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| Former Indonesia Leader Wahid Dies Former Indonesian President Abdurrahman Wahid, a key religious moderate and spiritual leader of one of the world's largest Muslim organizations, died on Wednesday at age 69. online.wsj.com |
Egypt clashes after Copt killings Clashes have broken out in the southern Egyptian town where seven people were killed in a drive-by shooting outside a Coptic Christmas Eve Mass. news.bbc.co.uk |
Ukraine poll tensions stirred up Tension rises ahead of Ukraine's presidential election, with PM Yulia Tymoshenko already alleging fraud. news.bbc.co.uk |
Hammers debt is £110m - Sullivan West Ham's new owner David Sullivan reveals the scale of the club's financial problems as they try to maintain their Premier League status. news.bbc.co.uk |
General Motors abandons search for new chief executive In a bid to restore stability, car manufacturer gives job to chairman Ed WhitacreGeneral Motors has abandoned a search for a new chief executive, opting instead to give the job on a long-term basis to its chairman, Ed Whitacre, in an effort to restore "stability" to the cash-strapped Detroit car manufacturer.Whitacre, a 68-year-old former telecoms boss with no background in the automotive industry, announced he was keeping the role during a press conference at GM's headquarters today. In a positive sign for its financial recovery, GM also said it would repay its $8.1bn in loans from the US and Canadian governments by June.GM's leadership had been surrounded by uncertainty since early December, when former chief executive Fritz Henderson was ousted by directors impatient at the speed of recovery at the company, which owns brands including Chevrolet, Cadillac, Buick, Vauxhall, Opel and Saab.Whitacre said he was accepting the job largely as a "public service" rather than for personal gain. GM would not reveal his salary, which will have to be vetted by the US Treasury's pay czar, Kenneth Feinberg, who oversees remuneration at firms bailed out by the government."The board looked at the potential candidates and decided this place needs stability, that we don't need any more uncertainty," said Whitacre. "They asked me to do it and I said yes."Whitacre, who lives in Texas and has been commuting to Detroit on a weekly basis, was not specific on the likely length of his tenure: "As far as I'm concerned it's for an adequate amount of time to get done what we need to get done. I can't tell you if that's three years, two years or what."The prospect of repayment of government funds will be a boost to confidence in GM, which received more than $50bn to help it through bankruptcy last year. An employer of 204,000 people, the Obama administration took the view that the company's survival, along with that of rival Chrysler, was vital to the US economy. The US government now owns a 61% stake in GM, which could be sold through a flotation of the company as early as this year.Whitacre made his name as chief executive of the telecoms company AT&T, from which he retired in 2007. When he was chosen by the US government to chair GM's board in June year, he was blunt about his lack of expertise in the motor industry, admitting: "I don't know anything about cars."Immediate issues to be resolved at GM include the future of the Swedish brand Saab, which is being wound down but is the subject of several rescue bids including an offer from a Dutch sports car maker, Spyker Cars, and a proposal from a consortium including the Formula One boss Bernie Ecclestone.GM is also taking a fresh look at a decision last year to eliminate 2,000 US retail dealerships from its network. Unhappy dealers who were cut loose have filed arbitration claims, and Whitacre has said he expects "hundreds" to be reinstated.Automotive industryManufacturing sectorGeneral MotorsChryslerUnited StatesUS economyChapter 11 - corporate bankruptciesGlobal recessionAndrew Clarkguardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds guardian.co.uk |