Business

GM CEO Ed Whitacre Steps Down
by Barbora Misakova

There are too many people stepping down these days. At the end of July, British Petroleum informed its CEO Tony Hayward will step down in October and take a post at TNK-BP, the company’s joint venture in Russia. Few days ago it was Mark Papermaster that had to leave Apple Inc. because of problems with iPhone 4’s antenna, he was responsible for. Order not to be bored, yesterday General Motors announced that CEO Ed Whitacre would step down in September. But this time it was not a result of someone’s failure. This decision was made as the biggest US automaker prepares to break free from government control. Whitacre, 68, who was brought out of retirement last ! year by the Obama administration to lead the troubled company, has succeeded. As revenues and profits swelled under him, there is no need to hold him there longer. “It was my public duty to help return this company to greatness and I didn’t want to stay a day beyond that. We have positioned the company for success and things look good.” Whitacre said. According to Whitacre, Dan Akerson would be the best successor, even though he had no previous experience in manufacturing before joining the GM board. “I know Dan will do a terrific job of leading this company forward.” Whitacre said. “He has great team around and the complete support of the board and GM’s employees…I think he is absolutely the right choice.” he added. Whitacer will step down as CEO on September 1 and as chairman of the board by the year-end. As Ackerson “has played a big role in the key decisions and changes at the new GM”, Whitacer believes t! hat the transition to Akerson’s leadership would be R! 20;seaml ess”.

related story (sgx17969): http://www.france24.com/en/20100812-gm-chief-executive-whita...

by Barbora Misakova for Cantell TV (http://cantell.tv)

Cantell TV is the fastest growing provider of digital broadcasting coupled with telecommunications, allowing people to easily control, view, upload and share digital content through proprietary interface coupled with free phone calls. Cantell TV is committed to delivering infinite choices to your world of entertainment at the tip of your fingers.

posted by Blog TechSource @ 12:51 PM