Former AT&T CEO Named Chairman Of General Motors

thats great but what does he know about the automotive industry?

— B7FAN (View Profile)

Posted on 6/9/2009 1:29:06 PM | reply to this comment | Votes: 0   

Oh, good. Now, in addition to making sucky products, GM can also rip people off.

— cococo (View Profile)

Posted on 6/9/2009 1:37:53 PM | reply to this comment | Votes: 0   

Guys, the Chairman's job is to run the Board of Directors and the BoD's job is to make sure that the company's management does their job of making money.

The continual problem with Chairmen and BoD's that they do not know how to manage the company's management. Right now, AT&T is seen as a huge success. They are the fastest growing phone company and post the highest revenue per customer in the industry.

Now, with that being said, the truth is that 99% of AT&T's success is solely due to the iPhone phenomena and has nothing to do with how well the company performed.

So, I think that GM will do great as long as they outsource all product design and development to Apple.

— thstone (View Profile)

Posted on 6/9/2009 2:31:07 PM | reply to this comment | Votes: 4   

AT&T is a bad telecom company. The only reason they are making money is because of the exclusive iPhone contract and their death-star tactics. This guy knows nothing about running a manufacturing based company and will bankrupt the "new GM".

— g2ok (View Profile)

Posted on 6/9/2009 3:06:12 PM | reply to this comment | Votes: 0   

At least he's an engineer. GM needs not be managed by an another MBA.

By the way, I found some interesting information about this guy compensation after the AT&T period.

=================
Whitacre's compensation
- for 2006 totaled $61 million,
- $17 million in 2005
- about $14 million in 2004

Following retirement, under his employment contract Whitacre is entitled to receive for life (except as otherwise noted):
- Automobile benefits (estimated at $24,000 annually)
- Access to AT&T's corporate aircraft, up to 10 hours of usage per month (estimated incremental monthly cost of $20,000)
- Use of AT&T office facilities and support staff
- Home security (estimated at $6,500 annually)
- Payment of applicable taxes resulting from these benefits, except for use of the aircraft (estimated at $19,000 annually)

In addition, Whiteacre has a three year consulting contract with AT&T, by which he will be paid about $1 million annually, and receive:
- Club memberships (estimated at $25,000 annually) and
- Payment of applicable taxes resulting from these benefits (estimated at $15,600 annually)
=================
http://en.wikipedia.org/wiki/Edward_Whitacre,_Jr.

I always considered those people hopelessly overpaid but, anyway, it's good to be a chairman or a CEO.

— MrBratwurst (View Profile)

Posted on 6/9/2009 3:22:41 PM | reply to this comment | Votes: 2   

I heard that he's just phoning it in....

— StarSearch (View Profile)

Posted on 6/9/2009 3:38:01 PM | reply to this comment | Votes: 2