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&lt;p&gt;In a surprise move, following General Motors&#39; second-quarter earnings release in which the automakerrevealed that it banked $1.3 billion, GM CEO and Chairman Ed Whitacre resigned.&lt;br&gt;&lt;br&gt;Although the timing of the move came as a surprise (right after the release and upon what is likely to be the eve of the firm&#39;s IPO, for which Morgan Stanley and J.P. Morgan will serve as lead underwriters*) Whitacre had previously announced that he would step down once GM was back on track. And today, Ed reiterated this sentiment, saying, &quot;It was my plan all along to help return this company to greatness and that I didn&#39;t want to stay a day beyond that.&quot;**&lt;br&gt;&lt;br&gt;Whitacre&#39;s successor will be Carlyle Group Managing Director Daniel Akerson, currently a GM board member as well as a board member of American Express and Booz Allen Hamilton. Akerson has a pretty solid resume: he was formerly the CFO, COO and president of MCI; worked as a partner at private equity firm Forstmann Little; and served as CEO for General Instrument, Nextel Communications and XO Communications.&lt;br&gt;&lt;br&gt;Whitacre will take over chief duties on September 1st, at which time he&#39;ll become the fourth GM CEO in less than two years. Any bets on who&#39;ll be the fifth?&lt;br&gt;&lt;br&gt;&lt;br&gt;&lt;font size=&quot;1&quot;&gt;&lt;span style=&quot;font-style: italic;&quot;&gt;*The GM IPO is expected to be a giant offering, upwards of $15 billion, but since the deal is a government one (the U.S. still is the main GM shareholder), Morgan Stanley and J.P. Morgan will be earning below-market fees: for their efforts, the two banks will likely take home 0.75% of the entire deal value, and not the approximately 3% that underwriters typically earn for working on deals of this size. In fact, the fee is so small that one insider on the deal told &lt;/span&gt;The Wall Street Journal&lt;span style=&quot;font-style: italic;&quot;&gt;, &quot;If it wasn&#39;t the government, we wouldn&#39;t have done it.&quot;&lt;br&gt;&lt;br&gt;&lt;/span&gt;&lt;span style=&quot;font-style: italic;&quot;&gt;**Although GM did have a solid quarter, increasing sales by 13 percent, the industry worldwide increased by 14 percent, and main competitor Ford Motor saw a more than 20 percent rise in sales; to boot, GM is still, to say the least, struggling overseas.&lt;/span&gt;&lt;/font&gt;&lt;br style=&quot;font-style: italic;&quot;&gt;&lt;br&gt;&lt;/p&gt;

Derek Loosvelt

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