MENU
SEARCH
WASHINGTON - The White House praised the decision of General Motors Co.'s board to name Daniel Akerson as the new chief executive, reported The Detroit News.
White House spokesman Robert Gibbs also praised the service of GM chairman and CEO Edward Whitacre Jr., who will turn over the reins to Akerson on Sept. 1 as CEO. Akerson will assume Whitacre's duties as chairman on Jan. 1.
"Our belief is that Dan Akerson is a proven and well-respected individual that will carry on what Ed and others have started in restructuring an auto company that not too long ago was on the brink of extinction," Gibbs told reporters. "They announced again yesterday a quarterly profit. They are on the upswing, as the other auto companies are, as well."
Gibbs said President Barack Obama will be briefed on the change in management. "We are grateful for, and I think the country should be grateful for, the service and the sacrifice of Ed Whitacre," Gibbs said.
Akerson, 61, who lives in McLean, Va., is a partner at Carlyle Group overseeing its investments in many companies and has been a CEO three times. He's also a Republican who donated to Sen. John McCain's campaign against Obama.
Gibbs said GM -- with its $50 billion bailout -- needed fundamental management changes. Akerson will be the fourth CEO in less than 18 months -- and the latest former telecom executive with no experience in autos.
"The money that we invested came with managerial changes that had to be enacted. I think Ed Whitacre and I think Dan Akerson understand that GM made a series of decisions that got them into a position, with the type of economic downturn that we've had, that, quite frankly, put the existence of the company in great danger," Gibbs said.
Gibbs said GM got a second chance on life.
"There's an understanding that (GM has) a second chance; that that investment required them to do some things differently, and they are, and now there's a much different story to tell in the auto world, that will only, quite frankly, get better as our economy gets stronger, and more people buy cars," he said.
Wholesale auto conversion rates dropped slightly as auction buyers proved picky last week, analysts observed.
Read More →
Fast charging of electric vehicles provides a solution for range anxiety, but it also poses a risk to battery cycle life due to increased temperatures, according to an EV supply chain data provider.
Read More →
Expanding Midwest automotive group picks up three stores as part of the robust transaction activity early this year.
Read More →
Stellantis is adding a third end-of-life vehicle dismantling facility to feed its growing reuse business sparked in large part by autos’ growing lifespans.
Read More →
Cox Automotive data shows Americans doubled down on big-is-better despite price increases. Slightly higher incentives helped fuel the demand.
Read More →
The automaker says its movement of some electric-vehicle work to the S.C. factory is part of a more tailored product focus. It also plans to add a new hybrid model to the plant’s itinerary.
Read More →
Last week's wholesale automotive auction activity continued in a healthy mode, though buyers practiced selectivity.
Read More →
CarGurus’ first quarterly review of 2026 shows that affordability concerns are continuing to drive consumer purchases with a shift to more fuel-efficient options.
Read More →
JD Power analysts see auto retail faring this year’s storms well through various means, though it acknowledges conditions are challenging to accurately predict.
Read More →
Car insurance premiums have continued to decline so far this year, the overall national average settling at $138 per month in March, according to Insurify data.
Read More →