Gm ceo whitacre resigns
From near bankruptcy to billions in profits: Ed Whitacre restructured General Motors within a few months – although, as he himself says, he "doesn’t know much about cars". Now Whitacre sees his job done and leaves the executive chair. Board member Dan Akerson takes his seat.
No, he doesn’t want to grow old as GM’s CEO, the 68-year-old Texan and board member Ed Whitacre joked last December when he summoned Fritz Henderson pushed out of office and declared its core decision null and void. "I’m Ed Whitacre from General Motors and there won’t be any Opel sales with me. Especially not to Russian investors," was the motto of the robust Texan. Because the technology carrier Opel is one of the most valuable corporate components, and they are not squandered. Whitacre did not want to hear about European subsidies for the daughter either.
Whitacre raved about the "new GM" in the Detroit company’s TV spots. And the Texan took action: factories were rehabilitated, 7,500 jobs saved. And much of Obama’s billion-dollar GM bailout funds have been repaid early. The Texan Whitacre is allergic to state funds.
Refurbishment within a few months
America’s auto experts raved about the 68-year-old Texan being a makeover for GM. The billions in losses are a thing of the past. With $ 1.3 billion in net income, GM is solidly in the second quarter of 2010 – and better than it has been since 2004. Under Whitacre, the capacity utilization of GM’s factories rose from 40 to 84 percent.
The European operations have been restructured, said Whitacre. As determined as he stuck to Opel, he decided to part with Saab. He also attributes the weak sales of the European subsidiaries Vauxhall and Opel to the long, image-damaging sales discussions. Whitacre agrees with Dan Akerson, who is eight years his junior, that Opel has a future. In 2011, the daughter should go out of the red and from 2012, just like the Detroit mother, will be in the black. Whitacre hopes that GM’s IPO in the fall – organized by its successor – will improve Opel’s image in Europe.
Chevy Volt – the new eco-friendly workhorse
He never gets tired, the youngest GM & To praise Opel joint product as groundbreaking. The Chevy Volt electric car developed in the Russelsheim technology center will be GM’s new eco-friendly workhorse. The production of the 40,000 dollar car in the USA has to be ramped up already now because the interest exceeds all expectations despite the high sales price. "GM is coming back at full throttle," said the US media happily.
In 2011 the electric car came onto the German market as the Opel Ampera. GM is in the fast lane, according to Whitacre. This is the right time to hand over the corporate boss position to his GM board colleague Akerson. Whitacre and Akerson have one thing in common: they are both tough renovators. Both admit that they don’t really understand too much about cars. And both joined the GM board of directors at the initiative of the Obama administration.
The future GM boss Akerson is now facing the task of going public. As a successful financial manager of the US major investor Carlyle, he has good qualifications.