Ed Whitacre unexpectedly announced yesterday that he was stepping down as chief executive of General Motors on September 1, to be replaced by Dan Akerson, a telecoms and finance veteran and board member of the US government- controlled carmaker.
Mr Whitacre, a former head of AT&T who became GM's chairman when it emerged from bankruptcy protection in July 2009 and its chief executive last December, said the decision to leave was his own, and the transition would be “very smooth”. Mr Akerson will replace him as chairman by the end of the year.
The announcement came after GM reported net earnings of $1.3bn for the three months to the end of June – its second consecutive profitable quarter, and its best since 2004. The carmaker is preparing for an initial public offering that will allow the US and Canadian governments to begin recouping the $60bn of taxpayer aid they put into rescuing GM since 2008.