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.December 11, 2002
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This Week:

• Chevrolet Announces SSR Signature Series

• Arrival of Porsche Cayenne

• MINI Opens Its "Virtual" Factory

• Renault, Toyota and Mitsui Boost Partnership in Colombia

• The new Audi S4 - Supreme power and superior handling

• Ford Rouge Center Redevelopment Lays Foundation For Manufacturing Future

• GM Names Wagoner Next Chairman

• Volkswagen in China

• Aston Martin Jaguar Land Rover North America Reports Record November Sales For Land Rover In The United States

• Valeo consolidates its lighting activities in Spain

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GM Names Wagoner Next Chairman

 

DETROIT - The General Motors Board of Directors announced it has elected Rick Wagoner chairman and chief executive officer (CEO), effective May 1, 2003, following the retirement of current GM Chairman Jack Smith, after 42 years of distinguished service. Smith will also leave the GM board at that time. ..

Rick Wagoner Photo: GM

Smith has been chairman since Jan. 1, 1996, and held the offices of CEO from 1992 though 2000, and president from 1992 through 1998. He was first elected a GM director in 1990.

Wagoner has been president and CEO since June 2000, and was previously president and chief operating officer from 1998 through 2000. Prior to that, he was executive vice president and president of GM North America from 1994 through 1998. He became a GM director in 1998.

"The GM Board of Directors was unanimous in its selection of Rick as the next chairman," said George Fisher, who as chairman of the Committee on Director Affairs, chairs executive sessions of the GM board. "While filling Jack's shoes is a formidable task, we are confident that Rick will lead GM successfully in this highly competitive industry. In his recent assignments, Rick has worked closely with the board and proactively drawn upon its diverse experience, and we look forward to continuing and expanding that close working relationship."

Wagoner has been with GM since 1977 and has held a number of executive positions around the world, including vice president - finance of GM Europe, and president and managing director of GM do Brasil, before coming back to the United States in 1992 as executive vice president and CFO.

The GM board currently consists of 12 members, of whom only two are executives in the corporation. Only outside directors participate in the election of the chairman.

(December 3, 2002)