The Helm is Set to Change at GM
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| General Motors Corporation President Richard Wagoner answers questions after it was announced that Chairman Jack Smith (C) named him CEO, June of 2000. Vice Chairman Harry Pearce looks on (R). |
On Tuesday, December 03, 2002, General Motors announced that CEO Rick Wagoner will become chairman when Jack Smith retires next year. In so doing Wagoner will be giving up his position as president of the company. Thus far GM hasn't named a new president. The changes will take effect on May 1, 2003, according to GM.
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| General Motors President, CEO and Chairman Elect Rick Wagoner, right, sits in Bob Black's (left) 1958 Corvette at the 2002 Woodward Dream Cruise Saturday, August 17, 2002, in Royal Oak, MI. |
Smith's retirement shouldn't come as a surprise to those with their ear to the ground of the automotive industry, as he announced earlier this year that he would retire in 2003 when he turns 65. Smith has been chairman since 1996 after serving as president for 4 years.
When advanced to the position of CEO in June of 2000 Wagoner, currently 49, became the youngest leader of GM since Alfred Sloan took over the office in 1923. Wagoner previously served as head of North American automotive operations and CFO plus held finance positions in Brazil, Canada and Europe.
