In Their Own Words

October 27, 1992

Text of statements released Monday by General Motors Corp. from resigning Chairman Robert C. Stempel and John G. Smale, who heads the GM board's executive committee:

Robert C. Stempel

"Today I informed the General Motors board of directors that I was resigning as chairman and chief executive officer, effective immediately, and that I would serve at the pleasure of the board until a successor could be named.

"I made this decision in the best interest of the corporation and its fine, dedicated employees at all levels of the organization. I could not in good conscience continue to watch the effects of rumors and speculation that have undermined and slowed the efforts of General Motors people to make this a stronger, more efficient, effective organization.

"I sincerely hope that my decision to resign will end the chaos of the past several weeks and allow the managemenet team to again focus on the critical task of assuring the future competitiveness of the greatest manufacturing organization in the world. The management team can only lead in this battle. The future success of GM really lies in the hands of the hundreds of thousands of employees who have been striving diligently to provide our customers with leading-edge, high quality, high value, satisfying products.

"I am leaving after 34 years confident that the people of GM will continue to be the corporation's most important asset, and that they will give their total support to the new management team as it accelerates the action plan that will continue to improve General Motors' competitive postiion worldwide."

John G. Smale

"The board of directors of General Motors has accepted Mr. Stempel's resignation and asked that he continue as chairman until a successor is named. We understand Bob's decision and extend to him our gratitude for his contributions throughout his distinguished career at General Motors.

"We have, of course, been closely monitoring GM's strategic business programs and studying the critical issues it faces for some time now. We will now concentate on what must be done in light of Mr. Stempel's resignation and will announce our management changes as soon as practicable."

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