s most recent outstanding work in the Middle East, which has traditionally been an important export market for Holden, makes him a strong advocate for his new home and the historical brand even before he steps on Australian soil,” he said.

Mr Devereux’s career with General Motors has spanned 26 years in Canada, United States and the Middle East. He first joined the company in 1984 as an engineering co-op student as part of the St. Catharines Engine and Foundry Complex within GM of Canada, in Ontario.

He joined GM’s Service Parts Operations International group in 1989 working in product development and sales, followed by the role of launch manager for the 2000 Cadillac DeVille and in subsequent director positions in e-Business and the Global Sales, Service and Marketing Organisation.

Born in Great Britain, Mr Devereux moved to Toronto with his family as a child. He holds a Bachelor of Science degree in industrial engineering from the GMI Engineering & Management Institute and a master’s degree in business administration from Harvard University.