Rich Guys Club

General Motors Co. said Monday it will recall 1.3 million Chevrolet and Pontiac compact cars sold in the U.S., Canada and Mexico to fix power steering motors that can fail.

The recall affects 2005 to 2010 Chevrolet Cobalts, 2007 to 2010 Pontiac G5s, 2005 and 2006 Pontiac Pursuits sold in Canada and 2005 and 2006 Pontiac G4s sold in Mexico.

The automaker said the vehicles are still safe to drive and never lose their steering, but it may be harder to steer them when traveling under 15 mph.

GM spokesman Alan Adler said it will take time for the automaker to get 1.3 million new power steering motors from the supplier, JTEKT Corp. , and GM will notify car owners when the parts are available.

Read More: – the Associated Press

General Motors Co. says an agreement with Tiger Woods that allowed the fallen golf star to have free access to its vehicles is over.

Woods’ endorsement contract with GM’s Buick brand ended in 2008, but an arrangement remained in place that allowed him to keep several GM loaner vehicles. A spokesman says the arrangement ended on Dec. 31.

Read More: – By Associated Press

General Motors Co. has hired an outsider to run its troubled finance operations, bringing in the chief financial officer of Microsoft Corp.

Chris Liddell will join GM next year, GM CEO Ed Whitacre Jr. said in a statement Monday.

Liddell, 51, brings depth and experience to the job leading GM’s global financial and accounting operations, the statement said.

The move is GM’s first permanent top management hire from outside the company since it left bankruptcy protection in July. Whitacre, a former CEO of AT&T Inc., is the company’s interim CEO after the board forced out Fritz Henderson earlier this month. A search is under way for a new CEO.

Liddell will replace Ray Young, who was transferred to GM’s operations in China. Steven Rattner, former head of the government’s autos task force, wrote in a magazine article that GM had the weakest finance operation that task force members had seen in a major company.

Liddell led an effort this year to slice $3 billion in costs at Microsoft after it became clear the technology industry would not be immune from the effects of the economic meltdown. The plan included Microsoft’s first mass layoffs, wage freezes as well as cuts to employee travel and other expenses.

Read More: – Tom Krishner, AP Auto Writer