Tags: US | GM | CEO

GM Names Interim Leader Whitacre as Permanent CEO

Monday, 25 Jan 2010 12:37 PM

General Motors Co.'s chairman and interim chief executive, Ed Whitacre Jr., is dropping the interim from his CEO title and reaffirmed Monday the automaker would repay in full the loans it got from the U.S. and Canadian governments by June.

Whitacre said GM's board asked him to become permanent CEO last week, ending a seven-week search for a new CEO.

"The board looked at the potential candidates and decided this place needs stability. We don't need any more uncertainty," Whitacre told reporters at a hastily called news conference at GM's Detroit headquarters.

Whitacre also said GM will repay its $8.1 billion in loans from the U.S. and Canadian government all at once and could pay them even earlier than June.

Whitacre, 68, is a former CEO of telecommunications giant AT&T Inc.

He has been serving as interim CEO since the board ousted former CEO Fritz Henderson on Dec. 1. GM had hired a firm to conduct a global search for a successor.

Whitacre wouldn't name any candidates the board had considered. He said he intends to stay two or three years, or "long enough to get it done."

Whitacre said he hadn't planned to become CEO when he was named chairman, but feels comfortable at the company and knows what changes need to be made.

"I think this company is good for America. I think America needs this," he said.

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General Motors Co.'s chairman and interim chief executive, Ed Whitacre Jr., is dropping the interim from his CEO title and reaffirmed Monday the automaker would repay in full the loans it got from the U.S. and Canadian governments by June.Whitacre said GM's board asked him...
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