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General Motors CEO to step down Sept. 1

August 12, 2010 12:00:00 AM PDT
General Motors Co. chief Ed Whitacre said Thursday he will be stepping down as CEO on Sept. 1 and will be leaving the board of directors at the end of the year. Whitacre, 68, will be replaced by Daniel F. Akerson, 61, who is currently on GM's board of directors and is the managing director and head of global buyout of The Carlyle Group.

Akerson will be GM's fourth CEO in 18 months when he takes over the job.He could be the executive who takes GM public again if an expected public offering takes place later this year.

In a conference call with analysts and media, Whitacre didn't directly address a question about whether executives with automotive experience were considered for the job. He said Akerson has learned the auto business in his year on the board.