GM CEO Exit Won't Affect Its China Operation

Shanghai, March 31, 2009: (Gasgoo.com) General Motors CEO Rick Wagoner was reported to step down immediately at the request of the White House, a sign of major changesin the auto giant but GM said the move would have noimpact on itsoperations in China.

In an email statement to Gasgoo.com, a PR executive of GM China said GM's business and key projects in China will proceed as usual and the change at the company's headquarters won't have any impact on its Chinese division.

General Motors CEO Rick Wagoner (R), SAIC Group chairman Hu Maoyuan (L) and Tsinghua University president at the launch ceremony of the three-party joint venture -- China Automotive Energy Research Center (CAERC) -- at the prestigious Chinese university on April 19, 2008

According to Junyi Zhang, Senior Consultant at Roland Berger, GM CEOs has been consistent in its investment strategies in China since it entered into joint venture partnership with Shanghai Automotive Industry Corp (SAIC)in 1997. But he does not rule out the possibility that GM could sell stakes in its China venture to ease its liquidity crunch.

White House ordered on Monday the resignation of GM's veteran boss but delayed a decision on $21 billion in extra bailout money from the public pocket, demanding far more radical reform proposals from the carmakers within weeks. GM has already received $13.4 billion in government loans.

General Motors announced early Monday that it had named Fritz Henderson as its new chief executive officer, replacing departing Rick Wagoner. "Fritz Henderson, GM president and chief operating officer, will serve as CEO," the automaker said in a short announcement.

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