Commentary: It's Time For Gm To Face The Future

Management is stuck in a time warp. If Smith and his team duck again, GM's directors ought to consider another coup

Six years ago, directors of General Motors Corp. staged a revolution. They kicked out the chairman-chief executive and split the job. They forced the new team to come to grips with the auto giant's financial problems--auto losses approaching $10 billion a year and a balance sheet with $24 billion in unfunded pension liabilities. In the process, the GM board, populated with blue-chip outsiders from some of America's most respected companies, became the model of good corporate governance.

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