GM on the road to recovery
The Detroit automaker posted largest quarterly profit in six years, as CEO resigns
General Motors Co. reported a second straight quarterly profit of $1.3 billion, a contrast to its nearly $13 billion loss a year ago. The company, which is 61 per cent owned by the U.S. government, said increased car sales and production contributed to its income boost. These successes will help clear the way for its initial public offering, which is needed to repay the billions in taxpayer assistance the company received in 2009. GM also announced that its chief executive, Ed Whitacre, is resigning effective Sept. 1. Daniel Akerson, GM board member and former CEO of Nextel, will succeed Whitacre.
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