General Motors has confirmed Ed Whitacre will stand down as CEO on 1 September.
Whitacre will be replaced as CEO by GM board member Dan Akerson. Whitacre also intends to stand down as GM chairman by the end of the year; Akerson will take that position, too.
Whitacre took over from Fritz Henderson last year and has helped GM emerge from Chapter 11 bankruptcy protection and return to profitability in the first half of 2010 for the first time since 2007.
“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.”
Pat Russo, lead director on the GM board, said Whitacre had “brought renewed energy and optimism to GM”.