Ed Whitacre Stepping Down as GM CEO, Chairman; Replaced By Board Member Akerson

Automobile Staff

After announcing its impressive second quarter net income, General Motors then revealed that CEO and chairman Ed Whitacre will step down from his positions by the end of the year.

His replacement will be Daniel Akerson, managing director of the Carlyle Group. Akerson, 60, will assume the chief executive officer role from Whitacre on September 1, then also will become chairman of the board when Whitacre steps down at the end of the year.

Akerson has been with The Carlyle Group since 2003. He was chairman and CEO of XO Communications from 1999 to 2003 and chairman of Nextel from 1996 to 2001, where he also served as CEO from '96 to '99.

Along with General Motors, Akerson holds executive board directorships with American Express, Booz Allen Hamilton, and Freescale Semiconductor.

The management change comes a day before Whitacre is expected to announce an initial public offering for the new GM in time for the November mid-term elections.

Source: GM

That's kind of big. I thought the whole point of Whitacre taking over as CEO rather than just interim CEO was so he'd be there a few years to stabilize the company. Apparently it only took around a year to stabilize GM...

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