UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549-1004
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) May 16, 2006
GENERAL MOTORS CORPORATION
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(Exact Name of Registrant as Specified in its Charter)
STATE OF DELAWARE 1-143 38-0572515
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(State or other jurisdiction of (Commission (I.R.S. Employer
Incorporation or Organization) File Number) Identification No.)
300 Renaissance Center, Detroit, Michigan 48265-3000
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (313) 556-5000
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Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
ITEM 5.02. DEPARTURE OF DIRECTORS OR PRINCIPAL OFFICERS' ELECTION OF DIRECTORS;
APPOINTMENT OF PRINCIPAL OFFICERS
Peter R. Bible informed the Corporation on May 16, 2006 that he was resigning
from his position as Chief Accounting Officer and Assistant Controller effective
June 1, 2006.
On May 17, 2006, the Corporation issued the following press release
GM ANNOUNCES RESTRUCTURING OF FINANCE ACTIVITIES
DETROIT -- General Motors 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 www.gm.com.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
GENERAL MOTORS CORPORATION
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(Registrant)
Date: May 17, 2006 By: /s/PAUL W. SCHMIDT
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(Paul W. Schmidt, Controller)