.....

[Chris_Doane]

..... Edited October 14, 2006 by CD/BP

[Newbiewar]

this was avalible all weekend... so its not exactly missed by the camaro swarm... i just didnt find it important...

[Shantanu]

I don't think Devine has done anything wrong. He operates GM's most profitable and successful unit: the financial one. The one who really screwed up the company is Rick Wagoner. And of course Bob Lutz's products have not been the big hits he promised they would be. So #1 and #2 have to go, but why replace the guy whose actually doing his job well?

[Newbiewar]

Oh, first I'd seen it.

[post="54224"]<{POST_SNAPBACK}>[/post]

nono i'm glad you posted it!

accually...

you're right... this is new... i was thinking of the financial change of GMAC...

FOR RELEASE: 2005-12-02

GMAC's Stokel to lead GMAC North American Operations; John Gibson to retire following 44 years of service



DETROIT - General Motors Corporation today announced key executive moves at its financial services subsidiary, GMAC.

Barbara Stokel has been named executive vice president of GMAC North American Operations, with responsibility for GMAC's U.S and Canadian automotive financing operations and the company's Nuvell and Semperian subsidiaries, effective Jan. 1, 2006. She will succeed John Gibson, who is retiring.

Stokel, 53, will become a member of the GMAC Executive Committee, and will join the GMAC Board of Directors as well as the boards of GMAC Insurance, GMAC Automotive Bank, Nuvell and Semperian. She will report to GMAC President Bill Muir.

Gibson, 63, GMAC executive vice president and president of GMAC's North American Operations, has elected to retire at the end of the year following 44 years of service to GM and GMAC. He has been in his current position since 1994.

"John Gibson has transformed GMAC's North American operations into a customer-focused organization that has made tremendous contributions to GM's vehicle sales efforts," said GM Chairman Rick Wagoner. "Perhaps John's greatest legacy is the high marks GMAC has received for dealer satisfaction under his leadership."

Stokel has been regional vice president of GMAC's Eastern Region in North American Operations since January 2004, overseeing the performance of branches in 19 Eastern states.

"Barb Stokel brings tremendous experience and enthusiasm to her new position," said GMAC Chairman Eric Feldstein. "She is well-respected by the GM dealer community and we expect her to take GMAC's level of customer service to new heights."

Stokel began her GM career in 1974 at a GM components division in Sandusky, Ohio, known as New Departure Hyatt Bearings Division. She held various financial positions at General Motors until 1987 when she was named to GM's Customer Sales and Service Staff. She first joined GMAC as assistant manager of the Plans Department in 1989 and subsequently progressed through various executive management positions in the company's executive office and regional and field offices.

Stokel earned a bachelor's degree in finance from Eastern Michigan University in 1974, and in 1984 was awarded a Master of Science degree in business administration from Massachusetts Institute of Technology. She was born May 6, 1952, in Portsmouth, Va.

Gibson joined General Motors in 1961 at the GM Technical Center in Warren, Mich., and from 1962 to 1967, progressed through a number of accounting positions. In 1968, he took a military leave from General Motors to serve in the U.S. Army, and returned to GM in 1971 as a member of the Controller's Staff. He worked in various positions at GM, including the GM Treasurer's Office in Detroit. He spent more than 15 years with GM's Motors Holding division, in a number of positions including regional manager of the eastern United States, and investment manager. He transferred to GMAC in 1992.

A native of Berkley, Mich., Gibson earned a bachelor's degree in finance from the University of Detroit in 1967.

[Guest buickman]

Wall Street had lost all confidence in Devine. He really had nothing to do with GMAC's success. I for one am glad to see a career GM man hold the position and certainly Henderson has experience and a global perspective.

[Hogans_Heroes]

While analysts and the media will spin this development inexorably out of control, it is good news for GM in that they are getting as CFO and Vice Chairman one of the very best and brightest in the industry. I've met Fritz Henderson on quite a few occasions - most recently at the NAIAS in Detroit this past January, but prior to that many times in Brasil. He has long been my favorite GM automotive executive, next to Mark Hogan. Quite simply, the remarks by Efraim Levy were out of line and, I can only conclude, hastily rushed to press: "It's not good news to change someone of Devine's stature," Standard & Poor's equity analyst Efraim Levy said. "I would have liked to see Devine stay on longer. I'd rather have someone with greater experience around as the company deals with the trouble it has and is likely to continue to have. I'm more concerned about his level of experience, his age, both of which are a lot less than Devine." Wall Street analysts are loving GM's tumultous times, as it provides ample opportunity to write research reports and field opinions that have more to do with attracting attention to the individual analyst than providing objective observations (e.g. Ron Tadross). Did you hear him on the analyst call after the plant closure announcement? The guy doesn't know his capacity from his assembly. Fritz is the only executive in GM's history to have run all three international operations [LAAM(O), GMAP, and GME]. He has experience at Delphi (ACG, Saginaw Steering), GMAC (mortgage, other diverse positions), GMNYTO (incl. borrowings), and - before that - what is now PricewaterhouseCoopers and is a CPA. This represents as broad-based an understanding of the global automotive industry as you are likely to find. Are we to compare it with Efraim Levy's? And he's not exactly a spring chicken; regardless, his age is also irrelevant. Should we lament Stephen Girsky's move to GM? Does Robert Barry, then, not have the age, experience, and other intangible wisdom to do his job? I'm sorry, I'm just getting a little sick of this. Let's all just pile on GM without a solid thought process in place for doing so. At least our name will be in the paper. Fritz is at the very tops in terms of intellect, foresight, experience, and analytical ability that I've ever seen. Yet there is not a HINT of arrogance in him. Also, within the higher ranks at General Motors, he has widely been perceived as having been groomed for eventual sucession of the CEO post. In fact, if you look at the first Bloomberg article Tuesday concerning this move, you'll see it is reporting on word of high-level insiders at GM claiming Henderson was returning from GME to head GMNA. Of course, they were wrong - but it's significant to note that when high-level insiders caught wind of an impending announcement, they believed he'd be given the reigns Wagoner took hold of only months ago, if not even something else. This move by the board could be an effort to create a public perception to match the internal understanding of there being an heir-apparent for Wagoner in the event that he at some point does need to take one for the team. Also, although analyst reaction is initially negative and Devine is well-loved on the Street, the restatements (while not material) were significant given their timing and implications and over time Fritz will instill confidence in this regard due to his strong record and experience in controls. When I see the consensus quickly arriving at a point of assailing Fritz Henderson, my confidence in GM outperforming ever-diminished expectations and proving the naysayers wrong is reinforced. I was "in" in GM at $23.06 in November. New policy, on down days I'll be a purchaser of January 2008 call options at way out-of-the-money levels. This company will survive to see a better day. Fritz Henderson is the right man at the right time.

[Newbiewar]

Wall Street had lost all confidence in Devine. He really had nothing to do with GMAC's success. I for one am glad to see a career GM man hold the position and certainly Henderson has experience and a global perspective.

[post="54249"]<{POST_SNAPBACK}>[/post]

glad you have something positive to say about GM...

And its not to say I dont appreciate your sales comentary that I ask of you ever now and then... but, i suppose GM needs a pestimistic point of veiw knocking on there door...

[Hogans_Heroes]

I don't think Devine has done anything wrong.  He operates GM's most profitable and successful unit: the financial one.

The one who really screwed up the company is Rick Wagoner.  And of course Bob Lutz's products have not been the big hits he promised they would be.  So #1 and #2 have to go, but why replace the guy whose actually doing his job well?

[post="54211"]<{POST_SNAPBACK}>[/post]

Eric Feldstein is head of GMAC and Bill Muir the president. Mark Bole EVP of IO. Devine sits on the Board of Directors of GMAC, nothing else.

[Hogans_Heroes]

nono i'm glad you posted it! 

accually...

you're right... this is new... i was thinking of the financial change of GMAC...

[post="54232"]<{POST_SNAPBACK}>[/post]

Correct, it was released after market close 12/06/05.

[goblue1999]

So what affect will this have on GM's future? Does he have plans to cut anything important?

[post="54200"]<{POST_SNAPBACK}>[/post]

Edited December 7, 2005 by goblue1999

[goblue1999]

Good bye, and good riddance!! Mr. Devine was to GM's financial credibility what Ron Zarella was to sales/marketing. (Is it a coincidence, or do they look almost the same.....hmmm) Thank you Mr. Devine for helping out with Fiat, Subaru, DirecTV, and the rest. I imagine you had a hand in Isuzu too, although it was before your time. Thank you for the promise to earn $10/share by mid decade (that would be NOW, by the way), and thank you for the brilliant plan to sell off the company jewel, GMAC. Take your lucrative retirement, and go help Ford.

[goblue1999]

I don't think Devine has done anything wrong.  He operates GM's most profitable and successful unit: the financial one.

The one who really screwed up the company is Rick Wagoner.  And of course Bob Lutz's products have not been the big hits he promised they would be.  So #1 and #2 have to go, but why replace the guy whose actually doing his job well?

[post="54211"]<{POST_SNAPBACK}>[/post]

Mis-informed apologies will not restore the reputation of Devine. He is the CFO, that is chief financial officer, he had nothing to do with GMAC, except for being the idiot that wants to sell it off.

[SimonDavid]

I think the significance is that Henderson has been GM's "Mr fix-it" for years. If you look at his record he makes the tough strategic decisions that the previous management had been avoiding.

[Shantanu]

Ah sorry. I got confused between "leader of GM's financial unit" and "leader of GM's finances" thinking Devine ran GMAC. If what people say about him is true, then this boob shoudl have been replaced long ago.