Michael Arcamone to Become President and CEO of GM Daewoo Auto & Technology

SEOUL, KOREA – July 24, 2009: GM Daewoo Auto & Technology (GM Daewoo) announced today that Michael Arcamone, vice president of GM Powertrain Europe, will become President and CEO of GM Daewoo, effective October 1. He will replace current President and CEO Michael Grimaldi, who is retiring.

“GM appreciates the fine job that Michael Grimaldi has done at GM Daewoo over the past three years, despite a challenging business and economic environment,” said Nick Reilly, GM executive vice president and president of GM International Operations. “He helped make GM Daewoo a stronger contributor to GM globally in terms of sales, engineering and product development.

“We are pleased to have Michael Arcamone joining us,” said Reilly. “He has distinguished himself around the world in the areas of production and purchasing. We at GM look forward to working with the GM Daewoo team to fully leverage its resources and make it a greater contributor to the new General Motors Company.”

Arcamone joined General Motors In 1980. After having held several positions within GM Manufacturing, he became plant manager of GM’s St. Therese plant in Canada before moving to GM Powertrain as plant manager in the U.S.

In 2005, he was appointed executive director, Supplier Quality and Development, within Global Purchasing and Supply Chain. He played a key role in successfully transforming the Global Purchasing and Supply Chain Group into a truly global organization. In his current position, he is responsible for 10 manufacturing plants and five engineering locations.

The native of Montreal, Canada, holds a Bachelor of Commerce degree in business administration from Concordia University and a diploma in business management from McGill University.

“I am excited about becoming part of the GM Daewoo team,” said Arcamone. “GM Daewoo has a great global reputation for excellence. I look forward to building on the foundation laid by my predecessor to enable GM Daewoo to take advantage of new opportunities as they arise around the globe.”

“Since coming to Korea in 2006, I have enjoyed working with the GM Daewoo team, our business partners and the Korean government,” said Grimaldi. “Together, we have strengthened GM Daewoo’s global competitiveness and positioned the company for future growth. I thank the GM Daewoo employees for three rewarding years and wish my successor all the best.”