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...While it's not part of the chief restructuring officer's job description, Koch will also be responsible for getting rid of a lot of very bad industrial karma. "The GM that many of you knew, the GM that let many of us down, is history," says Henderson...
...part of its effort to reorganize under Chapter 11 of the bankruptcy code, GM has named Al Koch, a partner in J. Alix & Associates, a Detroit-based turnaround firm, to serve as chief restructuring officer. Koch, who has served as the undertaker for dozens of other firms over the years, including Kmart, will be responsible for laying to rest what is already being quaintly referred to as the old GM and what will no doubt be a mountain of liabilities. (See pictures of GM factory-scapes...
...chief executive officer Fritz Henderson says Koch will work with a small staff to dispose of the pieces dumped into the "old" bin, including brands such as Hummer, Saab and Saturn. "He won't have anything to do with the operation of the new GM," says Henderson...
...task is expected to be formidable. Part of the job of the chief restructuring officer will be to dispose of real estate such as closed factories. GM assembly plants in Pontiac, Mich. and Wilmington, Del., as well as power-train plants in Livonia, Flint and Ypsilanti Township, Mich., Parma, Ohio, and Fredericksburg, Va., were just added to the list. The automaker also is shutting underutilized stamping plants in Indianapolis and Mansfield, Ohio; and closing warehouses in Boston, Jacksonville, Fla., and Columbus, Ohio, all by the end of this year. Workers at all nine plants and the three warehouses were told...
Economist David Rosenberg earned his way onto Institutional Investor's All-America Research Team for the past four years by making smart market calls for clients at Merrill Lynch. Now the chief economist and strategist at Gluskin Sheff, a Toronto-based wealth-management firm, Rosenberg tells TIME contributing editor John Curran why he thinks this market rally is headed for trouble...