GM CEO Ed Whitacre Steps Down
Category Business, Video | Thursday, August 12th, 2010
“General Motors CEO Ed Whitacre will step down on September 1st.
Whitacre will be succeeded by Daniel Akerson, which may spur some controversy. Akerson was managing director at the Carlyle Group, a global private equity investment firm. Carlyle has developed a reputation for wringing profits out of companies, at the expense of it’s employees and the acquired company itself.
Whitacre’s move to leave while at the top, comes on the same day the company posted it’s stellar 2nd quarter earnings results. GM reported $1.3B in profit, it’s best performance in 6 years. The federally bailed out automaker is preparing to sell shares in an initial public offering as early as Friday. “