June 5, 2002

GM Chairman to retire in 2003

Detroit, Michigan – Reuters news agency reports that General Motors Chairman Jack Smith will retire in the spring of 2003. Smith made the announcement at the company’s annual shareholders meeting on Tuesday.

“GM has come a long way from the dark days of the early ’90s and I take enormous satisfaction that I am leaving the company in good hands,” Smith told shareholders.

Smith made no mention of who will succeed him as Chairman, but industry observers expect GM Chief Executive Rick Wagoner to take his place.

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