BREAKING: GM CEO Ed Whitacre To Step Down September 1st

BREAKING: GM CEO Ed Whitacre To Step Down September 1st
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General Motors CEO Ed Whitacre will step down as CEO on September 1st, with GM board member Dan Akerson replacing him. Whitacre will remain with GM as chairman until 2011, at which point Akerson will assume that role as well. “My goal in coming to General Motors was to help restore profitability, build a strong market position,… Continue Reading...

General Motors to Announce Complete Loan Payback Today

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General Motors to Announce Complete Loan Payback Today
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General Motors CEO Ed Whitacre is expected to announce today that the automaker has already paid off all of its $6.7 billion in loans to the U.S. and Canadian governments. Back in November, GM announced it would begin paying back the loans and today Whitacre is scheduled to make the announcement that the remaining $5.8… Continue Reading...

Breaking: Saab Shutting Down Says General Motors CEO

Breaking: Saab Shutting Down Says General Motors CEO
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It’s been said several times before, but GM Chairman and CEO Ed Whitacre today told reporters that the company is shutting down its Swedish Saab unit. “We’re closing down Saab,” he said. “We’re winding it down.” Recently GM hired on wind-down firm AlixPartners, but continued to say that it was evaluating proposals from several interested… Continue Reading...

Report: GM Delays Board Meeting, Postpones Saab Decision as a New Bidder Emerges

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Report: GM Delays Board Meeting, Postpones Saab Decision as a New Bidder Emerges
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General Motors has reportedly delayed a board meeting that was to decide the fate of its loss-making Saab unit today, as a new bidder has emerged onto the scene. GM had already postponed Saab’s fate by dropping a self-imposed December 31st deadline in favor of a January 7th one. Now it is giving Spyker, as… Continue Reading...

Breaking: Spyker Only Remaining Bidder for Saab

Breaking: Spyker Only Remaining Bidder for Saab
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Dutch exotic car maker Spyker is likely to become the new owner of Swedish automaker Saab after GM Chairman and CEO Ed Whitacre confirmed there are no other bidders. Earlier this week GM reached a deal with Beijing Auto to sell off old Saab assets so the Chinese company could produce previous generation Saab models… Continue Reading...