Whitacre Named Permanent GM CEO
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General Motors Co. has dropped the interim title from Ed Whitacre Jr, and named him the permanent CEO, ending the automaker's seven-week search for a new head of the company.
The Detroit-based company also said Monday that it will repay in full its $8.1 billion in bailout money by June to the U.S. and Canadian governments.
"The board looked at the potential candidates and decided this place needs stability," Whitacre said. "We don't need any more uncertainty."
Whitacre, 68, was certain when talking to reporters Monday that the company would return to profitability in the future, and could pay the money back even sooner than June.
The new CEO has been serving as the head of General Motors on an interim basis since December 1, when he took over after the company’s board ousted Fritz Henderson.
Whitacre told reporters that he had not planned this move when he took over the chairman role and subsequently became interim CEO less than two months ago, but said that he know what needs to be done to return General Motors back into a company that Americans can be proud of.
"I don't know how to be a chairman and not a CEO," he said.
Whitacre has told reporters since taking over the CEO position in an interim basis that he believes that the company will make a profit in 2010, which would mark the first full year profit for the company since 2004 when it made $2.7 billion.
Investors will continue to watch the actions of General Motors as a public offering could be on the horizon.
The Detroit-based company also said Monday that it will repay in full its $8.1 billion in bailout money by June to the U.S. and Canadian governments.
"The board looked at the potential candidates and decided this place needs stability," Whitacre said. "We don't need any more uncertainty."
Whitacre, 68, was certain when talking to reporters Monday that the company would return to profitability in the future, and could pay the money back even sooner than June.
The new CEO has been serving as the head of General Motors on an interim basis since December 1, when he took over after the company’s board ousted Fritz Henderson.
Whitacre told reporters that he had not planned this move when he took over the chairman role and subsequently became interim CEO less than two months ago, but said that he know what needs to be done to return General Motors back into a company that Americans can be proud of.
"I don't know how to be a chairman and not a CEO," he said.
Whitacre has told reporters since taking over the CEO position in an interim basis that he believes that the company will make a profit in 2010, which would mark the first full year profit for the company since 2004 when it made $2.7 billion.
Investors will continue to watch the actions of General Motors as a public offering could be on the horizon.
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