Spyker Closes Saab Purchase

DETROIT — General Motors said Tuesday that it has finalized the sale of Saab Automobile to Spyker Cars.

With the transfer of ownership, Spyker assumes responsibility for Saab operations, and GM ends its previously announced "wind-down" of the brand.

"This transaction represents the successful outcome of months of hard work and intense negotiations, all aimed at securing a sustainable future for this unique brand," said John Smith, who negotiated the Spyker deal and is retiring as GM vice president for corporate planning and alliances.

Smith, 59, spent more than 40 years with GM, including a stint as head of Cadillac, where he helped launch the rebirth of the brand under the "Art & Science" theme. He will remain with the company through the end of the year as a special advisor to Chris Liddell, GM vice chairman and CFO.

GM on Tuesday also named a second vice chairman, who will assume some of Smith's responsibilities.

Stephen Girsky, 47, a former Wall Street auto analyst and investment banker, will have overall responsibility for corporate strategy, business alliances, new business development and other related areas. An advisor to GM during its bankruptcy and restructuring, Girsky was named to the GM board of directors last July.

Inside Line says: The top three executives at GM are outsiders, two of them with no previous auto experience. Life at the General could get pretty interesting. — Paul Lienert, Correspondent