Rick Wagoner Improve Quotations

We are confronting a dramatic change in our industry and in the global competitive environment, and that requires us to look for additional ways to reduce financial risk and improve our competitiveness for the long term.

These bold initiatives are designed to immediately improve our competitiveness and position GM for long-term success and today's transition is a further step in that direction.

We already have made some significant moves to improve our competitiveness in the long term. We need to do more - and we will.

In his current assignment, Mike has led the team that has helped GM gain back market share in California. He's built strong relationships with dealers and employees in creating marketing initiatives, all of which should prove especially useful as we focus on additional key markets where we need to improve GM's performance.

In order to improve financial results in 2006 and 2007, we are moving quickly to implement several important actions that will address these weaknesses in North America. And we have a good line of sight on the steps we need to take to further reduce structural costs on a global basis that will position GM for long-term success.

Health costs in this country are out of control, ... This will significantly improve our overall cost competitiveness ... and will be critical to getting GM North America back to profitability as soon as possible.