GM Emerges from Bankruptcy

Washington DC July 10, 2009; The AIADA newsletter reported that General Motors Co. completed the paperwork, and its good assets exited bankruptcy at 6:30 a.m. this morning.

According to the Detroit News, the new company also announced a shake-up of its management team, eliminating its North American president position and some other top jobs.

GM's president and CEO Fritz Henderson will take responsibility for GM's operations in North America, eliminating the GM North America president position.

General Motors will also end its regional operating structure. This eliminates the regional president positions and the regional strategy boards. Nick Reilly will be named executive vice president of GM International Operations (GMIO), which will be based in Shanghai.

GM and Treasury Department officials signed the documents at a company law firm in New York. GM held an internal employee broadcast at 8:30 this morning ahead of Henderson's press conference. GM said the company is launching a "Tell Fritz" Web site to improve customer communications.

Starting in August, Henderson will be on the road every month—and around the world--to meet with customers and others. "We need to listen ... to the people who matter most—the people who own and drive General Motors cars and trucks," he said.