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General Motors Co. Chairman Ed Whitacre told reporters Tuesday he doesn't intend to remain in the chief executive post indefinitely.
The search for a new CEO has been underway for about a week, but so far there are no candidates, Whitacre said. He's open to candidates of all backgrounds, whether a company insider or a seasoned executive from elsewhere, with or without auto industry experience. But he'd also like the next CEO to be a inspirational and motivating leader who can restore GM to former icon status.
However, the search is complicated by executive-pay limits imposed by the U.S. government on companies that received large federal bailouts. But Whitacre said the restrictions won't prevent GM from hiring a candidate it wants. "It's about compensation but it's also about a desire to lead the company," Whitacre said.
Whitacre was appointed to GM's board by the Obama administration as part of GM's government-funded restructuring, and took over CEO duties December 1, following the abrupt resignation of Fritz Henderson due to disagreements with the board.
Since taking over, Whitacre has instituted changes to the company's management ranks and established a mandate that the company rapidly begin selling more vehicles. He rewrote the company's mission statement to read: Design and build the world's best vehicles. "I don't know what it was before, but it was a lot longer and more complicated," Whitacre said.
Whitacre declined to predict when GM might become profitable or when the company may go public.
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