|GM CEO Ed Whitacre, steps down|
DETROIT ( TheStreet) -- 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.
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. Follow TheStreet.com on Twitter and become a fan on Facebook.