"This is a great company with an even greater future, and I want to be part of it," Whitacre said at a press conference.
A former AT&T executive, Whitacre is the first outsider to run the ailing auto giant.
He is faced with the challenge of returning the company’s profitability and ending the government ownership to allow it to become a publicly traded company once again. Before that can happen, GM needs to pay back the full $8.1 billion it borrowed from the U.S. Treasury and the Canadian and Ontario government. Whitacre set the date for the full pay-back in June, well ahead of the original repayment schedule.
After that, the next milestone would be a public stock offering that would enable to government to divest its 60% equity in GM.
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