January 26, 2010 – The General Motors board of directors has decided to retain Ed Whitacre’s service as CEO of the company. Following CEO Fritz Henderson’s departure last year, Whitacre was named interim CEO.

The move has been painted, by Whitacre, as a way to shore up stability in the company’s operations. GM is still in the process of recovering from its shakeup by the government last year and looks forward in June to repaying the loans it received from the Canadian and U.S. governments.

Whitacre sounded optimistic about GM’s future when talking to reporters, telling them that he anticipates them turning a profit as early as this year and expects them to be making an initial public offering in the near future. The latter will allow GM to pay off the remainder of the financial assistance it had received from Canada and the U.S.

Industry analysts have expressed their satisfaction with the selection of Whitacre, confident in the direction he seems to be steering in bringing GM back to its position as leader in the automotive industry. Analysts also point to the current market conditions that favor GM’s prospects for success.

The 68 year old Whitacre served as CEO of AT&T Inc. before coming to GM.

GM appoints Whitacre CEO