Ed Whitacre, Jr. will step down as chief executive officer of GM on 1 September 2010, and as chairman of the board by the end of the year. Dan Akerson, 61, who has served on the GM board of directors since July 2009, will become CEO on 1 September and chairman by the end of the year.

My goal in coming to General Motors was to help restore profitability, build a strong market position, and position this iconic company for success. We are clearly on that path. A strong foundation is in place and I am comfortable with the timing of my decision.

—Ed Whitacre

Whitacre, 68, joined GM as chairman of the board on 10 July 2009. On 1 December 2009, he was named chief executive officer after the resignation of Fritz Henderson, who in turn had succeeded the displaced Rick Wagoner in March 2009.

In addition to serving on the GM board since July 2009, Akerson has been a managing director at the Carlyle Group and chairman and chief executive officer of XO Communications and at Nextel Communications. He was also chairman and CEO of General Instrument Corp.