General Motors (GM) and Citigroup (C) were slated to be removed from the Dow Jones Industrial Average and Cisco Systems (CSCO) and Travelers (TRV) were to be put in, in the wake of GM’s bankruptcy filing on Monday.

 The changes will take place on June 8. 

GM had been in the 30-component DJIA since 1925, and Citigroup had been in since 1997. 

Weigh In: Do you agree with the new additions? If not, comment below as to what companies should have been added to the DJIA 

John Prestbo, editor and executive director for Dow Jones Indexes, has noted previously that bankruptcy forces the hand of the committee that decides the composition of the DJIA. Prestbo is in that group, along with senior editors at The Wall Street Journal including Managing Editor Robert Thomson. 

Thomson noted on FOX Business that Citigroup was undergoing its own sort of restructuring, and it seemed like a good time to make the change. 

Thomson said “we were looking for a financial” company, likely an insurance company, thus the Travelers pick.

Thomson said in a statement that Cisco was picked because its products "are vital to an economy and culture still adapting to the Information Age -- just as automobiles were essential to America in the 20th Century."

Cisco said in a statement that "Cisco is honored to be included in the Dow Jones Industrial Average.  We believe our inclusion in the Dow demonstrates not only Cisco’s role as a broad technology indicator, but how remarkably the Internet and networking have transformed the way businesses and consumers connect, communicate and collaborate.”

"This is great recognition for our company," said Cisco Chief Financial Officer Frank Calderoni. “It shows how important the network is for business and the consumer... We’re well-positioned as far as leveraging the Internet.”

Travelers said in a statement that "we’re pleased with the recognition associated with being included on this list of well-known companies.".

GM CEO Fritz Henderson told FOX Business's Neil Cavuto that "this has been a deeply painful process for the men and women of General Motors, myself included. You know, being taken out of the Dow is a factor given the fact that the value of our shares are going to be wiped out that’s exactly what we would have expected to happen. But nonetheless, it’s just a reminder of the sacrifices that are being made and the importance of us actually transforming the company in the future."

A Citigroup spokesman said, “this had no impact on the company strategy or our efforts to return to sustained profitability. Citi has strong businesses and good growth prospects.”

If GM is delisted from the New York Stock Exchange before the DJIA changes over, Dow Jones Indexes spokeswoman Naomi Kim said, "If GM stops trading on the NYSE, we would use the best available price source-- that might be another exchange, or it might be pink sheets. We will make this decision once the details are confirmed."

Not everyone was a fan of the alterations.

"I think Dow Jones missed a good opportunity to position the average for the changing global economy," said Charles Rotblut, senior market analyst at Zacks Investment Research. He said he would have picked Google (GOOG) because it "would have given the Dow exposure to the ever-growing ecommerce sector AND the wireless communications sector," or Monsanto, because "food consumption is only going to rise in the future. Furthermore, the ongoing focus on biofuels means long-term demand for companies like MON."

"The U.S. is becoming more and more of a knowledge-based economy," Rotblut said. "This means companies that can create products which enhance productivity, such as Google and Monsanto, are more likely to prosper in the future."

The last change to the DJIA was in September, as American International Group (AIG) was 79.9% taken over by the government and Kraft Foods (KFT) came in. That was the first time the committee making the changes chose to change only one stock since 1982, when American Express (AXP) replaced Manville Corp. Manville was also the last stock to be removed due to a bankruptcy filing -- it made asbestos products, and had been sued by ill workers and families. 

There is a customary five-day lag time between an announcement of changes in the DJIA and the implementation to allow funds that track the Average to sell shares of the outgoing stock and buy shares of the incoming one in an orderly manner.  

Dow Jones is a subsidiary of News Corp., which also owns FOX Business Network.