Corvette Chief Tom Wallace retiring

Tom Wallace, Corvette Chief at GM, will be retiring from the company at the end of the month. The news was delivered during an event at the Peterson Museum honoring Corvette history. While no reasons were given for the November 1st departure, there is speculation that it could be related to the timing of the seventh-generation Corvette. Wallace may be unwilling to commit to the vehicle's extended launch schedule -- the car was originally set for a 2012 model-year release, but it has reportedly been pushed back to 2014. Wallace was known for his keen grasp of performance-car culture and a passion for the marque, and his departure has come as a shock to many.