Nancy Everett Named President & CEO of GM Asset Management

DETROIT - Nancy Everett, chief investment officer of GM Asset Management Corp., will assume the additional responsibilities of president and chief executive officer, effective Jan. 1, 2006.

In her new role, Everett will have full responsibility for managing GM Asset Management, which handles more than $160 billion in pension, 401(k) plan and other assets for the GM benefit plans and other clients. She will report to John Devine, GM vice chairman and chief financial officer.

Current President and CEO Allen Reed will assume the new position of chairman at year-end, and will retire in early 2006. Reed will work with Everett to ensure a smooth transition, and will continue to serve on the boards of GMAC and GMAC Insurance Holdings.

GM Chairman and CEO Rick Wagoner announced the changes today.

Everett, 50, joined GM Asset Management as chief investment officer on June 1 from the Virginia Retirement System. She had been chief investment officer of the $40 billion state pension fund since 1998.

A native of Ithaca, N.Y., Everett graduated from Virginia Commonwealth University. She is a Chartered Financial Analyst, a member of the Associates for Investment Management and Research and the New York Stock Exchange's Pension Managers Advisory Committee, and serves on the Investment Committee of Randolph-Mason College and the Board of Trustees of the Virginia Commonwealth University Foundation.

Reed, 58, has held his current position and has been a GM vice president since 1994. A native of Nashville, Tenn., Reed received a bachelor's degree from the Auburn University School of Engineering in 1970 and an MBA from Georgia State University in 1975. He is a Chartered Financial Analyst and a member of the Association for Investment Management and Research. Reed is a member of the New York Stock Exchange Board of Executives, the Investment Advisory Committee for the New York State Retirement System, and a member of the boards of directors of iShares Inc. and Temple-Inland Industries.

General Motors Corp. , the world's largest automaker, has been the global industry sales leader since 1931. Founded in 1908, GM today employs about 325,000 people around the world. It has manufacturing operations in 32 countries and its vehicles are sold in 200 countries. More information on GM can be found at www.gm.com. More information on GM Asset Management can be found at www.gmam.com.