GM exchange new CEO
Dan Akerson will become CEO and Mr. Whitacre will remain president
General Motors today announced that Edward E. Whitacre, Jr., after having managed to get the company back on the path to profitability in the most difficult period in its history, will retire from his position as chairman and ceo September 1, 2010 and by the end of the year, from his position as Chairman of the Board of Directors.
GM announced today that realized profits for the second consecutive quarter, while making losses since 2007.
Dan Akerson, 61, who serves on the board of GM since July 2009, will become CEO on September 1 and chairman of the board by the end of the year, in order to facilitate transition and enable a company to continue its momentum.
"My goal in joining the ranks of General Motors was to contribute to restore its profitability, book him a strong position in the market and deliver this high renown company on the path to success, says Whitacre. It is obvious that we are on the right track. We have established a solid structure and I believe the time is appropriate for this decision. "
Whitacre, 68, became president of the board of GM July 10, 2009. He was appointed chairman and chief executive on 1 December 2009. He took control of the company after a historic bankruptcy and made a manufacturer profitable again.
"Ed Whitacre was exactly the man we needed during this period, stated Pat Russo, chief of the board of GM. It simplifies the organization, redefined vision of GM and appoint trained personnel while providing energy and new optimism in the business.
Dan Akerson has been very involved in the decisions and changes made in the context of the creation of the new GM. He brings rich experience and great leadership qualities, while ensuring the continuity of projects, says Russo. The Board greatly appreciates the work of Mr. Whitacre and very pleased to see the commitment of Mr. Akerson to the company. It will be a pleasure to work under his direction. "
In addition to sit on the GM board since July 2009, Mr. Akerson has had a distinguished career in the world of finance as general director of the Carlyle Group, and in the field of telecommunications, as president and CEO of XO Communications and Nextel Communications. He has also been president and CEO of General Instrument Corp..
"The future is very promising for the new GM, and I am honored to take the reins of the company to the next chapter, stated Mr. Akerson. Ed Whitacre established a foundation from which we can continue to develop an exceptional car manufacturing company. "
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