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GM's Latest Cost Cutting Move: Tiger Axed

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Nov 24, 2008 10:30 am US/Pacific

GM's Latest Cost Cutting Move: Tiger Axed

 Timeline: U.S. Credit Crunch & Financial Failures

DETROIT (AP) ― General Motors Corp. says it will end its endorsement deal with Tiger Woods at the end of the year.

GM said in a statement Monday that it is looking to reduce costs, and that the star golfer also wants more personal time as he expects his second child.

Woods has endorsed GM products around the world and has been closely tied to its Buick brand in the U.S., Canada and China.

GM's vice president for North American sales, Mark LaNeve, says the separation is the result of discussions earlier in the year and is not related to the company's campaign for $25 billion in loans from the federal government.

(© 2009 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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