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Letter to the Editor
Monday December 9
GM CEO Wagoner Named Chairman
Rick Wagoner, the youngest chief executive at General Motors Corp. in more than half a century, will add the post of chairman next year, succeeding Jack Smith, who is retiring, according to a company announcement.Throughout GM's history, the chairman of the company has often also been the CEO.
Wagoner, 49, will give up the title of president. The world's biggest automaker did not name a successor. Analysts said it was unclear if GM would name a new president, but they said Gary Cowger, head of GM's North American operations, could be a candidate for the position.
Wagoner became chief executive of GM in June 2000, becoming the youngest head of the company since the legendary corporate chief Alfred Sloan took the helm in 1923.
Wagoner worked his way up through the ranks, previously serving as head of North American automotive operations and chief financial officer and holding finance positions in Brazil, Canada and Europe.
Smith announced earlier this year that he would retire in 2003, when he turns 65, the mandatory retirement age. He became chief executive of GM in November 1992 and chairman in 1996.
Since relinquishing the CEO job to Wagoner, Smith has overseen some strategic areas of the corporation, including its alliances with Asian automakers and relations with U.S. dealers.
GM also named Philip Laskawy, the former chairman and chief executive officer of accounting firm Ernst & Young, to its board of directors.
Laskawy, 61, served as chairman of the Big Four accounting firm from 1994 to 2001. Laskawy's appointment, effective Jan. 1, will raise the number of GM board members to 13, including 11 from outside the company.
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