GM's Ed Whitacre stepping down as CEO

[Drew Dowdell]

GM Announces CEO Succession Process

Dan Akerson to Become CEO, Whitacre Remains Chairman

DETROIT – General Motors today said that Edward E. Whitacre, Jr. will step down as chief executive officer on September 1, 2010, and as chairman of the board by the end of the year, having successfully led the company's return to profitability after the most turbulent period in its history.

Earlier today, GM reported its second consecutive quarter of profits after a string of losses dating back to 2007.

Dan Akerson, 61, who has served on the GM board of directors since July 2009, will become CEO on September 1 and chairman by the end of the year, ensuring a smooth transition and continued positive momentum for company.

"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. "We are clearly on that path. A strong foundation is in place and I am comfortable with the timing of my decision."

Whitacre, 68, joined GM as chairman of the board on July 10, 2009. On December 1, 2009, he was named chief executive officer. He led the company after it emerged from a historic bankruptcy to become a profitable automaker again.

"Ed Whitacre was exactly what this company needed, at exactly the right time," said Pat Russo, lead director on the GM board. "He simplified the organization, reshaped the company's vision, put the right people in place, and brought renewed energy and optimism to GM."

"Dan Akerson has been actively engaged in and supportive of the key decisions and changes made at the new GM. He brings broad business experience, decisive leadership, and continuity to this role," said Russo. "The board of directors deeply appreciates the leadership Ed has provided and is pleased with the serious commitment Dan is making to the company. We look forward to his leadership."

In addition to serving on the GM board since July 2009, Akerson has had a distinguished career in finance as a managing director at the Carlyle Group and in telecommunication, serving as chairman and chief executive officer of XO Communications and at Nextel Communications. He was also chairman and CEO of General Instrument Corp.

"There are remarkable opportunities ahead for the new GM, and I am honored to lead the company through this next chapter," said Akerson. "Ed Whitacre established a foundation upon which we will continue building a great automobile company."

[NINETY EIGHT REGENCY]

GM CEO Whitacre to step down Sept. 1; Daniel Akerson named to top spot

David Barkholz

Automotive News -- August 12, 2010 - 10:52 am ET

DETROIT -- Ed Whitacre is stepping down as General Motors Co. CEO on Sept. 1. He will be replaced by Daniel Akerson, who joined the GM board in July 2009 after a long career in telecommunications.

Akerson, 61, has been head of global buyouts for private equity firm The Carlyle Group since July 2009. His career was highlighted by stints as chairman and CEO of XO Communications from 1999 to 2003. He was CEO of Nextel Communications Inc. from 1996 to 1999 and also was chairman of the company's board from 1996 to 2001.

Whitacre, 68, said he would stay on as chairman until Dec. 31. When he leaves, Akerson will become chairman as well, Whitacre said during a conference call with analysts and reporters this morning.

Whitacre said the GM board has been aware since he joined GM in December that he didn't want to stay a day longer than he had to. He said he and the board had complete confidence in Akerson, who has kept close tabs on operations since he joined the board in July, 2009.

Akerson said he and Whitacre share a common vision for GM. He declined to list priorities or comment on any additional changes in management, except to salute Whitacre for the overhaul he's made and the strong management cadre currently in place.

"It's a broad and deep bench," Akerson said.

Read more: http://www.autonews.com/apps/pbcs.dll/article?AID=/20100812/OEM02/100819957/1178#ixzz0wPFAFAvp

[NINETY EIGHT REGENCY]

Whitacre to step down as CEO Sept. 1; board member to take over

David Shepardson / Detroit News Washington Bureau

Washington -- General Motors Co. CEO Edward Whitacre Jr. will step down as CEO on Sept. 1 -- and a GM board member, Dan Akerson, will take over.

Akerson is a long-time senior executive at the Carlyle Group, where he is managing director and head of global buyout. He was one of the board members named by the Treasury Department after it acquired a 61 percent stake in GM.

He will be the second straight GM CEO with no executive experience in the auto industry and with a telecommunications background.

"Dan brings broad business experience, decisive leadership and continuity," Whitacre said, vowing a "smooth" and "seamless" transition.

Akerson also previously served as CEO of XO Communications and chairman of Nextel Communications. He is also a former chairman and CEO of General Instrument Corp.

Whitacre, 68, will step down after just 10 months on the job after the board forced out Fritz Henderson last December.

Whitacre, who joined the GM board as chairman in July 2009, said he had been planning to step down for sometime.

He said Akerson has played a "big role in the key decisions and changes at the new GM."

"I am very comfortable with my timing," Whitacre said.

Whitacre will remain as chairman until the end of the year, when Akerson will also assume the title.

"We still have important work ahead of us," Akerson told reporters, saying he shares "a common vision" for GM's future with Whitacre.

Akerson said GM "still has important work ahead of us but I'm confident that we're building the foundation for GM's long-term success."

From The Detroit News: http://detnews.com/article/20100812/AUTO01/8120437/1148/auto01/Whitacre-to-step-down-as-CEO-Sept.-1--board-member-to-take-over#ixzz0wPO26vFc

[NINETY EIGHT REGENCY]

BREAKING: GM SELECTS BOARD MEMBER AS NEW CEO

By Andrew Ganz

General Motors’ interim CEO Ed Whitacre Jr. will step down from his position in just over two weeks to be replaced by current GM board of directors member Dan Akerson.

Akerson, 61, has served on the board of directors for just over a year. He will become CEO on September 1 before becoming chairman of the automaker by the end of the year. Until then, Whitacre will stay on as GM’s chairman.

“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 released to the media. “We are clearly on that path. A strong foundation is in place and I am comfortable with the timing of my decision.”

Not an industry figure

Akerson is relatively new to the auto industry. Prior to joining GM’s board, he was the managing director of the Carlyle Group in Washington, D.C.

He has also served in high level positions at General Instrument, MCI, Nextel and XO Communications.

A graduate of the U.S. Naval Academy, Akerson boasts a bachelor of science in engineering and a masters in economics from the London School of Economics.

“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. “Ed Whitacre established a foundation upon which we will continue building a great automobile company.”

link:

http://www.leftlanenews.com/breaking-gm-selects-board-member-as-new-ceo.html

[Z-06]

I personally think Big Ed should have stayed for a full financial year to really help people gage GM's direction.

[NINETY EIGHT REGENCY]

Introducing Dan Akerson, the next Chairman and CEO of General Motors

by Steven J. Ewing (RSS feed) on Aug 12th, 2010 at 1:58PM

Another round of CEO Musical Chairs is being played at General Motors.

When Daniel F. Akerson officially begins his tenure as GM's chief executive officer on September 1st, he will be the fourth person to sit in that chair in less than two years. Rick Wagoner stepped down from the position at the request of the United States government and was replaced by Fritz Henderson, who then resigned in December of 2009. Ed Whitacre took the reigns in early 2010, and now Akerson will replace him as both CEO and chairman of the board by year's end.

But who is Dan Akerson? After all, most of us had never heard his name before this big announcement, and he must be awfully qualified if he's been offered the top-ranking position at one of the world's largest automakers.

Akerson, 61, has been a member of GM's board of directors since July of 2009 where he worked closely with Whitacre. In addition, he currently serves as managing director for the Carlyle Group, a United States buyout firm, and is one of the directors at American Express.

GM picked a successor for Whitacre who has had plenty of experience with business management. Akerson is the former CEO of Nextel Communications, a wireless carrier now owned by Sprint, as well as a former CEO of telecom services provider XO Communications.

He was also appointed to GM's board of directors after the company emerged from bankruptcy reorganization last year. He may not be much of a car guy by our definition, but in terms of someone capable of running a major corporation, both Whitacre and the rest of the GM board of directors are confident that Akerson will use his years of experience to continue to reshape GM during this crucial time of restructuring. Godspeed, Dan.

link:

http://www.autoblog.com/2010/08/12/introducing-dan-akerson-the-next-chairman-and-ceo-of-general-mo/

[67impss]

Big Ed was getting bigger than his boss (Obama) and had to go. The open mouth insert foot bit about not liking being referred to Government Motors did him no good with his DC handlers. Hence Washington is bringing out the Bean Counter so Mark's hands will be tied for the future with money woes & CAFE hindrance

[NINETY EIGHT REGENCY]

GM CEO Whitacre says will step down Sept. 1

By DEE-ANN DURBIN and TOM KRISHER

AP Auto Writers

DETROIT (AP) -- General Motors Co. chief Ed Whitacre said Thursday he's stepping down as CEO on Sept. 1, his mission accomplished as the company reported its second straight quarterly profit.

Whitacre, 68, will be replaced by GM board member Daniel Akerson. Like Whitacre, Akerson has a background of leading telecommunications companies.

Akerson, 61, will be GM's fourth CEO in 18 months when he takes over the job. He could be the executive who takes GM public again if an expected public offering takes place later this year.

In a conference call with analysts and media, Whitacre didn't directly address a question about whether executives with automotive experience were considered for the job. He said Akerson has learned the auto business in his year on the board.

"Dan has been involved every step of the way," Whitacre said. "He knows this business from a board perspective and also from personal conversations. So I think he's absolutely the right choice."

Bob Lutz, a former vice chairman of GM who retired earlier this year, said in an e-mail that Akerson doesn't need auto experience to run GM because it has a solid management team of industry experts. But he does need to listen to that team, Lutz said

"He's very strong, very opinionated, not always right, and needs to work on listening skills," Lutz said. "If he can bring himself to trust his now-outstanding senior executive group and lead rather than direct, I think he'll do an outstanding job."

Whitacre, Lutz said, had no industry experience but focused the company on designing and building world-class cars and trucks.

Whitacre was named GM's chairman last July when the automaker emerged from bankruptcy protection. After he ousted CEO Fritz Henderson, Whitacre was named interim CEO in December and became permanent CEO in January.

Whitacre, the former head of AT&T Inc., often said in a folksy Texas drawl that he knew little about cars. But he shook up the company with a number of managerial changes, including luring Chief Financial Officer Chris Liddell from Microsoft Corp. He also combined sales and marketing responsibilities and consolidated control of GM's core North American market under one executive.

Whitacre said the board was aware of his plans the day he accepted the CEO job, and he predicted a smooth transition.

"I believe we've accomplished what we set out to do," Whitacre said. GM reported its second straight quarterly profit on Thursday.

A U.S. Treasury spokesman said Whitacre's decision to step down wasn't influenced by the government, which owns 61 percent of GM. The department is grateful for Whitacre's leadership and considers Akerson "proven and well-respected," the spokesman said. The Treasury Department appointed Akerson to GM's board following GM's emergence from bankruptcy protection.

Steven Rattner, the former head of the Obama administration's Auto Task Force, said that after two strong quarters of profitability, it's an appropriate time for Whitacre to step down. Rattner called Akerson "a smart, experienced and tough manager."

Akerson has served on GM's board since July 2009. He has worked for The Carlyle Group, a Washington private-equity group, since 2003.

Previously, 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 financial restructuring, and chairman and CEO of Nextel Communications Inc., which he transformed from a regional provider of walkie-talkie service to a mainstream cell phone company.

Akerson said he does not expect to make big management changes when he takes over for Whitacre in just under three weeks.

He said he knows GM's management well and that Whitacre has made significant changes in his year at the helm. Those changes have pointed GM in the right direction.

link:

http://hosted.ap.org/dynamic/stories/U/US_GM_CEO?SITE=MIDTN&SECTION=HOME&TEMPLATE=DEFAULT

[NINETY EIGHT REGENCY]

Bio of incoming GM CEO Dan Akerson

FREE PRESS STAFF

General Motors provided the following bio this morning for incoming CEO Dan Akerson.

Biography

Dan F. Akerson was elected chief executive officer of General Motors Company on August 11, 2010. He will become CEO effective September 1. Prior to joining General Motors, Akerson was a managing director of The Carlyle Group and the head of global buyout. He served on the firm's executive committee and was based in Washington, D.C. He joined the GM board of directors July 24, 2009.

Akerson is a seasoned executive with extensive operating and management experience, having served as chairman, chief executive officer, or president of several major companies, including General Instrument, MCI, Nextel, and XO Communications. His corporate management experience, private equity track record, and deep understanding of Carlyle’s global operation provided a strong foundation for his leadership of Carlyle’s buyout activities in Asia, Europe, Financial Services, Infrastructure, Japan, and the United States.

Prior to joining Carlyle, Akerson served in several key roles at MCI Communications Corporation from 1983-1993 including executive vice president and chief financial officer from 1987-1990 and president and chief operating officer from 1992-1993. During his tenure, Akerson formulated and executed MCI’s global strategy.

In 1993, Akerson become a general partner of private equity firm Forstmann Little & Company, during which time he served as chairman and chief executive officer of General Instrument Company from 1993-1995. While at General Instrument, he led a successful effort to develop and deploy the first digital video, satellite, and cable systems domestically and internationally.

Akerson served as chairman from 1996-2001 and as chief executive officer of Nextel Communications, Inc., from 1996-1999, where he transitioned the company from a regional analog walkie/talkie provider into a national digital wireless competitor. From late 1999 until January 2003, Akerson served as chairman and chief executive officer of XO Communications, Inc. where he led the successful restructuring of the company. In addition to serving on GM's board, Akerson also serves on the board of American Express Company, Booz Allen Hamilton, and Freescale Semiconductor.

Akerson graduated from the U.S. Naval Academy with a bachelor of science in engineering. He earned his M.Sc. in economics from the London School of Economics.

Read more: Bio of incoming GM CEO Dan Akerson | freep.com | Detroit Free Press http://www.freep.com/article/20100812/BUSINESS01/100812024/1210/BUSINESS01/Bio-of-incoming-GM-CEO-Dan-Akerson#ixzz0wQmwQNrl

[daves87rs]

Well, this can be good....the big question is going to be the direction of the cars...

[Robert Hall]

Big Ed probably couldn't take another brutal Michigan winter...missed Texas. Odd timing for such an announcement, though, relative to the upcoming IPO..