GM Europe President Michael J. Burns said: "Since Peter Augustsson joined Saab in 1998, he has successfully continued the work started by Bob Hendry, further growing the business and focusing on the product portfolio. This move also allows Bob Hendry to fully concentrate on his responsibilities as Chairman and Managing Director of Adam Opel AG."

Robert W. Hendry has also been elected new Chairman of Saab Automobile AB, succeeding Louis R. Hughes.

G. Richard Wagoner, President and Chief Operating Officer, General Motors Corporation, said: "Having established full ownership of Saab now, we intend to move quickly ahead with our plans to strengthen Saab. Today's announcement is the first step in that direction."

(Feb. 29, 2000)