Photo: GM

"Everyone at General Motors has a deep sense of gratitude for the tremendous leadership Jack Smith has provided since he was named CEO in 1992," Wagoner said. "Having Jack's continuing leadership counsel and years of experience at hand will be an invaluable strategic advantage for us as we go forward."

Harry J. Pearce, 57, vice chairman, will continue in that position and will continue to provide oversight for Hughes Electronics. He maintains responsibility for Allison Transmission Division, GM Electro-Motive Group and its Defense Operations. He will also continue to be responsible for GM's focus on advanced vehicle technology, safety, the environment and key public policy issues.

Wagoner, Pearce and Thomas A. Gottschalk, GM's general counsel, will continue to report to Smith. Smith, Wagoner and Pearce continue as GM directors.

In addition to the four regional automotive presidents and key "global process leaders" (for such enterprise activities as engineering, manufacturing, purchasing and human resources) who already report to Wagoner, the Company's chief financial officer and General Motors Acceptance Corp. will be realigned to report to him as well. These latter organizations previously reported to Smith.

In communications to employees earlier this morning, Smith said that this action was part of the Board's continuing succession planning activity and that it will maintain continuity at the senior-most executive level and further build on the momentum General Motors has generated over the past several years.

(February 2, 2000)