"It was my public duty to help return this company to greatness and I didn't want to stay a day beyond then," Whitacre said, making the announcement on an earnings conference call to investors and media, in which the company posted its second consecutive quarterly profit. "We restored profitability, and things look good. There's a foundation in place, and it's a good foundation. I see no reason to delay."
GM's net income was $1.3 billion for the second quarter, compared to the dizzying $13 billion loss in the same period last year. "I am very comfortable with my timing," Whitacre says, "and I am also comfortable with the decision to make Dan the new CEO. He brings broad business experience. The transition will be smooth, and he will build on the positive momentum GM is building."