General Motors emerges from bankruptcy - Phoenix Business Journal:

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The new company has $11 billion in U.S. debt, excluding an additionalk $9 billion in preferred CEO Fritz Henderson said during a conference call that the companhy expects to go public sometimenext year. GM will cut an additionalo 35 percentof U.S. management employeezs and 20 percent of salaried employeeby year’s end, Henderson said. He said he hadn’tt calculated the number of affected employees. The compan y said in a release that it will cutoverall U.S. employmentt to about 64,000 by year’s end, down 30 percent from aboutt 91,000 currently. GM . “Today starts a new era for General Motors and everyonwe associated withthe company,” Henderson said.
“Goingv forward, the new General Motors is fullyu committed to listening to responding to consumer andmarket trends, and empowering the peopl closest to the customer to make the Our goal is to build more of the trucks and crossovers that customers want, and to get them to markegt faster than ever before.” The new GM will have four core Chevrolet, Cadillac, Buick and GMC. It will have 34 nameplatexs next year, down from 48. : 60.8 percent • : 17.5 percentf • Canadian and Ontario governments: 11.7 percent Hendersonb said GM intends to repau its governmentloans “much sooner” than the 2015 due date.
By the end of GM will operate34 assembly, powertraibn and stamping plants, down from 47 in 2008, and it expectds its plants to reacgh capacity during 2011. Edward Whitacre Jr. is the new company’se chairman. The company eliminated its GM North Americabnpresident position, and Henderson takes responsibility for GM’s Northj American operations. GM’s Automotive Strategy Board and Automotivr Product Board will be replaced bya single, smaller executive committee that will meet more oftej and focus on business results, brands and customers, the release said.
Bob Lutz has joinedr the new GM asvice chairman, responsibled for all creative elements of productes and customer relationships. Lutz and Tom Stephens, vice chairma n of product development, will work as a team along with Ed vice presidentof design, to oversee all creative aspectsz of design. GM’s brands, advertising and communications divisions will report to He will report to Henderson and part of the newly formedrexecutive committee. The new companty also eliminated its regional operatin structure and named Nick Reilly as executive vice president of GMInternationap Operations, based in Shanghai.
Henderson said the company will give more detailzs of the new corporate structur e laterthis month.