General Motors announced during its earnings conference call on Thursday morning that CEO Ed Whitacre will be stepping down on Sept. 1 and will be replaced by Dan Akerson.
Akerson is the head of the
Carlyle Group's global buyout business.
|GM CEO Ed Whitacre, steps down
Akerson has previously served in top positions at several major companies, including General Instrument, MCI, Nextel and XO Communications.
>>Why Whitacre Is Leaving
"Results like these make it clear that the new GM is on the right track, with good momentum behind us and a bright future in front of us," Whitacre said on the earnings conference call. He will remain on the board until the end of the year. "Dan and I have been close for a number of months. He's been on the board and he has been very involved. I think the transition will be very smooth," the outgoing GM CEO added.
Akerson, who has been on the GM board since July, said, "Ed and I share a common vision of the goals and objectives for this company."
In its quarterly earnings,
GM posted a profit
of $1.3 billion, as the distressed automaker continues its turnaround ahead of a
planned initial public offering
-- Written by Eric Rosenbaum from New York.
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