GM IPO Has To Be Without Whitacre As CEO (GM, AXP)

General Motors has already reported earnings and is due to file its paperwork with the SEC soon for its upcoming IPO.  But things just got complicated.  General Motors announced that Ed Whitacre is stepping down as CEO effective September 1, 2010, although he will remain Chairman through the end of the year.

Whitacre is being replaced by current board member Dan Akerson as the new CEO.  Akerson comes from Carlyle, where he is a managing director and the head of Global Buyouts.  His bio shows extensive tech and telecom management and he earned his B.S. in engineering from the U.S. Naval Academy and his M.Sc. in economics from the London School of Economics.

On top of a seat on the GM board, Akerson also serves on the boards of American Express Company (NYSE: AXP), Booz Allen Hamilton and Freescale Semiconductor.

As of June, the then-current GM CEO pay package for Ed Whitacre was a base of $1.7 million, $5.3 million in stock available to him beginning in 2012 and restricted stock that was valued at $2 million at the time of the grant.  He took over as chairman of GM on July 10, 2009. He initially showed a great deal of support for CEO Fritz Henderson, but then pushed him out in December.

Adios, Ed!

JON C. OGG