Thu, Nov 26 2009
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“What happened was that wireless came along and created one of the most amazing growth markets in the world, and therefore bailed out sinking ships like Verizon and AT&T,” Schnee said.
Kresa told reporters on a conference call Tuesday that he picked Whitacre with input from Steven Rattner, chairman of the Treasury Department’s auto task force. The government, he said, wants to be very involved in picking GM’s board, but after that, does not want to be part of GM’s day-to-day operations. Whitacre, Kresa said, had experience that was attractive to the government. Kresa said he has been searching for candidates who have experienced innovation and corporate cultural change and have seen success. “We are looking at candidates who have been involved in companies where there has been a dramatic change in the marketplace and the way the company has to address the market,” Kresa said. Leadership qualities are above all others, Kresa said. A second board will be appointed to run the old GM to wind down its remaining assets, Kresa said. Under terms of a proposed bankruptcy agreement, the U.S. and Canadian governments will own nearly 75 percent of General Motors, with the U.S. holding a 60 percent controlling stake and Canada with 12.5 percent. The UAW would get a 17.5 percent stake and bondholders would end up with the remaining 10 percent. Existing stockholders would be wiped out. 
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