New GM CEO

[Steven B.]

New General Motors CEO Announced
General Motors announced that CEO Ed Whitacre will step down from his position as leader of the company on Sept. 1.
Whitacre, 68, will be replaced by GM board member Daniel Akerson, the managing director and head of global buyout for The Carlyle Group, a private equity firm. Akerson, 61, will be GM's fourth CEO in 18 months when he takes over the job.
"I believe we've accomplished what we set out to do," Whitacre said. Akerson has been involved in GM's transition every step of the way, he added. "He's absolutely the right choice."
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 Inc., 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.

[George C.]

Re: New GM CEO

New General Motors CEO Announced
General Motors announced that CEO Ed Whitacre will step down from his position as leader of the company on Sept. 1.
Whitacre, 68, will be replaced by GM board member Daniel Akerson, the managing director and head of global buyout for The Carlyle Group, a private equity firm. Akerson, 61, will be GM's fourth CEO in 18 months when he takes over the job.
"I believe we've accomplished what we set out to do," Whitacre said. Akerson has been involved in GM's transition every step of the way, he added. "He's absolutely the right choice."
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 Inc., 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.

Another guy with no "gasoline" in his blood. Just what GM needs.

[Paul H.]

Re: New GM CEO

Another guy with no "gasoline" in his blood. Just what GM needs.

I agree. His resume' has alot to do with business (which may be helpful), but absolutely nothing to do with being any kind of an auto enthusiast.

[Donald O.]

Re: New GM CEO

What makes you think that GM is in the business of cars?

They are in business to make money. If they could make more money selling widgets, they'd sell those instead.

[Michael D.]

Re: New GM CEO

...If they could make more money selling widgets, they'd sell those instead...

GM has a division to make widgets, then installs the widgets on their vehicles.

[Clem Z.]

Re: New GM CEO

Another guy with no "gasoline" in his blood. Just what GM needs.

GM had "car guys" in charge and we got some fun cars BUT GM did not make any money so maybe we need "business men" in charge for GM to survive

[Chris H.]

Re: New GM CEO

Car guys have not been in charge of GM for a long time. Actually UAW has been in charge for years.

[Jack C.]

Re: New GM CEO

Do you think Whitacre's "Obama Motor's" comment at a recent industry meeting had anything to do with his sudden departure?

[Clem Z.]

Re: New GM CEO

Do you think Whitacre's "Obama Motor's" comment at a recent industry meeting had anything to do with his sudden departure?

[Chris H.]

Re: New GM CEO

He did not say "Obama Motors".

He said GM needs to get out from under the "government motors" stigma that is causing many to not buy GM.

Way too much BS being said out there.

[Jack C.]

Re: New GM CEO

I stand corrected.

[Michael F.]

Re: New GM CEO

obama motors, government motors same thing in many peoples minds...your view is of course your own

[Michael F.]

Re: New GM CEO

I wonder what the new stock symbol will be? Anybody taking the plunge next week? I am still haunted (I didn't buy any) by the rise of Chrysler stock after Lee Iacocca took over. I think it was 458%

Ps. Can't help but respect Ford for doing things the old fashioned way. To avoid a government buyout, they hocked all of their assets to bankroll the company .

[Chris H.]

Re: New GM CEO

Next week? GM has confirmed that they will file to have an IPO sometime soon. Speculation was that it would happen today. Speculators were wrong. New speculation is that it will be next week. However this is only the filing to have an IPO, not actually have one next week. There has been no announcement of when the IPO will happen. Only that they expect it to happen by the end of the year. And right now I doubt it will happen by the election.

And unless you work for a large investment firm you will not be able to buy any of the IPO shares. But the investment firms will be happy to sell you some in the future.

[John H.]

Re: New GM CEO

The S-1 they have to file with the SEC for approval to do the IPO runs about 500 pages, and it usually takes 60-90 days for the SEC to review it before they approve it. Don't hold your breath.