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CHICAGO, Jan. 25 (Xinhua) -- U.S. automaker General Motors Co. will announce Monday it is calling off its search for a CEO and naming its chairman and interim CEO Edward Whitacre Jr. as its permanent CEO, reports reaching hre said.
According to a Detroit News report,the Obama administration, which named Whitacre chairman of GM's board last summer, strongly supports the move.
The U.S.government holds a 61 percent majority stake in GM after it swapped most of its 50 billion dollars in government loans.
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| General Motors acting chief executive Ed Whitacre Jr. announces he will become permanent chairman and Chief Executive Officer during a news conference at GM World Headquarters in Detroit, Michigan January 25, 2010 |
Whitacre has named a number of other top advisers and executives in recent weeks, including new lobbyists. He also named GM board member Steve Girsky as a special adviser. He also has shaken up long-held assumptions at GM, started holding regular Monday meetings with key executives and made boosting market share and growing the business a top priority.
GM faced a number of hurdles in selecting a new CEO from the outside. One was paying enough to attract a top leader, since the company is under government pay limitations because it got a government bailout.
