Today, in a surprise announcement, we learned that General Motors CEO, Edward Whitacre will be leaving that office effective September 1, and resigning as Chairman of the Board effective December 31. While everyone knew that he had no intention of remaining with GM for any extended period of time, most expected that he would at least stay until GM had gone through the initial public offering of “new” GM stock.
Curiously, just last week at an auto conference in Michigan, Mr. Whitacre had this to say when asked about the IPO and the federal government’s current ownership of 60% of GM:
We want the government out, period… We don’t want to be known as Government Motors…Eliminating government ownership would be good for employee morale and would improve GM’s image.
Hummm, wonder if there is a connection…