General Motors Co. chairman and CEO Edward E. Whitacre Jr. is stepping down, and will be replaced as CEO by board member Dan Akerson on Sept. 1. Both joined the company last summer, as part of the
government's efforts to steer the imploding automaker back to profitability.
"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."