GM has announced Ed Whitacre, Jr. will step down as CEO on September 1st. He will remain chairman of board, but will resign from that position by the end of the year.

According to Whitacre, "My goal in coming to General Motors was to help restore profitability, build a strong market position, and position this iconic company for success. " He added, "We are clearly on that path. A strong foundation is in place and I am comfortable with the timing of my decision."

Whitacre will be replaced by Dan Akerson, who has served on GM's board of directors since July 2009. While little is known about him, Akerson has previously held CEO duties at Nextel, XO Communications, and General Instrument Corp.

Gallery: GM CEO Whitacre steps down 1st Sept, Akerson to take over

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