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

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, 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.”

The announcement comes as GM is expected to file for their IPO at the end of this week.

[Source: General Motors]

Hit the jump to read the official press release

Read more
General Motors to Announce Complete Loan Payback Today

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 i n November, GM announced it would begin paying back the loans and today Whitacre is scheduled to make the announcement that the remaining $5.8 billion has now been returned to the taxpayers that supported the American auto giant when it was in trouble.

Read more
Breaking: Saab Shutting Down Says General Motors CEO

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.”

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

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 well as the new bidder, Genii Capital, one more day.

Read more
Breaking: Spyker Only Remaining Bidder for Saab

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 in its home market.

Read more