General Motors will have its fourth CEO is in less than 18 months with the announcement of the resignation of current boss Ed Whitacre. The move comes as GM posted its second straight profitable quarter as the No. 1 carmaker in the United States in terms of sale announced earnings of $1.3 billion.
Daniel Akerson, a former CEO of Nextel and a GM board member for just over a year, will succeed Whitacre.
GM’s promising quarter financial numbers was the best result in six years for the automaker and and a stark turnaround from the $12.9 billion it lost in the year-earlier period when the company went into bankruptcy.
According to statistics reported on CNNMoney.com, the second quarter was also an improvement from the $865 million in the first quarter. Revenue reached $33.2 billion, up 5 percent from the first quarter and 44 percent from a year ago.
Achieving two straight quarters of profits was seen as a necessity before GM could return to the market to start selling shares. The company is expected to file its plans to start selling those shares within days, with the initial public offering likely to take place before the end of this year.
Article Last Updated: August 12, 2010.
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A sports, travel and business journalist for more than 45 years, James has written the new car review column The Weekly Driver since 2004.
In addition to this site, James writes a Sunday automotive column for The San Jose Mercury and East Bay Times in Walnut Creek, Calif., and a monthly auto review column for Gulfshore Business, a magazine in Southwest Florida.
An author and contributor to many newspapers, magazines and online publications, James has co-hosted The Weekly Driver Podcast since 2017.