Ed Whitacre, who has served as interim CEO of General Motors Co. since Dec. 1 and is now its chairman of the board of directors, will soon be announced as its permanent CEO, according to a source who has direct knowledge of the plan. This source didn't want to be named because GM has yet to announce Whitacre's new position.
There is a press conference planned for 11:30 a.m. EST to reveal the move. It was CNBC that earlier reported the switch for 68-year-old Whitacre.
We can expect that at this conference, Whitacre will give the updates on GM's business activities. It can be recalled that after the GM board ousted Fritz Henderson, Whitacre had been brought in to be interim CEO.
Since then, GM has been conducting an international search for a permanent leader. Whitacre was named the board chairman last June during the time that the company was in bankruptcy.
He replaced interim Chairman Kent Kresa. Before moving to GM, Whitacre was the CEO at AT&T and its predecessor companies from 1990 to 2007. His retirement came after seeing the largest U.S. telecommunications service provider through seven large acquisitions in more than 10 years.