Phil Guarascio, 58, announced his retirement March 17 from General Motors Corp. effective May 1. Mr. Guarascio, VP-advertising and corporate marketing, has been with GM 14 years, and is one of the most powerful and visible ad executives in the U.S. He oversees the carmaker's massive $3 billion media budget. Mr. Guarascio declined to reveal his future plans, saying only he's ready "to enhance the third phase of my professional life.'' The GM exec had triple-bypass surgery Feb. 2 and returned to work part-time the week of March 6. GM said the duties of his department will now report to John Middlebrook, VP-general manager of all GM's vehicle brand marketing, except Saturn.
Copyright March 2000, Crain Communications Inc.