General Motors has chosen recruiters Spencer Stuart to find a permanent CEO with extensive global, manufacturing and turnaround experience, sources “familiar with the situation” told the Wall Street Journal.
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The auto maker is hoping to attract a current or past CEO familiar with operating in Asia because “next year, GM expects to sell more cars in Asia than North America”, a source was quoted as saying.
GM officials prefer a “global-minded” CEO, but don’t favor a European or Asian executive for the job, another knowledgeable person told the financial paper.
GM is willing to consider executives outside the auto industry, those sources said. The successful candidate also should have restored staff morale following a successful corporate turnaround, according the sources.
A third “informed” source said GM wants a new CEO who can work well with US government agencies and prepare the now private manufacturer for an initial public offering.
According to WSJ, Spencer Stuart won a competitive ‘shoot-out’ GM officials conducted last Thursday in Detroit. Unsuccessful rivals for the assignment were Egon Zehnder International, Korn/Ferry International and Heidrick & Struggles International.
The paper noted that Spencer Stuart had matched the carmaker up with current chairman and interim CEO Edward Whitacre. It has also has helped reshape the board of bank Citigroup and several other businesses that accepted federal bailouts.
