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By Fritz Henderson
President and CEO, June 1, 2009
Today marks a defining moment in the history of General Motors. Our new fast-track plan to form a leaner, quicker, more customer-focused, more cost-competitive company has the support of the U.S. government. It also incorporates the terms of our recent agreements with the Canadian government, the UAW and CAW unions, and a substantial portion of GM?s unsecured bondholders.
This New GM will be built from the strongest parts of our business - including our best brands and products. It will have a dramatically stronger balance sheet, with far less debt, which will allow us to better invest in our business and our future. It will have fully competitive labor costs and the ability to generate sustained and positive bottom-line performance.
Today marks the beginning of what will be a New GM dedicated to building on only the very best of our recent progress in fuel efficiency, world-class quality, green technology development and outstanding design. Above all, the New GM will be rededicated to our customers. We don?t do that by working in a bubble. We do it by engaging with you, our customers and critics, our partners and champions, who are interested in our progress. I hope you'll join us as we begin a new and better era for General Motors.