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"  President and CEO of the new General Motors Company, Fritz Henderson, at a press conference to discuss the details of GM&amp;#039;s emergence from Chapter 11 bankruptcy July 10, 2009 at GM world headquarters in Detroit, Michigan. (Photograph by Bill Pugliano/Getty Images)  DETROIT\u2014In an incredibly short 40 days, General Motors has emerged from bankruptcy. In a press conference this morning, CEO Fritz Henderson announced the new organization will be called the General Motors Company, and GM&amp;#039;s top exec detailed some revisions to its structure going forward.   In the U.S. the plan remains to stick with four core brands, Chevrolet, Buick, Cadillac and GMC. There will be several structural changes aimed at making GM a flatter, more streamlined company that&amp;#039;s better at making swift decisions. Henderson plans to trim the executive ranks by 34 percent and continue the process of cutting 4000 salaried workers.   But one of the biggest surprises in all this is that 77-year old Bob Lutz will not be retiring. The one-time product chief, who is widely credited as the man responsible for many of GM&amp;#039;s recent strong products, will now head global design, marketing and communications.   We, the U.S. taxpayers, own 60.8 percent of the new company. The rest is split between the UAW retiree health-care trust, Canada, and the old GM bondholders. Henderson says repaying the government loans\u2014which total over $50 billion\u2014quickly is a key goal of the new company.   While Henderson was quick to point out that the new company&amp;#039;s debt and structure puts it in a much more competitive situation, the new GM faces several challenges. The current auto market is still the toughest we&amp;#039;ve seen in decades and, of course, the competition isn&amp;#039;t staying still. But GM does have some solid products coming down the pike. And Henderson says that the new GM will no longer be satisfied with simply being competitive, but will now strive for best in class. Only time will tell if the new company can achieve that lofty goal. But it is clear, every product GM now produces must be a hit for the new company. \u2014Larry Webster   RELATED STORIES \u2022 EARLIER: 10 Cars That Hurt GM&amp;#039;s Reputation  \u2022 VIDEO: GM and Segway&amp;#039;s Project P.U.M.A.  \u2022 PLUS: Why America&amp;#039;s Largest Car Company Failed   \u2022 ANALYSIS: What&amp;#039;s in Store for GM&amp;#039;s Products  \u2022 FOLLOW US: Popular Mechanics is Now on Twitter!  \u2022 FRIEND US: Find PM on Facebook   "^^<http://www.w3.org/2001/XMLSchema#string>
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