GM Appoints New GMAC President

DETROIT – William F. (Bill) Muir, 49, will become president of GMAC effective March 1, General Motors Chairman and Chief Executive Officer Rick Wagoner announced today. In his new role, Muir will run GMAC's global automotive finance and insurance operations and will report to Eric Feldstein, GMAC chairman. Muir has been GMAC's chief financial officer since 1998 and also has acted as chairman of GMAC's Insurance Group since 1999.

 

 

"This further strengthens GMAC's leadership structure and will help them build on their strong results and achieve even greater integration across their global financing and insurance operations," said Wagoner.

"Bill has done a tremendous job managing GMAC's capital requirements through turbulent market conditions. His extensive financial and operating experience makes him a perfect fit for this new role," said Feldstein.

Replacing Muir as GMAC executive vice president and chief financial officer is Sanjiv Khattri, 39, currently assistant treasurer of GM. Khattri will be in charge of GMAC's global funding, financial reporting and risk management activities. He will become a member of the GMAC board of directors and will also join the boards of GMAC's mortgage, insurance, and commercial finance operations.

"Sanjiv has made a huge contribution to the GM finance staff," said GM Vice Chairman and Chief Financial Officer John Devine. "GMAC certainly stands to benefit from Sanjiv's high energy, strong operating skills and expertise in the capital markets."

Muir joined GM in 1983 at the Treasurer's Office in New York. He was appointed director of Foreign Exchange and International Cash Management in 1986 and was named director of Overseas Borrowings a year later. In 1989, he became director of Corporate Finance and Investor Relations and was named general director of Business Development in 1990. Muir first joined GMAC in 1992 when he was appointed vice president of National Accounts. In 1995, he was named vice president of Eastern U.S. Operations. In 1996, Muir transferred to GM's Delphi Automotive Systems as executive-in-charge of Operations. Muir returned to GMAC in February 1998 as executive vice president and chief financial officer. He was given the additional title of chairman of GMAC's Insurance Group in June 1999. Muir earned a bachelor's degree in Industrial Engineering and Operations Research from Cornell University in 1977. He earned a master's degree in Business Administration from Harvard University in 1983.

Khattri began his GM career at the New York Treasurer's Office in 1989. He held a number of assignments before becoming director of Capital Planning in 1994. The following year, Khattri was named director of Special Projects and Financial Planning for GM Europe/GM International Operations, both based in Zurich, Switzerland. In 1998, Khattri was appointed comptroller of Sales, Marketing and Customer Care for GM's Vauxhall subsidiary in the United Kingdom. He returned to the New York Treasurer's Office as assistant treasurer in 2001. Khattri received a bachelor's degree in Production Engineering from Panjab University in 1987 and a master's degree in Business Administration from the University of Michigan in 1989.

General Motors Corp. (NYSE: GM), the world's largest vehicle manufacturer, employs 325,000 people globally. Founded in 1908, GM has been the global automotive sales leader since 1931. GM today has manufacturing operations in 32 countries and its vehicles are sold in 192 countries. In 2003, GM sold nearly 8.6 million cars and trucks, about 15 percent of the global vehicle market. GM's global headquarters is at the GM Renaissance Center in Detroit. More information on GM and its products can be found on the company's corporate website at www.gm.com.

Contacts:
Mark Tanner, GM
313-665-3146
mark.tanner@gm.com

James Farmer, GMAC
313-665-6091
james.2.farmer@gm.com