GM reorganization needed to bring the automaker in the 21st century, CEO Akerson tells employees. GM reorganization means streamlining the management.
GM CEO Ed Whitacre said that he will step down on Sept. 1, with GM board member Daniel Akerson taking his place.
GM IPO: General Motors CEO Ed Whitacre says 'We want the government out. Period.'
GM said Monday that interim CEO Ed Whitacre will stay on permanently, and Whitacre laid out a plan to pay back federal bailout money. Both announcements were viewed as positive signs.
The unexpected departure of GM CEO Fritz Henderson signals the board's impatience with the pace of change – especially compared with Ford.
Outsider Whitaker is already GM's interim CEO after Fritz Henderson's departure.
Groups opposed to the decision have until Thursday to appeal it.