Let's see: plenty of experience in telecom services and M&A. Not much in manufacturing, restructuring or marketing consumer durables. Known for assertiveness and huge paychecks.
So why him?
OK, we're not even clear on what the board of the new General Motors Corp. is expected to do, if and when a streamlined version of the company exits bankruptcy. Still it's hard to resist setting down an initial reaction to
the choice of former AT&T Inc. (NYSE:T) chairman Ed Whitacre as the nonexecutive chairman of the post-bankruptcy General Motors.
So, on to some interesting traits Whitacre does seem to bring to the task. First and foremost, he's a heavyweight. Second, when stodgy old Ma Bell was busted up in the 1980s, it wasn't at all obvious that the Baby Bell from San Antonio would be the one that would lead the formation of a new telecom titan using the name AT&T. So he may have some ability to help drive change in a hidebound organization -- something GM surely needs.
Question: What is Whitacre's record on dealing with unions? Seems like it might be relevant.
And on a really speculative note, there's the fact that, judging from a scan of his political contributions, Whitacre looks like a good Texas Republican. At a time when the auto bailouts are getting steadily more politicized, with some on the right calling for a GM boycott and with charges of partisanship flying around dealer closings, it can't hurt to have Whitacre saying that this is a worthy -- and fair -- project. What's more, as a leader in a regulated industry, Whitacre was an effective Washington lobbyist.
More on this soon from Lou Whiteman on The Deal Pipeline. -
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