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Whitacre also relinquishes the chairman post at the end of the year, having led the company through a massive restructuring.

Earlier this week, GM reported its second consecutive quarter of profits after a string of losses dating back to 2007.

"My goal in coming to General Motors was to help restore profitability, build a strong market position, and position this iconic company for success," said Whitacre.

"We are clearly on that path. A strong foundation is in place and I am comfortable with the timing of my decision."

Whitacre joined GM as chairman of the board on July 10, 2009. On December 1, 2009, he was named chief executive officer.

"Ed Whitacre was exactly what this company needed, at exactly the right time," said Pat Russo, lead director on the GM board.

Akerson has been a GM board member since July 2009. He was previously managing director at finance firm Carlyle Group.

In telecommunication he served as chairman and chief executive officer of XO Communications and Nextel Communications.

He was also chairman and chief executive officer of General Instrument Corp.

DATED: 13.08.10

FEED: MT