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GM Emerges From Bankruptcy

By Scott Sarvay
June 18, 2010 Updated Jul 10, 2009 at 4:21 PM EST DETROIT (Indiana's NewsCenter) - General Motors CEO Fritz Henderson said, “Today marks the beginning of a new company, our company.” Henderson making it clear that his company is ready to get back to work and that the new GM is ready to emerge from bankruptcy. Henderson said, “At the new GM, we need to make the customer the center of everything, and we're going to be obsessed with this.” Customers are the number one priority at GM, followed by "culture" and "cars." GM will focus on four brands, Chevrolet, GMC, Cadillac, and Buick. GM emerged from bankruptcy in a record 40 days. Some executives’ sarcastically admit it was almost as easy as pie. And speaking of pie, the way the GM pie is divided among its owners is also changing. 10% belongs to the old GM regime. A slightly larger piece goes to the Canadian and Ontario governments. A UAW retiree trust fund gets the second largest piece of the pie, while the U.S. Treasury Department becomes the major owner of the new GM. The feds are already making changes. Former AT&T Chief Ed Whitacre is GM's new chairman. Whitacre says, “You know, for 100 years, General Motors was among the world's greatest companies. It deserves to be there again, it will be there again.” So will Bob Lutz, the vice chairman who had earlier issued his resignation, will now remain with the automaker. But, 20% of salaried positions will be cut by the end of the year, along with 35% of management. Those remaining will have the task of putting General Motors bank onto the road to profitability. Henderson adds, “If we don't get this right, nothing else is going to work.”
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