GM, Tiger Woods Part WaysBy Michelle Krebs November 24, 2008
General Motors and golfing great Tiger Woods announced Monday they were parting ways. GM's longtime deal with Woods, who served as spokesman for Buick for the past nine years, ends December 31.
For GM, it is a cost-cutting move as it struggles to survive. GM reportedly paid Woods $8 million a year for the endorsement. Woods claims he wants more personal time since he and his wife are expecting a second child in late winter.
"Tiger has been a great friend to GM and a fantastic asset through the years helping to bring consumer awareness to many new GM products," said Mark LaNeve, General Motors North American vice president of Sales, Service and Marketing said in a statement. "In light of the news coming out of Washington, this decision is the result of discussions that started earlier in the year and the timing of this agreement with these other activities is purely coincidental."
Detroit automakers were chastised by Congressmen last week for extravagant spending, in particular for the three executives flying into Washington for hearings on government loans in corporate jets. Meantime, GM has said it ended the lease on two such jets earlier this year and is ending the lease of two more. Ford is considering ending the lease of some corporate jets.
In addition to eliminating some jets from its fleet, GM is scrutinizing every cost for possible cuts.
Photo by GM
Tiger Woods helped introduce the 2008 Buick Enclave..