GM Hires Former Volvo Executive
General Motors Corp. has hired a former executive from Ford Motor Co.’s Volvo Division to head its Cadillac unit. Mark LaNeve takes over at the GM luxury division Tuesday, having spent three years at Volvo Cars of North America Inc. as its president, chief executive and vice president of marketing. Before joining Volvo, LaNeve had been brand manager for GM's Pontiac Bonneville and held various Cadillac sales and marketing jobs between 1981 and 1995. LaNeve, 42, replaces Michael O'Malley, who resigned April 20 to oversee the rival Ford division's advertising at the J. Walter Thompson Co. agency. Cadillac once epitomized luxury, reigning as America's best-selling premium brand from 1950 until 1998. The brand now trails Lexus, Mercedes-Benz, BMW and Ford's Lincoln in the U.S. premium market, with sales last year 46 percent below its 1978 peak. Cadillac's U.S. sales were down 26 percent in the first quarter from the same period in 2000 and domestic demand last month for the 99-year-old luxury brand slumping 28 percent. Cadillac next year plans to roll out its 2003 CTS, a baby Caddy representing GM's first bid to engineer an all-new, rear-wheel-drive car since the early 1980s. The Cadillac makeover also calls for a new roadster, more SUVs and a few new names.
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