DETROIT -- A leading turnaround and investment firm has hired General Motors Chairman Jack Smith to help with its expansion.
Smith has been named chairman of the joint Advisory Board of AlixPartners LLC. of Southfield, Mich. The appointment is effective after Smith's planned retirement on May 1.
Smith said in a statement that he is looking forward "to putting my business management and global business perspective to work."
He will advise senior executives on turnarounds of troubled companies and investment in underperforming companies.
Smith, 64, said several buyout firms had approached him with job offers. The offer from AlixPartners LLC, a company that has handled the workout of several GM parts makers, "sounded like a great idea."
AlixPartners has aided companies such as Kmart Corp., WorldCom Inc. and the former GM rental subsidiary National Car Rental. Last year, Jay Alix was called to Japan to meet with government ministers and business leaders to discuss ways of turning around the Japanese economy.
Alix's businesses have grown quickly by aiding distressed companies and healthy companies that hire Alix's large pool of management specialists. The privately held firm's revenues have increased an average of 37 percent a year since it was founded in 1981.
Smith was named CEO and president of GM in November 1992 and became chairman in January 1996. He was CEO until June 2000. He was president from April 1992 to October 1998. Smith, 64, joined GM in 1961 at Fisher Body in Framingham, Mass.