Restructure Proposals

GM Announces Restructuring of Finance Activities 
 
    DETROIT, May 17 -- General Mootors today announced that it plans to 
restructure its Corporate Controller's Office in light of the planned retirement 
of its current controller, Paul W. Schmidt. 
    Schmidt, 61, is electing to retire from GM later this year, capping a 37-
year career at GM.  Following Schmidt's retirement, GM will combine the 
positions of controller and chief accounting officer.  The company has begun 
an external search for a candidate using executive recruiter Crist Associates.  
Schmidt will continue in his current position until a successor is named. 
    Chief Financial Officer Frederick "Fritz" Henderson said, "Paul has made 
tremendous contributions to General Motors over 37 years in the finance 
organization.  Having worked in a number of different positions and operations 
throughout GM, he has been a tremendous resource to the company on a global 
scale.  And, I'm grateful that he will continue to help GM over the next 
several months through this transition to a new controller and chief 
accounting officer." 
    GM also announced today that its current chief accounting officer, Peter 
Bible, has elected to resign from the company to pursue other career options, 
effective June 1, but at the company's request has agreed to continue to 
support GM during the transition period in a consulting role.  "I know the 
entire GM family joins me in thanking Pete for his service to GM and wishing 
him the best as he pursues new opportunities," said Henderson. 
    In addition, GM said it has retained an outside financial advisory firm, 
AlixPartners, to assist the corporation with a broad range of accounting, 
financial reporting and related matters.  AlixPartners will provide personnel 
to support the corporation during the transition to a new controller and chief 
accounting officer, including assisting with assessments of the corporation's 
internal, financial reporting and disclosure controls and implementing steps 
to improve them on an ongoing basis. 
    "One of our key objectives in finance is to minimize risk," said Henderson.  
"To that end, we are moving quickly to make sure that we have a robust level 
of internal controls and systems in place -- and AlixPartners has tremendous 
expertise to support this initiative." 
    General Motors Corp. (NYSE: GM), the world's largest automaker, has been 
the global industry sales leader for 75 years.  Founded in 1908, GM today 
employs about 327,000 people around the world.  With global headquarters in 
Detroit, GM manufactures its cars and trucks in 33 countries.  In 2005, 9.17 
million GM cars and trucks were sold globally under the following brands: 
Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, 
Saab, Saturn and Vauxhall.  GM operates one of the world's leading finance 
companies, GMAC Financial Services, which offers automotive, residential and 
commercial financing and insurance.  GM's OnStar subsidiary is the industry 
leader in vehicle safety, security and information services.  More information 
on GM can be found at http://www.gm.com . 
 
SOURCE  General Motors Corporation 
    -0-                             05/17/2006 P 
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