Whitacre Becomes Permanent CEO of GM

Edward Whitacre has said “yes” to General Motor’s proposal to continue as chairman and CEO of the company. The information was announced during GM's press conference held at he company's headquarters.


Whitacre also emphasized the fact that the company’s board is determined to pay back in full the U.S. Treasury, Canadian and Ontario Government loans by June.

Last summer, Whitacre was the weapon of choice destined to steer GM out of the bankruptcy's way, after the new company was formed.

“The board of directors asked if I would be willing to stay on at GM and help continue the company’s road back to success,” Whitacre said.

“Having spent the past few months learning the business, meeting with our employees, customers and dealers, and working with the GM leadership team, I was both honored and pleased to accept this role.  This is a great company with an even greater future, and I want to be part of it."

“We’ve made significant progress in the past couple of months, so much so that I can confirm with certainty that we will pay back in full the U.S. Treasury and Canadian and Ontario government loans by June,” Whitacre said.  “This represents a significant milestone in our journey back to being a profitable and viable company.”

What we were actually expecting from this press conference was a confirmation of Saab’s salvation through its sale to Spyker. Whitacre failed to provide that, only saying that GM is still in talks with Spyker.

Let's hope the end doesn't justify the means for him, at least in Saab's case.