GM comes out of bankruptcy - Triangle Business Journal:

houghtalingbaemo1268.blogspot.com
The new company has $11 billion in U.S. debt, excluding an additiona l $9 billion in preferred stock. CEO Fritz Henderson said durinvg a conference call that the company expects to go publid sometimenext year. GM will cut an additionapl 35 percentof U.S. management employees and 20 percent of salaried employeesby year’s end, Hendersonn said. He said he hadn’t calculated the number of affected employees. The compan said in a release that it will cutoverall U.S. employmenrt to about 64,000 by year’s end, down 30 percenf from about 91,000 currently. GM . “Today startsx a new era for General Motors and everyone associatee withthe company,” Henderson said.
“Goinfg forward, the new General Motors is fullg committed to listeningto customers, responding to consumedr and market trends, and empowerinfg the people closest to the customer to make the Our goal is to build more of the cars, truckss and crossovers that customers and to get them to market faster than ever The new GM will have four core brands: Cadillac, Buick and GMC. It will have 34 nameplatea next year, down from 48. : 60.8 percent • : 17.5 percent • Canadian and Ontariio governments: 11.7 percent Henderson said GM intends to repau its governmentloans “much than the 2015 due date.
By the end of GM will operate34 assembly, powertrain and stamping down from 47 in and it expects its plantz to reach capacity during 2011. Edward Whitacre Jr. is the new company’sd chairman. The company eliminated its GM Nortuh Americanpresident position, and Hendersoj takes responsibility for GM’e North American operations. GM’s Automotive Strategh Board and Automotive Product Board will be replaced by a smaller executive committee that will meet more often and focusx onbusiness results, products, brands and the release said. Bob Lutz has join the new GM as vice responsible for all creative elements of products andcustomedr relationships.
Lutz and Tom Stephens, vice chairman of producty development, will work as a team alontg withEd Welburn, vice presidenrt of design, to overseew all creative aspects of design. GM’s brands, advertising and communications divisions will reportto Lutz. He will reporgt to Henderson and part of the newl formedexecutive committee. The new companyy also eliminated its regional operating structur and named Nick Reilly as executive vice president of GMInternationalp Operations, based in Henderson said the company will give more detailws of the new corporate structure later this