General Motors said Thursday that CEO Ed Whitacre, 68, is stepping down as chief executive Sept. 1 and as chairman by year-end.
Dan Akerson, 61, a GM board member since 2009, will assume both roles by the end of the year.
“My goal in coming to General Motors was to help restore profitability, build a strong market position, and position this iconic company for success,” Whitacre said 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.”
Earlier Thursday, GM reported second-quarter net income of $1.3 billion, or $2.55 per share on a diluted basis. It was the second consecutive quarter of profits since 2007.
Akerson has served on GM’s board since July 2009. He has worked for The Carlyle Group since 2003.
Like Whitacre, Akerson has a background in telecommunications. He worked in top executive positions at MCI Communications in the 1980s and 1990s. He also served as chairman and CEO of XO Communications, where he oversaw a major restructuring, and chairman and CEO of Nextel Communications Inc., where he shifted the company from a regional walkie-talkie maker to a digital wireless provider.
Whitacre said the board was aware of his plans the day he accepted the CEO job, and he predicted a smooth transition.
With the Associated Press
