Ed Whitacre to Helm GM
GM made the announcement today, adding that interim chairman Kent Kresa will remain on GM's board. GM's press release says the other six board members "will most likely retire" -- and if they don't take that hint, the release adds that "a selection process is currently underway" for their replacements. (See GM Hires Whitacre.)
Light Reading readers will no doubt remember Whitacre, 67, as the head of SBC, the regional Bell operator that took over AT&T in 2005. (See SBC to Buy AT&T for $16B and SBC Brass Dominates the New AT&T .)
He's also the executive who made the decision to build U-verse using the carrier's established copper network, rather than build a fiber network as Verizon Communications Inc. (NYSE: VZ) has done with FiOS. (See Verizon's Big Risk.)
Whitacre stepped down from AT&T in 2007, leaving his mark in the form of a lavish $158 million retirement package that included health benefits, club memberships, and home security. Whitacre had also accrued $85.2 million in compensation for fiscal years 2000 through 2005. (See Letter to Ed Whitacre, Come On, Pilgrim, and AT&T Holders Cry Foul Over Exec Pay.)
GM, which recently filed for a bankruptcy reorganization that will make the U.S. government a 60 percent owner, hasn't indicated what kind of perks will come with Whitacre's new post.
— Craig Matsumoto, West Coast Editor, Light Reading