GM Chairman Whitacre Named Interim CEO
General Motors Co. Chairman Ed Whitacre, poised to spend as long as a year as interim chief executive officer, may end up hiring himself, reported Bloomberg.com.
A permanent successor to Fritz Henderson, who was ousted Dec. 1, will have to work under federal pay limits while facing hurdles such as ending annual losses that began in 2005. That may make Whitacre a good fit, according to recruiters, former GM director Jerome York and one of the chairman’s Texas associates.
Whitacre told employees yesterday that GM’s board hired a search firm to scour the globe for candidates to run the biggest domestic automaker. The effort may take as long as a year, said Whitacre, who retired in 2007 as chairman and CEO of AT&T Inc., the largest U.S. phone company.
The Treasury’s auto task force selected Whitacre to lead a revamped board when GM exited bankruptcy on July 10 backed by $50 billion in government restructuring aid.
Chris Preuss, a GM spokesman, said Whitacre wasn’t available for an interview yesterday. He declined to comment on whether Whitacre wants to retain the post or would be willing to be CEO on a permanent basis.
Whitacre told employees in a 30-minute broadcast yesterday that he hadn’t expected to become CEO and there are still a lot of unknowns about a search that “may take a year.”
“I’m here willingly and I want you to know that, OK?” he told employees. “I’m not dragging, kicking, screaming. I want to be here and I want to do what I can to help this company.”
That could mean staying on longer than a year as chief, said Sheldon Stone, a managing director at consultant Amherst Partners LLC in Birmingham, Michigan. GM needs a CEO who has steered a Fortune 50 company through significant change, has excellent leadership capabilities and learns quickly, he said.
“I wouldn’t be surprised if we see Ed in there for one or two years,” Stone said. “He has those skill sets, and that is going to be a difficult search.”
More Industry

Pennsylvania Dealership Under New Retailers
The sale of the Chrysler Dodge Jeep Ram store puts a family auto group on a leaner path as first-time dealers take the helm.
Read More →
Battery Storage Takes Priority Over EVs
U.S. automakers are prioritizing battery energy stationary storage over electric-vehicle production as the consumer demand for EVs lags the rest of the world.
Read More →
Auto Dealers Feel Better But Not Great
A second-quarter Cox Automotive poll of franchised retailers and independents found better views of the current market after a good spring but anticipation of third-quarter storminess.
Read More →
New-Vehicle Sales Picture Relative
A May forecast is complicated by last spring’s trade tariff effects on auto retail. Despite continued hard realities, many consumers took advantage of ways to bite the bullet.
Read More →
Auto Group Acquires Third Nissan Rooftop
Iowa-based Coleman Automotive Group recently acquired its seventh dealership, McGrath Nissan, which it renamed Nissan of Elgin.
Read More →
April Less Affordable
Based on prices, reduced incentives and slower household income growth, consumers found it more challenging to buy new last month, Cox Automotive reported.
Read More →
Building an Extraordinary F&I Agency
Work to determine your specialized talent, because that fact will determine everything about your agency’s future.
Read More →
Recipe for Compliance
The secret to both amazing barbecue and compliance is the same: understanding the basics and committing to a process.
Read More →
EVs Getting More Attractive
A growing percentage of U.S. consumers are open to switching and fewer are adverse to the idea, according to a recently completed survey. That’s despite the end of a tax break.
Read More →
EV Sales Drop in April Following Surge
North American electric-vehicle sales were down 28% year-over-year, a sharp contrast from global EV sales growth of 6%.
Read More →