Business as Usual at GM: Akerson to Replace Whitacre as CEO

And yes, another CEO "quits" GM. Today, Edward Whitacre announced plans to resign as chief executive officer of the Detroit automaker on September 1, 2010, and as chairman of the board by the end of the year. He will hand over both positions to Dan Akerson, 61, who has served on the GM board of directors since July 2009. Akerson will become CEO on September 1 and chairman by the end of the year.

For those keeping record, General Motors has gone through four different chief executives in a little over a year: Rick Wagoner, Fritz Henderson and now, Edward Whitacre.

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

Akerson, whose background in heading telecommunications companies mirrors that of outgoing CEO Whitacre, said:

"There are remarkable opportunities ahead for the new GM, and I am honored to lead the company through this next chapter. Ed Whitacre established a foundation upon which we will continue building a great automobile company."

The announcement on the CEO change comes the same day General Motors reported its second consecutive quarter of profits after a string of losses dating back to 2007.