General Motors CEO to Add Chairman Title

Rick Wagoner, the youngest chief executive at General Motors Corp. in more than half a century, will add the post of chairman next year, succeeding Jack Smith, who is retiring, the company said Tuesday.

Throughout GM’s history, the chairman of the company has often also been the CEO.

Wagoner, 49, will give up the title of president. The world’s biggest automaker did not name a successor. Analysts said it was unclear whether GM would name a new president, but they said Gary Cowger, head of GM’s North American operations, could be a candidate for the position.

Wagoner became chief executive of GM in June 2000, becoming the youngest head of the company since the legendary corporate chief Alfred Sloan took the helm in 1923.

Wagoner worked his way up through the ranks, previously serving as head of North American automotive operations and chief financial officer and holding finance positions in Brazil, Canada and Europe.

Smith announced this year that he would retire in 2003, when he turns 65, the mandatory retirement age. He became chief executive of GM in November 1992 and chairman in 1996.

GM said the changes would take effect May 1.

The company’s shares fell $2.05 to $37.90 on the New York Stock Exchange on a day when the broad market was down.