Photo of GM CEO retiring. CC by Kevin.Ward/Flickr
General Motors

The last few years have been fraught with peril for General Motors. Consecutive years of falling sales resulted in GM filing for bankruptcy and asking for bailout funds from the government. The company entered conservatorship, and the government still holds the majority of shares because of terms of the bailout. GM did a lot while it was in bankruptcy. Chairman and CEO Ed Whitacre, Jr. announced he would soon retire, and an Initial Public Offering of General Motors stock is reportedly only days away.

Ed Whitacre, GM CEO, is stepping down

According to the New York Times, Chairman and Chief Executive Officer of General Motors, Ed Whitacre Jr., is retiring by the end of the year. Before GM hired him, he was the chairman of AT&T. Former Nextel executive Daniel Akerson will be his replacement. Whitacre will step down in September as CEO, and will transfer duties as Chairman to his replacement by the end of the year. Whitacre had stated previously he would retire once General Motors was back on track. It looks like that is precisely what’s happened.

GM back to profits

Last year, General Motors filed for bankruptcy and turned the majority of shares to the American and Canadian governments, and it has seen its second quarter of profits in a row. GM has posted, according to USA Today, a profit of $1.3 billion. In the second quarter of2009, GM was unable to pay its debts. According to CNN Money, GM profited $865 million in the first quarter of this year. Things are looking up for the global car giant, after having to divest of all brands except Cadillac, Buick, Chevrolet and GMC.

GM IPO shortly to follow

To repay the Treasury and buy back the 60 percent of shares the government holds, General Motors will have to hold a public stock offering as it was de-listed off stock exchanges. Chris Liddell, the Chief Financial Officer for GM, hasn’t commented much on the subject. A leaner and meaner General Motors might open its Initial Public Offering at a record price for GM stock.

More on this topic

NY Times:

USA Today:


Post By bryanh (1,420 Posts)


Do you have a fantastic idea related to this article, but just don't have the money you need to start your own company or side-business? Get the loans you need from to help get your new company underway, from the small loan professionals at PersonalMoneyNetwork.

PG&E to pay $70 million for pipeline tragedy

PG&E to pay $70 million for pipeline tragedy

Pacific Gas and Electric Co., a northern California utility, has agreed to pay $70 million to the California town of San Bruno for a pipeline explosion that killed eight people in 2010. Company says it’s remorseful The San Francisco-based power company’s president, Chris Johns, released a statement Monday, saying PG&E is sorry and eager to […]

Judge stabbed and deputy shot in Washington courthouse

Grays Harbor County Courthouse

Following a standoff in a Washington state county courtroom Friday, a man reportedly escaped after shooting a sheriff’s deputy in the shoulder and stabbing a judge in the neck. The man is still at large. Treachery among the tree farms The incident occurred Friday afternoon in the western Washington town of Montesano, which bills itself […]

Microraptor was one flashy little dinosaur

Microraptor fossil

A team of Chinese and American scientists have found that Microraptor, a small four winged dinosaur that went extinct about 130 million years ago, was likely black and almost certainly had glossy, iridescent feathers. Until now, the coloring of extinct creatures was a matter of pure speculation. That may no longer be the case. The […]

Autocorrected message leads to school lockdown

Homage to the Sun

Adjacent schools in Georgia were locked down for two hours Wednesday after a text message reportedly warned of a “gunman” on campus. Later, it was learned that the message was the result of a smartphone autocorrect function, attempting to “fix” the misspelled slang word “gunna.” A series of mixups A series of mixups led to […]