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Share This- GM commits to paying back US and Canadian government loans by June
DETROIT – Edward E. Whitacre, Jr., has agreed to continue as chairman and CEO of General Motors, it was announced today.
Speaking at a press conference at GM’s headquarters, Whitacre also expressed the GM board’s commitment that the company will pay back in full the U.S. Treasury, Canadian, and Ontario government loans by June.
Whitacre’s appointment reflects GM’s progress since the new company was formed last summer. “The board of directors asked if I would be willing to stay on at GM and help continue the company’s road back to success,” Whitacre said. “Having spent the past few months learning the business, meeting with our employees, customers and dealers, and working with the GM leadership team, I was both honored and pleased to accept this role. This is a great company with an even greater future, and I want to be part it.”
Whitacre also reaffirmed that GM will pay back the loans from the U.S., Canadian, and Ontario governments by June. “We’ve made significant progress in the past couple of months, so much so that I can confirm with certainty that we will pay back in full the U.S. Treasury and Canadian government loans by June,” Whitacre said. “This represents a significant milestone in our journey back to being a profitable and viable company.”
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Forward-Looking Statements: In this press release and in related comments by our management, our use of the words “expect,” “anticipate,” “ensure,” “promote,” “target,” “believe,” “improve,” “intend,” “enable,” “continue,” “will,” “may,” “would,” “could,” “should,” “project,” “projected,” “positioned” or similar expressions is intended to identify forward-looking statements that represent our current judgment about possible future events. We believe these judgments are reasonable, but these statements are not guarantees of any events or financial results, and our actual results may differ materially due to a variety of important factors. Among other items, such factors might include: our ability to comply with the requirements of our credit agreements with the U.S. Treasury as well as the EDC and VEBA; our ability to maintain adequate liquidity and financing sources and an appropriate level of debt; our ability to realize production efficiencies and to achieve reductions in costs as a result of our restructuring initiatives and labor modifications; our ability to restore consumers’ confidence in our viability as a continuing entity and our ability to continue to attract customers, particularly for our new products, including cars and crossover vehicles; significant changes in the competitive environment and the effect of competition on our markets, including on our pricing policies; and overall strength and stability of general economic conditions and of the automotive industry, both in the United States and in global markets.
About General Motors: General Motors, one of the world’s largest automakers, traces its roots back to 1908. With its global headquarters in Detroit, GM employs 204,000 people in every major region of the world and does business in some 140 countries. GM and its strategic partners produce cars and trucks in 34 countries, and sell and service these vehicles through the following brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, Opel, Vauxhall and Wuling. GM’s largest national market is the United States, followed by China, Brazil, Germany, the United Kingdom, Canada, and Italy. GM’s OnStar subsidiary is the industry leader in vehicle safety, security and information services. General Motors acquired operations from General Motors Corporation on July 10, 2009, and references to prior periods in this and other press materials refer to operations of the old General Motors Corporation. More information on the new General Motors can be found at www.gm.com.
