The revolving door at GM just keeps on spinning.
GM CEO Ed Whitacre Jr (68) announced today he will step down from his position Sept 1, 2010. He is to be replaced by current Managing Director and Head of Global Buyout at the Carlyle Group-- a DC based global venture capital firm-- and GM Board member representing the US Treasury since July 24, 2009, Daniel F Akerson.
Akerson was Charimen and CEO of XO communications, Chairman of Nextel Communications, and serves as a director of American Express.
This decision comes on the heels of GM's second quarter earnings statement where The General reported a $1.3-billion profit.
More details as we get them.
GM issued a release moments ago: ""Ed Whitacre was exactly what this company needed, at exactly the right time," said Pat Russo, lead director on the GM board. "He simplified the organization, reshaped the company's vision, put the right people in place, and brought renewed energy and optimism to GM."
"My goal in coming to General Motors was to help restore profitability, build a strong market position, and position this iconic company for success," said Whitacre. "We are clearly on that path. A strong foundation is in place and I am comfortable with the timing of my decision."
barlyhare says:
08:27 AM, 08/12/10
Get out while the gettin' is good?
minibro77 says:
09:10 AM, 08/12/10
This is getting rediculous. Getting tired of hearing abotu and seeing all of the "all of a sudden" changes happening at GM. Where's the stability that they're supposed to have coming out of bankruptcy? Their product is gettiong better and everything but now they're wind is changing direction again? This sailboat called GM is moving in too many different directions personnel wise.
thedarkhorse says:
10:03 AM, 08/12/10
He is staying on as Chairman so not exactly getting out. The new guy is a former Nuclear Submarine US Naval Officer with many years of great leadership. I think GM is heading in the right direction just before the IPO.
dougtheeng says:
10:37 AM, 08/12/10
ridiculous.
ed124c says:
11:51 AM, 08/12/10
My first eyebrow-raiser was his current position-- Richard Gere in Pretty Woman. Not exactly a car guy, is he. Oh well, but for a few exceptions, GM is not a car company either.
inlinesix says:
06:42 PM, 08/12/10
"Oh well, but for a few exceptions, GM is not a car company either."
hahahah
nealibob says:
07:58 PM, 08/12/10
Another phone guy to run a car company. This should be a red flag, too, because like AT&T, Nextel took a good product/technology, butchered it, then delivered the worst possible service.
That said, I know nothing about this guy, and I really hope he does better than his predecessors.