GM is not alone

Last Updated on Thursday, 16 July 2009 08:02 Thursday, 02 July 2009 07:48

Who's really losing money in the auto industry?

Here is a list of loses for the world's largest automakers. This list runs from March 2008 to March 2009. As it turns out the Japanese auto makers have lost a total of 12.6 billion dollars (Toyota, Honda, and Nissan) and the America's big 3 have lost a total of 9 billion (GM, Ford, and Diamler AG - Chrsyler). Suprised, you should be.

• Toyota -6.9 billion
• GM - 5.9 billion
• Honda Motor - 2.9 billion
• Nissan Motor -2.8 billion
• Daimler AG (Chrysler) -1.7 billion
• Ford Motor -1.4 billion

These are tough times for everyone, so before you bash the American auto industry (don't get me wrong they have made some mistakes) take a look at the WHOLE picture including the financial help that Toyota has received from their Government also.

Sources:
Motor Trend - August 2009
Bloomberg.com

Edward Whitacre, Jr. to Become Chairman of New GM

Last Updated on Tuesday, 09 June 2009 13:14 Tuesday, 09 June 2009 13:07

Edward Whitacre, Jr. to Become Chairman of New GM

Edward E. Whitacre, Jr., former chairman and CEO of AT&T Inc., will become chairman of the New GM when the company is launched later this summer, GM's interim Chairman Kent Kresa announced today. Kresa will continue to serve as interim chairman until the launch.

Whitacre and Kresa, along with current board members Philip A. Laskawy, Kathryn V. Marinello, Erroll B. Davis, Jr., E. Neville Isdell and President and Chief Executive Officer Frederick A. Henderson, will serve as the nucleus of the New GM board, providing management oversight and a continuing commitment to transparency and world-class standards of corporate governance.

The six other members of the current board will most likely retire no later than the approval of the sale of GM assets to the new entity. A selection process is currently underway for four more directors to serve on the board of the New GM. In addition, the Canadian government and the new UAW Voluntary Employee Benefit Association (VEBA) will each nominate one director, bringing the total number of New GM directors to 13.

Whitacre, 67, was chairman and CEO of AT&T Inc. and its predecessor companies from 1990 to 2007. During his tenure, which began with Southwestern Bell, Whitacre led the company through a series of mergers and acquisitions--including that of AT&T in 2005--to create the nation's largest provider of local, long distance and wireless services. He serves on the boards of ExxonMobil Corporation and the Burlington Northern Santa Fe Corporation and holds a degree in industrial engineering from Texas Technological University.

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