New GM will make money, repay loans, CEO says

DETROIT -- General Motors exited bankruptcy Friday, with new owners and a new commitment towards improving its communications with customers.

GM CEO Fritz Henderson said the automaker will pay back its loans from the U.S. government as quickly as possible.

"We recognize that we've been given a rare second chance at GM, and we are very grateful for that. And we appreciate the fact that we now have the tools to get the job done," Henderson said.

Most of GM's assets were transferred to a company controlled by the U.S. government. In bankruptcy, GM was able to dispose of billions in debt. Much of the work was done before the automaker entered bankruptcy court protection.

Henderson vowed to make more regular visits to customers, dealers, suppliers and employees in the U.S. and abroad. The company is launching a site in August called "Tell Fritz," where customers can send ideas and concerns to the CEO. Now free of its crushing debt load and uncompetitive labor contracts, Henderson says executives will again have time to learn from customers again.

"You can always learn," he said. "If you don't learn, you're arrogant."

GM had a reputation for being arrogant. The automaker for decades was the largest automaker in the world, losing that title last year to Toyota. Sometimes, Henderson said, its size meant the automaker couldn't move fast enough and make decisions quickly enough.

Now, with just four brands to sell and no more major structural issues to address, the automaker is poised to start moving faster.

"Bigness itself is not a weapon. Unless you harness it, it just means you're big," says Henderson.

The automaker now has a daunting task: Reinventing itself from the inside out to first behave like a smaller company, and secondly have consumers believe the automaker has changed.

GM is moving long-time auto industry veteran Bob Lutz to a new global communications role, where he will work on changing the company's image, internally and externally. Lutz was responsible for overhauling GM's product development process, improving interior quality and exterior styling.