Wagoner the next GM chairman

GM's president and chief executive Rick Wagoner will take over as chairman of the World's biggest carmaker next Spring. Mr Wagoner becomes chairman on May 1 to succeed Jack Smith.

Mr Smith said in June that he would retire after more than seven years in the post. Mr Wagoner, 49, has been president and CEO since June 2000. Prior to that he was executive vice-president and president of GM of North America from 1994 to 1998.

Jack Smith has held the chairmanship since January 1 1996 and previously held the offices of CEO from 1992 to 2000 and president from 1992 to 1998.