GM executive named as GM Daewoo's new CEO

By Lee Youkyung
SEOUL, July 24 (Yonhap) -- GM Daewoo Auto & Technology Co., the South Korean unit
of General Motors Corp., said Friday that a senior executive of GM's engine and
transmission unit has been tapped as its new president.

Michael Arcamone, vice president of GM Powertrain Europe, will take the position
on Oct. 1, replacing Michael Grimaldi, GM Daewoo Auto & Technology said in a
statement.
Arcamone, 51, has built expertise in the areas of production and purchasing since
joining General Motors in 1980, it said, adding his previous positions at GM
included a plant manager in Canada and the U.S. and an executive director of
Global Purchasing and Supply Chain.
The new CEO will take the helm at the third-largest carmaker in South Korea as it
struggles with sinking demand at home and abroad, buffeted by the global economic
slump.
GM Daewoo Auto & Technology's June sales fell 17.6 percent from a year ago to
38,243 units, with its first-half sales tumbling 48 percent on-year to 261,009
units.
The cash-strapped automaker has been in talks with the state-run Korea
Development Bank over its request for 1 trillion won (US$800.3 million) in
emergency loans, but they have made little headway.
Earlier this week, GM Daewoo workers agreed to adopt wage-freezes as the
automaker grapples with a liquidity crisis.
ylee@yna.co.kr
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