GM to pay back government loans by June

Ed Whitacre to Continue as GM CEO

Edward E. Whitacre, Jr., has agreed to continue as chairman and CEO of GM, it was announced today.

Whitacre also expressed the GM board’s commitment that the company will pay back in full the U.S. Treasury, Canadian, and Ontario government loans by June.

Whitacre’s appointment reflects GM’s progress since the new company was formed last summer.  

“The board of directors asked if I would be willing to stay on at GM and help continue the company’s road back to success,” Whitacre said.  “Having spent the past few months learning the business, meeting with our employees, customers and dealers, and working with the GM leadership team, I was both honored and pleased to accept this role.  This is a great company with an even greater future, and I want to be part it.

“We’ve made significant progress in the past couple of months, so much so that I can confirm with certainty that we will pay back in full the U.S. Treasury and Canadian government loans by June,” Whitacre said.  “This represents a significant milestone in our journey back to being a profitable and viable company.”