CEO of GM will step down

Ed Whitacre, General Motors Co. CEO said on Thursday that he will be stepping down the first of September.  Last July when GM emerged from bankruptcy protection, Whitacre was named GM’s chairman. He was then named interim CEO in December and permanent CEO in January. Whitacre says the day he accepted the CEO job, the board was aware of his plans so he expects a smooth transition.  “I believe we’ve accomplished what we set out to do,” Whitacre said.  GM reported another straight quarterly profit on Thursday.  Whitacre, the former head of AT&T says he knew little about cars, but made some managerial changes which included adding Chief Financial Officer Chris Liddell from Microsoft Corp.  Whitacre will be replaced by GM board member Daniel Akerson, the managing director and head of global buyout for The Carlyle Group.  Ackerson has a telecommunications background and has worked in top executive positions at MCI Communications and served as chairman and CEO of XO Communications Inc. Ackerson said he does not expect any major changes in management when he takes over. The changes that Whitacre made have pointed GM in the right direction.

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Posted by newsplet on Aug 12 2010. Filed under Business, Featured News. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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