GM appoints 4th CEO in less than 2 years
In an unexpected twist, General Motors Co. is getting a fourth chief executive in less than two years: Daniel Akerson, a GM board member with strong financial credentials, picked to lead the government-controlled automaker in its bid to become publicly traded again.
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| GM Chairman and CEO Ed Whitacre Jr. announced Akerson's appointment Thursday, after GM reported second-quarter net income of $1.33 billion -- its biggest quarterly profit in more than three years. According to a person familiar with the situation, GM's board pressed Whitacre, 68, Aug. 3 to commit to stay for at least a year, to help court investors for an initial public offering (IPO) of its stock. Whitacre was advised by lawyers that he could be sued by investors if he left GM too soon after its public offering. Whitacre decided tentatively Tuesday to leave the automaker, the person said, but until Wednesday was still considering whether to remain for another year. Akerson, 61, a former telecommunications executive with financial and investment experience, will become CEO on Sept. 1. He will succeed Whitacre as chairman, as well, at year's end. Quote from the article:
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