Directorate Change

GM Names Wagoner Next Chairman 
 
    DETROIT, Dec. 3 -- The General Motors Board of Directors today announced it 
has elected Rick Wagoner chairman and chief executive officer (CEO), effective 
May 1, 2003, following the retirement of current GM Chairman Jack Smith, after 
42 years of distinguished service.  Smith will also leave the GM board at that 
time.   
    Smith has been chairman since Jan. 1, 1996, and held the offices of CEO 
from 1992 though 2000, and president from 1992 through 1998.  He was first 
elected a GM director in 1990. 
    'Rick is the perfect leader for General Motors going forward.  His global 
experience, commitment to product and technology leadership, his proven track 
record of continuously improving all aspects of the company's operations, and 
leadership style, with an emphasis on strong people and strong teamwork, are 
the right attributes to lead GM into the future,' Smith said.  
    Wagoner has been president and CEO since June 2000, and was previously 
president and chief operating officer from 1998 through 2000.  Prior to that, 
he was executive vice president and president of GM North America from 1994 
through 1998.  He became a GM director in 1998. 
    'The GM Board of Directors was unanimous in its selection of Rick as the 
next chairman,' said George Fisher, who as chairman of the Committee on 
Director Affairs, chairs executive sessions of the GM board.  'While filling 
Jack's shoes is a formidable task, we are confident that Rick will lead GM 
successfully in this highly competitive industry.  In his recent assignments, 
Rick has worked closely with the board and proactively drawn upon its diverse  
experience, and we look forward to continuing and expanding that close working 
relationship.' 
    Wagoner has been with GM since 1977 and has held a number of executive 
positions around the world, including vice president - finance of GM Europe, 
and president and managing director of GM do Brasil, before coming back to the 
United States in 1992 as executive vice president and CFO. 
    'I have had the privilege of working with Jack for a long time, and he has 
been a superb leader and role model,' Wagoner said.  'He has had a 
tremendously positive impact on General Motors and me personally, and I fully 
expect the transition to be seamless.  We will work hard to continue GM's, and 
Jack's, tradition of honesty, integrity and transparency, and respect for all 
of our stakeholders. 
    'Jack took over as our CEO at one of the most difficult times in GM 
history,' Wagoner continued.  'He led us in a complete restructuring of our 
then-troubled North American business, which we continue to build on today, 
and at the same time championed important strategic investments in China and 
other growth markets.  Jack has put GM on a solid foundation, and we'll build 
on that as we go forward. 
    'My priorities are clear.  We'll continue to bring out 'gotta have' 
products, compete aggressively in the marketplace, and drive quality and cost 
improvements, while we work to strengthen our balance sheet.  I look forward 
to working with our GM team, our dealers, our suppliers, and our unions, to 
keep GM on the favorable track that we've experienced in recent times in many 
markets around the globe.'  
    The GM board currently consists of 12 members, of whom only two are 
executives in the corporation.  Only outside directors participate in the 
election of the chairman. 
    General Motors (NYSE: GM), the world's largest vehicle manufacturer, 
designs, builds and markets cars and trucks worldwide, and has been the global 
automotive sales leader since 1931.  GM employs about 355,000 people around 
the world.   
 
SOURCE  General Motors Corporation 
    -0-                             12/03/2002 P 
    /Photos available on http://media.gm.com ./ 
    /CONTACT:  Toni Simonetti of General Motors Corporation, [phone], 
[phone], or [e-mail] / 
    /Web site:  http://media.gm.com / 
    /Web site:  http://www.gm.com / 
    (GM)