GM's Marketing Chief Resigns

Updated from 5:13 p.m. EDT with General Motors' announcement that marketing chief Joel Ewanick resigned.

NEW YORK ( TheStreet) -- General Motors ( GM) said Sunday that its global chief marketing officer, Joel Ewanick, had resigned.

The automaker said Ewanick had chosen to leave and said his resignation would be effective immediately.

Earlier Sunday, The Wall Street Journal reported that Ewanick was on his way out. Citing anonymous sources, the newspaper said he and GM were expected to decide whether he would resign or be removed from the company.

News of Ewanick's departure follows GM's announcement Wednesday that it was restructuring its executive ranks to eliminate redundancy and complexity.

Although GM CEO Dan Akerson last month voiced support for Ewanick, the marketing chief has come under criticism for his decision to stop paid advertising on Facebook ( FB), the Journal report noted.

Shares of GM closed Friday up 56 cents, or 2.9%, at $19.67.

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This article was written by a staff member of TheStreet.

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