Corp. continues its cost-cutting effort in light of its rapidly eroding financial position, announcing it is ending an endorsement deal with golf star Tiger Woods effective Dec. 31.
GM says the decision to sever ties was mutual, as Woods is seeking more personal time as he prepares for the birth of his second child due later this winter and the auto maker remains in a “search for budget efficiencies during a difficult economy.”
Woods has endorsed GM products worldwide for the past nine years and was associated most heavily with the Buick brand in the U.S., Canada and China.
“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,” Mark LaNeve, GM North American vice president-sales, service and marketing, says in a statement.
The decision to sever the relationship isn’t a reaction to pressure from Washington for GM to show more fiscal responsibility as part of its request for federal assistance, he adds.
“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,” LaNeve says.