Whitacre Leaving GM, Board Member Akerson to Take Over

Whitacre Leaving GM, Board Member Akerson to Take Over

By Bill Visnic August 12, 2010

General Motors Co. chairman and CEO Ed Whitacre announced today he will give up his title of CEO on Sept. 1 and will leave the company at the end of the year.

Taking over to lead GM is Daniel F. Akerson, currently a member of the GM board of directors and managing director and head of global buyout at the Carlyle Group. Akerson has been a member of the GM board since July, 2009, when asked to take the position by the Obama administration's Automotive Task Force that helped to oversee GM's restructuring and bankruptcy proceedings.

Akerson, 61 years old, is a trained engineer, earning a B.S. in engineering from the U.S. Naval Academy, but has spent the bulk of his professional career in the communications and financial sectors. Prior to joining the Carlyle Group, Akerson served in various executive leadership positions at MCI Communications Corp.

He also was chairman of Nextel Communications from 1996-2001 and CEO of the company from 1996 to 1999.

"There are remarkable opportunities ahead for the new GM, and I am honored to lead the company through this next chapter," said Akerson in a statement today.

Whitacre Keeps Promise To Get Out

Whitacre, meanwhile, reminded in a conference call with reporters and analysts he has always said he had no plans for a long career at GM. He said at an industry conference last week that at his age, he was not a "long-termer" at the company he helped guide in the crucial first year after emerging from bankruptcy.

Whitacre said the transition to Akerson's assumption of the CEO and chairman roles will be smooth and that Akerson enjoys "the complete support of the GM board and employees.

"My goal in coming to General Motors was to help restore profitability, build a strong market position, and position this iconic company for success," said Whitacre in a statement. "We are clearly on that path. A strong foundation is in place and I am comfortable with the timing of my decision."

Daniel F. Akerson photo by GM

Bill Visnic:  is an AutoObserver Senior Editor. Follow @AutoObserver on Twitter