Changes at GM

The departure of Rick Wagoner is not the only big change coming to General Motors.

Wagoner’s jobs as CEO and chairman of the board will be split. Fritz Henderson, who has been GM’s president and chief operating officer (COO), will replace Wagoner as chief executive officer (CEO). Kent Kresa, former chairman of Northrop Grumman, will take Wagoner’s place as chairman of the board on an interim basis.

There will likely be significant changes to the General Motors board of directors. In a statement, Mr. Kresa said, “The Board has recognized for some time that the Company’s restructuring will likely cause a significant change in the stockholders of the Company and create the need for new directors with additional skills and experience. The Board intends to work to nominate a slate of directors for the next annual meeting that will include a majority of new directors taking into account the addition of new directors, retirement, and decisions by individual directors not to stand for re-election, although the specific individuals who will be nominated or choose not to run or leave the board are not yet known.”