GM's bankruptcy-inspired corporate shakeup continues as Edward Whitacre Jr has been named the new chairman of General Motors' Board of Directors.
Aimed to take the position as soon as GM emerges from bankruptcy, Whitacre will replace current interim Chairman Kent Kresa. Despite the selection of a new chairman, GM still needs to select four new board members thanks to an agreement with the Obama administration which requires the company to replace a majority of their current board of directors. The Canadian government and the United Auto Workers will also choose one new director, for a total of seven new board members.
Whitacre served as AT&T's CEO from 1990-2007, a time period which saw AT&T become the nation's largest telecom company. Having earned a degree in industrial engineering, Whitacre also sits on the boards of ExxonMobil and the Burlington Northern Santa Fe railroad corporation.
